You can almost see it now, just another month or so away – your ideal new house. You’ve already viewed to your heart’s content, you’ve dedicated months to saving up your deposit and you’ve even received a preliminary approval from your chosen bank, but wait – there are a few things left before you can move forward.
What are these final obstacles standing in your way? Well, they are actually very easy to overlook and can often result in a slight delay, or a little extra stress when it comes to the big day – but what are they exactly?
Has your mortgage broker completed their services?
If you’re using a good home loan broker, have you made sure that they have finalised everything for you? From agreeing to the final terms as proposed by a bank, right through to taking care of their fee – if you don’t ensure that your broker’s services are properly compensated, then you might find yourself needing to take care of the costs when you should really be focusing on decorating your new house.
Are all legal documents in order?
If you’re due to receive a formal document from your solicitor, or the one belonging to the seller of your home – then have you yet? Without these papers, you might struggle to prove the legal ownership of your new home. Some parts of Australia refer to these documents as title deeds, while others call them ownership documents. In any event, without them – you’ll have to delay your visit to your local authority to confirm new ownership until they arrive.
Have you decided on a deadline?
Most home purchases will have a final day where funds are transferred and keys are exchanged. Have you arranged yours yet? If you haven’t, then you could ask your mortgage broker to help out with the arrangements – or you could get in touch with your solicitor or notary to get the ball rolling. If you’ve already paid, then why haven’t you received your keys yet?
Has your bank forwarded all funds?
Your bank will set a time to transfer the funds from their facilities to a holding account – typically one belonging to your solicitor. Your deposit will also be placed here and once you’ve finalised everything, you can give the go-ahead for these funds to be transferred (usually by instructing your solicitor). Once they are transferred, you will technically be the legal owner of your new home, so the last thing to do is pick up the keys and move in.