What’s involved when you sell?
You’ve found a buyer who wants to buy your investment property — so what’s next? Understanding what happens during the property settlement process helps you feel prepared.
Settlement is the process of signing and lodging documents and transferring a property’s title ownership to the buyer on an agreed day. The seller also receives the funds for the property’s sale from the buyer’s lender.
The transfer of ownership varies between states and territories. So it’s important to research this process and how it applies to you as the seller. Your legal representative can prepare the paperwork for you.
Your conveyancer or solicitor can help you understand what’s involved in selling your rental property. They can also advise you on the funds you will receive from the transaction.
When you sell your home, you’ll need to prepare to move out before settlement day. This involves hiring removalists, disconnecting utilities and ensuring your property is left in a reasonable condition for the new owner. The same applies for an investment property, except that you'll be responsible for getting your tenants moved out of the property.
Your solicitor or conveyancer can represent you. On settlement day you receive funds from the sale and transfer of ownership happens.
Settlement can be delayed due to financing problems or missing documentation. In that case, talk to your legal team about compensation for the delayed settlement. Laws for delayed settlement are different for each state.
Your legal representatives will send out a letter confirming finalisation of the settlement and transfer of funds.
The settlement process doesn’t have to be complicated — having the right people by your side will help.