Are you worried about settlement day and not sure what will happen? Settlement day need not be stressful if you've done all the hard work before hand and made sure both buyers and sellers and their banks know what to do.

To help you buy or sell property in Brisbane with less stress we've asked a panel of  real estate experts to share their settlement day tips.

Before I hand you over to the real estate experts I have a few my settlement day tips to share too:

  1. If you're going to do your pre-settlement inspection on settlement day make sure it's in morning so your lawyer or bank have time to settle any issues that arise on the day.
  2. To reduce stress on settlement day put any funds required over and above your bank loan into a legal trust account two to three days before settlement so you don't have problems if the bank makes a transfer error.
  3. If you've given your bank authority to draw from an account for the remainder of the settlement funds over and above your loan, check you've given them authority to draw from the right account. Triple check the account you've put the money into is the account you've given the bank authority to draw from.
  4. Don't plan to move in on settlement day. Even if the settlement time is arranged to occur early in the day, due to all parties being needed at settlement time  (usually two banks, buyers and sellers) it can get delayed which could leave you sitting on the road waiting for the keys to be delivered with removalists who can't get in.

Our Expert Panel's Settlement Day Tips

tanya douglasTanya Douglas, Ray White, Bulimba, Brisbane

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Do you have any key tips for buyers or sellers on settlement day?

Be patient. Your solicitors will send a fax to confirm settlement and give the authority to release keys. Be organised so you can meet with your real estate agent or organise for your agent to meet with you to deliver the keys.

Enjoy the moment! Buying a home to live in or as an investment is an exciting achievement. Don't let time delays or the rush of the move steal your moment. It's a great day.

ben cannonBen Cannon, Ray White, Stones Corner, Brisbane

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What should buyers and sellers expect on settlement day? 

​The process of buying residential property is something most people only do a couple of times throughout their lives so it is often difficult for any buyer or seller to have a clear idea of what is expected.

Settlement day should be an exciting day for both buyers and sellers. They should never be afraid to ask too many questions throughout the process.

As the process of buying property is unique for many people it is so important they engage the services of agents ​and lawyers who recognize their needs and are experienced enough to ensure that by the time we all get to settlement day the buyer and seller are ​ready.

Do you have any key tips for buyers or sellers on settlement day?

  1. Engage a lawyer ​​​as soon as you're considering buying or selling property.
  2. Make sure you read and understand all paperwork you receive ​regarding settlement.
  3. Never be afraid to ask a question. It is okay to not know something but it can be costly if you don't find out the answer.
  4. Be understanding of both sides throughout the process.
  5. Celebrate the settlement as this is a very exciting time in one's life that should be cherished.

sean wallisSean Wallis, Explore Property, Ashgrove, Brisbane

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Do you have key tips for settlement day?

Settlement day should be a seamless process and, in my experience it seamless in 8 out of 10 cases.

To make sure things run smoothly on your settlement day I recommend to my buyers to ensure they have everything prepared early with their bank and make sure they double check everything before settlement date.

An hour of preparation saves hours in the field, which allows for a smooth transaction. Real estate agents along with a good solicitor usually ensure a smooth process.

Sellers should ensure the house is left clean and tidy with all their belongings moved out before the settlement date or early in the day. Imagine if you were in the buyer’s shoes and how important it is to walk into a clean home on settlement day and move in date.

glenn boolGlenn Bool, McGrath Estate Agents, Bulimba, Brisbane

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What should buyers expect on settlement day?

Buyers should be encouraged to complete a pre-settlement inspection of the property to ensure that everything is in order now that the owner or tenant has moved out. We encourage buyers to attend to this as early as practical on the settlement day to give time to rectify any issues, which are a rare occurrence, prior to settlement as that is generally set for mid to late afternoon.

On settlement day the buyer should look for items that were included in the contract as chattels or fixtures as well as the general condition of the home.

It is important for the real estate agent to inform both parties of the settlement process, for example handover of keys.

What should sellers expect on settlement day?

The seller should be ready and willing to facilitate settlement day and it is normal for the real estate agent to manage the process and guide both parties all the way through.

Daniel Argent, Urban Property, Paddington, Brisbane

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Buyers and Sellers should expect a lot of energy. In my opinion, some agents take settlement day for granted and think 'thank God! Deal done!'

We need to remember that we are selling people a dream and a home. They are super excited to move into their new home and that’s why, I like to give both seller and buyer a bottle of champagne and a fruit and vegetable hamper basket from a local fruit shop in the area, as I am a big supporter of smaller, local businesses.

Even if the purchaser is an investor, I would still do the same because in a lot of cases, this is one of their biggest assets and it is a big deal.

The biggest key advice I can provide is if you are thinking of selling/buying, make the move before the interest rates rise. They are at record lows and I think it is a no brainer if you are considering either.

Amber Werchon, Amber Werchon Property, Mooloolaba, Sunshine Coast, Queensland

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What should buyers and sellers expect on settlement day?

Buyers and sellers should both expect a smooth transition; particularly if the sales process has been managed efficiently by the agent and the solicitors.  There is usually great excitement on the buyer’s behalf, as they are moving into their new home (if owner-occupiers) and often sellers have mixed emotions as the finally farewell their home.

Do you have any specific concerns about settlement day?

To book a free property sales consultation with a qualified property lawyer from Charter Conveyancing please use the consultation booking form below or call us during business hours on 1300 224 278.