This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter F.

Final Inspection

Prior to settlement you are entitled to conduct a final inspection of the purchase property to ensure the property is in the same state as when you first inspected and exchanged the contracts. At the final inspection, if the property is being sold with vacant possession, you will need to confirm that all furniture, rubbish and vendor possessions have been removed from the property or will be able to be removed before settlement, and check that the agreed inclusions/exclusions have been left/removed from the property.

Finance

You may finance your purchase entirely in cash, with a home loan or a combination of the two. If you are borrowing funds to assist you with the purchase of your property, your solicitor/conveyancer will liaise with your lender to arrange for the provision of funds on settlement. Any shortfall (cash) funds will be advised by your solicitor/conveyancer and you will be directed as to where these funds are to be transferred to allow for settlement to take place.

Fittings and Fixtures

Fixtures are generally considered to be items that are secured or bolted to the property such as light fittings, flooring, air-conditioning, kitchen units and fixed appliances such as an oven or dishwasher. Fittings are generally considered to be items that are removable such as furniture, artwork, free standing appliances such as fridges and washer/dryers and soft furnishings. The contract will include a list of items that are included in the sale.