Settlement & Transfer of Land

What is Settlement?

When you sign a Contract of Sale as the property buyer or the seller, a property settlement date is chosen which confirms when the official transfer of property will occur. This is generally 30, 60 or 90 days long, and can be a complex legal process involving multiple parties before the house settling can occur.

GDM Legal are specialists in realty and property law. We can manage property settlement agreements on your behalf to take the headaches out of reading lengthy contracts, juggling parties and combing through fine print.

Steps In Property Settlement Process

Here are the steps for a property or house settlement process:

  • On settlement day, documents are exchanged between buyer and seller to transfer the property title. For this to occur, the seller must sign a Transfer of Land form for land settlement which allows the title to be legally transferred. This is completed by the seller once the full balance of the purchase price is received.
  • Several forms must be completed on settlement day to inform the State Revenue Office regarding Stamp Duty and GST
  • Once the land settlement process has been completed, the title is transferred into the buyer’s name at the Land Titles Office. To do this, stamp duty must be paid at the State Revenue Office with the receipt presented to the Land Titles Office. This is processed and the transfer takes place as per the details on the Transfer of Land form.
  • Fees to be paid include a Land Transfer Fee of $94.60 and 00.00234% of the purchase price. This is paid when lodging the Transfer of Land Form. There is also a fee of $114.90 to register any mortgage taken out on the property. You can use a property settlement calculator to approximate the costs beforehand.

How We Can Help With Settlement

We are legal professionals who can help you with a smooth settlement from start to finish. When it comes to Victorian property settlements, GDM Legal can provide assistance in any step of your settlement process, including:

  • Coordinating and liaising with all parties on your behalf, to ensure a stress-free experience and complete your settlement with ease
  • Managing documents and requirements from your mortgagee, real estate agent and the other party (buyer or seller) to fill all of your legal requirements
  • Paying all fees and filing document transfers so you are meeting your obligations
  • Preparing official forms, such as Transfer of Land form

Why Choose GDM Legal?

GDM Legal are the property settlement solutions experts, specialising in property settlement throughout Victoria:

  • We provide you with a service that specialises in conveyancing and realty. This means we can offer the best advice on the current property market, with expert knowledge of statues and regulations.
  • We have a personalised service so you always feel in control and at ease when buying or selling your property.
  • We have low overheads which means we can pass the savings on to you. This allows us to work quickly and efficiently to get the job done right, the first time.
  • We know buying and selling doesn’t stay inside business hours. That’s why offer extended contact hours so you can access us any time you need us.

Contact us for a smooth house settlement period today.