Vendor & Purchaser Information
Dealing with Financial Institutions when Purchasing
When funds are being borrowed to assist with the purchase, the purchaser is responsible for ensuring that the incoming mortgagee is ready to settle in accordance with the contract of sale.
The purchaser is responsible for all costs and incidentals to the mortgage, including stamp duty & registration fees.
The purchaser’s Conveyancer will provide the required information to enable the preparation of the appropriate mortgage and other related documents to the financial institution that is lending the money.
Vendor & Purchaser Information
Dealing with Financial Institutions when Selling
Where the land is subject to a mortgage, it is the vendor's responsibility to ensure that a discharge of Mortgage in registerable form is available for delivery to the purchaser's Conveyancer at the settlement.
The vendor’s Conveyancer will advise the vendor’s financial institution of the settlement date, the details of the security that they wish to discharge and request that the discharge of mortgage be prepared and for a payout figure to be provided for the settlement date.
The payout figure should include all legal & break costs as applicable, excluding the registration fee from the discharge of Mortgage. The vendor’s Conveyancer should receive the payout figure in writing.
The vendor’s Conveyancer will need to provide the signed authority from the vendor to enable this to occur.
Vendor & Purchaser Information
Settlement Statements
The Conveyancer will prepare a Settlement Statement which will set out all of the associated costs with sale or purchase of a customer’s property. Customer should be asked to check this prior to settlement to ensure that they agree with the calculations.
Vendor & Purchaser Information
Attending Settlement
On the day of settlement the Conveyancer will attend the Land Titles Office to conduct the legal transfer of property. They will meet with the Conveyancer of the relevant Vendor / Purchaser and the incoming Mortgagee.
Once all of the documentation and monies have changed hands and all parties are satisfied that the transaction complies with the Real Property Act of 1936 the property will then be considered to have SETTLED.
The Conveyancer will then notify all relevant parties that the settlement has taken place.