Settlement

On the day of Settlement the Title to the property is transferred from the Buyer to the Seller. Settlement usually takes place at the offices of the Seller’s bank. The Title Deeds are exchanged along with cheques to cover the payment. Once a property has settled the Seller and all the Sellers possessions must be out of the house. Once settlement has taken place, the keys and remote controls are then handed to the Buyer and the Buyer has the right to move in. Usually Buyers will conduct a pre-settlement inspection at the property on the morning of settlement day to ensure that the home is in the same condition as it was when it was inspected. Buyers will also use this opportunity to check that any included chattels are still in the home, together with any fixtures & fittings. A pre-settlement inspection is always advisable. In the past Solicitors use to attend settlement on behalf og the Buyers and the Sellers, but nowadays solicitors use Settlement Clerks to attend the procedure. Your Solicitor and Agent should notify you as soon as Settlement has taken place. For answers to all your real estate questions, visit our Glossary of Real Estate Terms.