Step 8 - Post-Signing and Settlement
Once you are unconditional, you want to take the following action steps in preparation for settlement:
Step 1: Contact your property manager (or formally sign-up with one if you haven't already) and ask them to begin advertising for tenants so they can move in as soon as possible after settlement.
REMEMBER: that the highest paying tenant is not always the best tenant and that advertising your property for an extra $20 a week is not worth it if it results in more weeks of vacancy - trust the recommendation of your property manager… You also need landlord insurance once you have a tenant locked in - Terri Scheer is probably the most popular insurer.
Step 2: Ask your property manager to reach out to the sales agent to organize the pre-settlement inspection. This is to ensure the property is in the same condition as when you signed the contract and that there is no damage, all appliances are working, electricals are in order and water pressure is normal etc.
REMEMBER: Your property manager should have done heaps of these in the past so you should also lean on them to confirm what must be checked - again, if you live near the property feel free to attend but make sure your property manager still comes as they are the experts.
Step 3: This likely would have been a condition of you getting finance, but just in case not, if you haven't already got building insurance in place make sure you do so prior to settlement.
Step 4: Communicate closely with your conveyancer and mortgage broker to ensure you have sufficient funds to pay the relevant costs outlined in settlement statement in the right bank accounts well in advance of settlement (don’t leave this till the last minute…).
Noting that if there are any delays which occur to settlement, whether that be from the seller side, the banks or even your side, make sure this communicated clearly through the conveyancers asap.
Once settlement has occurred you legally own the property - CONGRATULATIONS!