If the property is mortgaged, you should immediately provide your bank with a completed mortgage discharge form. These can usually be obtained online or alternatively you can attend a branch to arrange for the release of the mortgage. Ensure that you also provide the contact details of your solicitor so that they can arrange for Settlement on your behalf. B. if you do not advise the bank of your solicitor, they may be unable to speak on your behalf. This could in turn cause delays in settlement.
You will receive an initial documents pack from your solicitor outlining critical contact information and the due dates. There will likely also be a number of documents that you will need to complete and return. The Contract is usually subject to a 5 business day cooling-off period during which the Buyer is entitled to terminate the Contract on payment to you of a penalty of 0.25% of the purchase price.
From there, your solicitor will ensure all payments, are made on the due dates and will follow up the Buyer’s solicitor on any due dates (ie. finance, building and pest). If the Buyer requests an extension, your solicitor will need to be able to contact you to seek your instructions,
During the conveyancing process, you will be sent the Transfer documents for your execution. You will be required to sign these forms in front of a qualified witness (Justice of Peace, Solicitor etc.)
Your bank will confirm with your solicitor once the settlement is ready to be booked in. Assuming that you have returned all the banks required documents; you should not do anything further at this point in order to proceed to settlement.
Your solicitor will arrange for settlement with the bank and the Buyer’s solicitor. They will also calculate the settlement adjustments (ie. rates and water adjustments) and attend settlement on your behalf or arrange for a settlement agent to attend.
Your solicitor will contact you to confirm once a settlement has been effected. Ordinarily, any outstanding commission fees will be paid to the agent by cheque drawn at settlement. You should arrange for any insurance on the property to be cancelled once you have received notification that settlement has been effected.