Buying your first home is one of life’s greatest achievements and certainly a milestone. But exactly what happens when you buy your first home? We’re here to outline the process for first time buyers and help you understand what happens after settlement.
A guide to buying your first home
After weeks or months spent looking on the property market, you’ve finally found your first home. Or if you’d engage Buyer’s Agents Tasmania to act on your behalf, we’ve done all the searching and negotiations for you!
Whatever the case, that moment you buy your first home and sign on the dotted line, is one of life’s most exciting moments. Congratulations. But then what?
What is property settlement?
After you have agreed on the price of your new purchase and unconditionally purchased your new home, the next step will be to count down towards settlement day.
A property settlement is the official day the home legally transfers from the sellers to the buyers.
The length of time between buying your home and the settlement date varies depending on the buyers/sellers, but usually ranges between 30 and 90 days.
What happens on settlement day?
When settlement day comes around, the house is officially yours. This is the day when your solicitors will meet with the solicitors of the seller and settlement will occur. Here’s exactly what happens on settlement day.
- The bank withdraws the funds
- The seller is notified
- The documents are signed (by the solicitors)
- You can pick up the keys to your new home
As a buyer, how do I prepare for settlement day?
It is also important to note, that you should prepare yourself for one final inspection prior to settlement day, to ensure the property is in the same condition as when you placed an offer. If you engage a Buyer’s Agent, we’re happy to do this for you.
As soon as settlement takes place, you will be able to collect the keys to your new home!
Ready to buy your first home and need help navigating the market?
Please note, this article does not constitute financial or legal advice. The advice provided in this article is general in nature. Please consult your professional financial and legal advisors before making any decisions for yourself.