Question 1

Who do I contact if I have a question about my Contract?

Accepted Answer

Any questions that relate to legal aspects of your Contract of Sale must be directed to your legal representative.

Question 2

How will I know when settlement is due?

Accepted Answer

There are two documents required to formally classify your apartment as completed in order for settlement to take place.

Occupancy      Permit.
This is issued when the apartment is considered suitable for occupation. An
 application for an occupancy permit is made to the relevant building surveyor. In deciding whether to issue an occupancy permit, the building surveyor may request certificates or statements from various practitioners involved in the construction of the building to confirm that the work complies with relevant building legislation.

Registration of the Plan of Subdivision.
A plan of subdivision allows an applicant to divide land into two or more new parcels of land and generates new child titles for the land. A copy of plan of subdivision can be found in your contract of sale. New titles will be issued once the Plan of Subdivision is registered at The Land Titles Office.

Once the Plan of Subdivision is registered and the Occupancy Permit is achieved, a call for settlement will be triggered. Notices will be sent to your legal representative; requiring you to settle your new property within the allocated timeframe, specified in your contract of sale. This is typically 14 days.

Question 3

What do I need to do to make sure I settle on the due date?

Accepted Answer

We recommend to commence the finance process, minimum 3 months prior to the settlement. This allows plenty of time for you to shop around for the best rates and find alternatives funders.

You must also require to appoint a conveyancer to legally settle the property and transfer to your name.

Once a settlement date has been confirmed, please ensure that your finances are approved and contact your legal representative as soon as possible to confirm that everything is finalised for an upcoming settlement.

It is very important to ensure that you are ready for settlement by the due date. Under the Contract of Sale, penalty interest will apply in the event you do not settle by the specified date. Requests for settlement extensions need to be formalised through your legal representative for consideration.

Question 4

When will I receive my Statement of Adjustments outlining how much I need to pay at settlement?

Accepted Answer

Once settlement has been triggered, the Developers lawyers will finalise the Statement of Adjustments according to your Contract of Sale and issue it along with all other legally required documentation to your nominated legal representative. This Statement details all payments required to finalise settlement. Please refer to your legal representative for further information.

Question 5

What is a bank valuation and when will it be?

Accepted Answer

When you put in an application for a loan to buy your apartment or home, your lender will send out an independent valuer to appraise the property value. Our team will advise you when your apartment will be ready for a bank valuation inspection.

A booking link will be provided to you / your valuation company to book in the inspection. On the day of the valuation, our team will meet the valuer on site.

Question 6

What is a pre-settlement inspection and when will it be?

Accepted Answer

Once your property is nearing completion, you will have an opportunity to inspect your new property prior to settlement. Under the Contract of Sale, you are entitled to one inspection before settlement is due.

Our team will advise you when pre-settlement inspections will commence. If you are unable to inspect the property. Upon request, a member of your team can inspect the property on your behalf (free of charge). You are required to sign an authorisation form allowing us to do this. If you are electing a representative to inspect on your behalf, you will need to provide a written authority to allow them to undertake this.

Question 7

What happens if I notice a defect at my pre-settlement inspection?

Accepted Answer

The defects will be rectified as soon as possible. If for some reason your noted defects have not been attended to prior to settlement, these will be recorded and attended to by the builder post settlement. Please note settlement cannot be legally delayed due to the existence of minor defects.

Settlement Frequently Asked Questions