It is advisable to move into the property at least the day after settlement takes place. Most settlements take place after 2:00pm and by the time your keys have been collected you may not be able to move into the property until much later in the afternoon or evening.
If you are not moving in immediately after settlement, why not take the opportunity to deep clean the property before your furniture and possessions are delivered. This is also the best time to paint of make cosmetic changes, such as reflooring, so that you don’t have to work around your furniture.
Notifying relevant parties
On settlement a Notice of Sale is prepared which notifies the local council and Sydney Water of the change of ownership and the address of where their notices are to be forwarded.
If you have not already done so contact your electricity/gas supplier to arrange for connections of services to the new address. See our list in our previous blog “Planning your Move’ for a checklist of parties that should be notified of your move.
If you are short of time and have not been able to attend to your notifications you have the option of arranging a redirection of your mail from your old address to your new property.
Tenants and managing agent
If the property was sold subject to existing tenancies, the existing tenant will be notified by your solicitor/conveyancer of the change of ownership on settlement. You will also need to either form a new agreement with the current managing agent or appoint a new managing agent to manage the lease of the property for you.
If there is not an existing tenant and you are planning to use the property as an investment, you will need to market the property for lease. Before a tenant is found, you will also need to arrange the management of the lease of the property. Although you have the option to manage a tenancy yourself it is worthwhile to look into the appointment of a managing agent to facilitate this. For the value of a property manager have a look at Belle Property’s Blog.
Given your financial circumstances, and possibly family circumstances, have recently changed, it is important to update your Estate Plan to reflect these changes. You may wish to add or remove beneficiaries in your Will, appoint a new Executor or transfer the power previously granted under your Power of Attorney to someone new. It is extremely important to keep your estate documents up to date to ensure that your circumstances and wishes are correctly reflected.
For more information on Purchasing Property check out our other blogs:
Part 1: Finance and Deposits
Part 2: Stamp Duty
Part 3: Review of the Contract
Part 4: Property Reports
Part 5: Exchange of Contracts
Part 6: Planning your move
Part 7: Final Inspection
Part 8: Settlement
You may also be interested in our Selling Property series:
Part 2: Selecting an agent
Part 3: The Contract for Sale
Part 4: Exchange of Contracts
Part 5: Discharge of Mortgage
Part 6: Planning your Move
Part 7: Settlement
Part 8: After Settlement
If you have any questions or need any assistance please do not hesitate to contact us at Southern Waters Legal. We offer a free 15 minute, no obligation chat if you want to go through your circumstances.