Settlement – what actually happens
Occasionally we have a client ask their solicitor if they can attend settlement of the sale and they’re unanimously disappointed with the event. You’d think coughing up a huge amount of money and trading ownership of a piece of Australia should come with a bit of pomp and ceremony! But since our titles in Queensland went electronic in 1994 you don’t even get that crusty, crumpled sheet of paper that you could show your Aunty. The days of collecting your title deed from the bank when you pay out your loan are long gone.
So settlement meetings today are usually in windowless city highrise offices with reps from the banks and solicitors swapping bank cheques and transfer docs. Often they’re on Friday’s (we all want to move over a weekend) and usually those reps will have a tight schedule of back-to-back settlements to attend. So it’s quick and unexciting – hopefully. Provided you’ve checked and double-checked that settlement statement, with its full and detailed account of who owes who how much, you can usually leave it to the experts and focus on meeting your removals truck.
Some sellers choose to go the self-representation route and navigate their way through the maze of documentation. But we’d say some things are well left to the professionals and this is definitely one of them.