This is the final part of our series: buying a home. I hope it’s been informative.
What is settlement?
The settlement date is often agreed upon when you sign the contract, most commonly about 6 weeks after exchange. Interest can be charged if you cannot settle by the agreed date, so make sure you tell your solicitor if it looks there will be a delay with settlement. At settlement, you will need to pay the owner everything you owe them to “settle” the purchase of your home. This will include any rates, bills and tax calculations for the home from the date you buy it.
You don’t need to be present at the settlement. Your solicitor will make sure everything is in order for the sale to go ahead. If you are taking out a mortgage, a representative of your bank will also attend settlement.
Owning a property means having “title” to it. Practically, this means once you’ve bought, your name will appear on the Certificate of Title. Your solicitor will then register this Certificate at the Lands & Property Information Service (LPI) so that everyone knows you are the owner.
That’s it! You are the proud owner of a home. The journey is made easier by having your solicitor talk you through the process. For many people, this is their first contact with a solicitor. This solicitor/client relationship may last many years and having a family solicitor you can trust is a worthwhile and satisfying relationship.