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Settlement day when selling your home
Settlement day:
can be whatever length of time you negotiate with the buyer
is most commonly 4–6 weeks after both parties sign the contract
mostly falls within a range of 30–90 days.
On settlement day, you will usually:
receive the remaining amount of the purchase price from the buyer
transfer the title of the property
hand over the keys
give possession of the property to the buyer.
This can be a complex transaction. Ask your legal and financial representatives to deal with the buyer or their representatives.
Your agent’s duties
Your agent will:
place the money in a trust account
work out their commission
forward the balance to you after settlement.
The agent must give you a written statement that sets out:
all amounts they received for the transaction
the way the amounts were or will be paid
any payment, discount or benefit from a third party that relates to the sale (including how much).
They must give you this within 42 days of settlement day. You can ask for it sooner. If you do, they must give it to you within 14 days. |
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