24
8
Conveyancer/legal representative to
organise settlement
Your conveyancer/legal representative will
attend to settlement. This is the day that the
balance of the purchase price is paid to the
vendor. Stamp duty and lender’s mortgage
insurance (if applicable) will also have to
be paid. You can collect the keys from the
real estate agent once settlement has been
advised.
If something goes wrong
If you have signed a contract to buy a house
it may be a costly exercise to withdraw even
if you have not reached settlement. If the
cooling off period has passed, the contract is
binding. If you wish to get out of the contract
you may be liable to pay compensation to the
vendor. The amount will depend on the loss
suffered by the vendor and is usually based on
the amount it would take to resell the house
including any loss on the subsequent sale.
Read your contract carefully to be aware of the
consequences of defaulting on the contract.
If you do not wish to proceed with a contract,
seek independent legal advice as soon as
possible.
