Congratulations on your new home! Now What?
The deposit you paid for your new home will be held in the real estate agents Trust account for 10 working days or until the sale goes unconditional – whichever is the longest.
You’ll be notified when this has happened and you’ll also be told by your solicitor once the deposit has been transferred to the nominated account.
The keys to your new home will be held at my office until the vendors solicitor advises us in writing that the settlement has taken place. At this point we’ll talk and arrange for collection. If there is a chain of settlements that has to happen you may not get access to the property as early as you would like on the day of settlement. I can ony release the keys to you once legal settlement has occurred and the vendors solicitor notifies me.
What do I need to do before settlement?
Here are a few things you may need to take care of prior to settlement.
- Make an appointment with your bank to discuss your financial arrangements for settlement day and to sign the necessary financial documents.
- Make an appointment with your solicitor. You’ll need to arrange to sign the necessary legal documents to transfer the property into your name. Please note that you’ll be expected to pay a portion of the council rates.
- Try to transfer your funds as early as possible on settlement day. We can’t authorise he release of the keys to your new home until the Vendors solicitor and the necessary documentation has been arranged.
- Organise the move. Arrange fo rsomeone to look after your children or lederly family members during the packing/moving process if required. Book a moving company if you’re using one and start collecting boxes and newspaper to pack your things in.
- Arrange the transfer of water, telephone, electricity and gas services. You’ll need to contact your service providers to arrange to have all services at the property transferred into your name and turned on, on your move in date. Connect Now (www.connectnow.co.nz or 0800 443 136) is a free service that will arrange all major service transfers for you.
- Transfer any other services and organise your change of address. See my handy checklist (printable form below) to make sure you don’t miss anything.
- Arrange insurance for your new property. This should commence on possession day.
Remember, if you have any questions at all about your responsibilities prior to settlement date call me. I’m here to help.
What are my legal responsibilities and rights as a purchaser?
On the day you bought your new home you signed a Sale and Purchase Agreement. With all the excitement of the purchase you may not have taken it all in so I’ve pulled out the key information to remind you of your obligations.
3.0 Possession
3.1 If the property is tenanted you may have arranged with the Vendor that the tenants stay on under your ownership. If so, this should be included in the Sale and Purchase Agreement. If not the Vendor must ensure the property is vacant on settlement date.
3.2 If the property is sold with vacant possesion then you (or anyone authorised by you in writing) are entitled to complete a property check prior to settlement. This gives you a chance to check the condition of the property, including the chattels and fixtures that are included in the sale. You must give the Vendor reasonable notice for this visit.
3.4 On the day of settlement the Vendor must make all keys available for you – including all exterior door keys, electronic door openers and keys or codes to any alarms on the property. If the property is tenanted, however, these items will remain with the tenant/s.
4.0 Risk and Insurance
4.1 In between the date of sale and the date of settlement the property and chattels remain in the Vendors name. This means that they are responsible for any damage that may occur between the sale and the settlement date. I damage does occur, beyond fair wear and tear, you are entitled to compensation from the Vendor.
