Logistic Settlements

Choosing the Right Settlement Agent

When your property is sold or you’re purchasing a new property, you will need the services of a settlement agent to act on your behalf.

The Settlement Agent’s Act of 1981 gives you the right to choose your own settlement agent. The real estate agent or bank might recommend someone to you but the choice is yours.

Logistic Settlements is a well established northern suburb independent agency owned and operated by a licensed settlement agent. I have many years experience in all aspects of a real estate settlements.

The settlement agent’s fees are determined and regulated by the government. However, you are entitled to a competitive rate.

But more importantly we are available now to answer any queries you might have, even before your house is sold such as;

My rates are due; Should I pay these now?

When my house is sold; do I need to continue paying my mortgage until settlement?

I am buying another house; Can this property settle at the same time?

We know that these and other questions are going through your mind even before your house is sold and that is whey are make ourselves available on 0419 770 166 to answer any questions you may have.

To ensure Logistic Settlements is your appointed settlement agent you must nominate this office. This can be done at the time of signing your contact, on the offer and acceptance or advising your real estate agent.

Settlement Timeline

1. Offer and Acceptance contract signed by Buyer.
2. Contract negotiation between both parties and accepted by seller.
3. Conditions Satisfied
   1. Finance clause
   2. Termite Report
   3. Building Report

(Conditions vary on contracts)

1. Final inspection arranged with agent/seller
2. Settlement arranged between parties by conveyancer.
3. Settlement affected by conveyancer
4. Key Handover between agent/seller and buyer is not later than 12 noon the day after settlement or as agreed between parties.

It is important for both buyer and seller to contact there Banks immediately after the contract has been accepted.

A seller needs to provide a clear title of settlement which means all mortgages and certain encumbrances must be removed at settlement. This can take time which may affect the settlement being completed on the due date. So the more notice they are given the better.

The buyer will need to ensure all funds for settlement are clear and available on or before the due date. Lenders preparing mortgage documents will require them to be returned to the bank before bookings can be completed. some bank lenders require up to 5 days notice to book a settlement.