Before your purchase settles, you have the option to do a pre-settlement inspection of the property. This is a chance to check that the property is in the same condition as when you agreed to buy, and that the chattels are in working order. We work with the other side to ensure any issues are resolved before you pay your money over.
Exchange of undertakings
Undertakings are like an extreme pinky-promise for solicitors. If undertakings are not followed, solicitors can face significant liability and penalties. They are required when transferring property to ensure one party doesn’t run off with money before transferring the house.
When the vendor is ready to settle their solicitor sends undertakings to the purchaser’s solicitors, who ensure they meet requirements under the law.
The purchaser’s solicitors send undertakings to the bank in order to receive the money. Then they make the payment to the vendor’s solicitors and send further undertakings to say that the money has come through.
Settlement day involves a lot of calls and emails between solicitors for each side, the bank, agents, and of course the clients so you know how settlement is progressing.
E-dealing and title transferred
Once the payment has gone through and undertakings have been exchanged, the e-dealing can be ‘released’ and ‘submitted’. This allows the transfer to be made official on the Land Information New Zealand register. We then receive copies of the new title which show your name on it as the registered proprietor of the land!
From there, copies must be sent to the bank if there is a home loan, and we sign off forms for the agent to state that settlement has gone through. We also provide copies to you as the purchaser, pay you any leftover funds from your home loan.
If you are selling, we also attend to paying the rates, water, and paying back any mortgage on the property you are selling.
The best part of the day is getting to call you to let you know that it is all official – congratulations, you are now the owner of the land!