TimeLine from Contract To Settlement
Your Offer has been accepted and you and the seller sign the Contract of Sale
If purchasing a Property, it is recommended to apply for Home Insurance at date of contract. This is just a precaution as after Full Approval, anything that happens to the property is your responsibility. Same Real Estate Agencies offer an Insurance clause, but generally with Insurance you have a 21 day cooling off period, so it can be amended. Please seek advice from the appropriate parties.
Day 1 - Sign the Contract of Sale from All parties and send a copy to your Broker. Order a Building and Pest Report for the property within the appropriate timeframe. Giving enough time for the report to come back and be reviewed.
Day 7 - Building and Pest Report should have been completed and reviewed. Notify, with your solicitor that you are happy to proceed with the contract.
Day 14 - Finance Approval from the lender giving to your conveyancer. At this stage you would be known to go 'Unconditional' on the Contract. This means that you have Finance Approved and all Contract Terms have been accepted.
Day 14 – 35, The Loan Contract and Documents to be completed and signed by all borrowers will be issued. Your TMB Broker, will arrange an appointment to go through the Loan Contract and refresh on the charges applied to the loan. It is important to make sure that you visit the lender to open any new accounts, set-up internet banking and have everything ready to go before settlement.
Day 35 - Loan documents have been assessed by the lender and they have contacted your conveyancer to lock in a Settlement Date and Time. At this stage, it is recommended that your cash contribution to the purchase be held in the Bank Account for settlement.
Day 45, Congratulations!!!! Settlement has been completed and you now own your new property. You do not need to attend the settlement as your conveyancer has already arrange this