Property Possession / Settlement
The possession date, usually the same as the settlement date, is the day that you will take possession of the house. It is also known as the property settlement date because it is the day you pay for the house and this process of transferring money is known as settlement.
On the possession/settlement date, the purchaser’s solicitor receives the loan advance from your lender and any cash contribution from the purchaser and pays over the full settlement figure to the vendor’s conveyancing lawyer by way of a bank cheque or electronic transfer. This must be completed before 4pm on the day of settlement. The purchaser is entitled to vacant possession (and handing over of the keys) of the property as soon as moneys have been paid over but not before.
In exchange for the property settlement moneys, title passes to the purchaser by means of the release of the Landonline documents from the vendor’s solicitor to the purchaser’s solicitor. The title is updated immediately with the discharge of the existing mortgage, the transfer of title to the purchaser and the new mortgage registered. A copy of the updated title is provided to the purchaser as part of the purchaser’s solicitor’s settlement report. Following settlement, the vendor’s solicitor notifies the relevant Council with details of the names of the new owners of the property.
KiwiSaver first Home WithDrawal
Buying your first property, particularly in the Auckland market, can be an expensive and difficult exercise. That is where KiwiSaver can play a role. You may be able to withdraw some of your KiwiSaver savings ( provided you leave a minimum balance of $1,000 in your account) to put towards purchasing your first home.
You must have been a KiwiSaver member for three or more years to qualify for the first home withdrawal. Importantly, you can only withdraw money to purchase your first home, and not an investment property. In addition, you cannot have owned your own property before, must not have made a withdrawal to buy a first home and the home you are buying must be in New Zealand.
You will need to apply to your KiwiSaver provider if you want to make a first home withdrawal. It is also preferable to involve your solicitor at an early stage in this process as the forms contain a statutory declaration which needs to be signed in front of a Solicitor. Not doing so will delay the process.
Our conveyancing lawyers at Quay Law regularly deal with KiwiSaver first home withdrawal applications as part of the property purchasing process. Feel free to contact our lawyers at Quay Law |Auckland.
General Conveyancing Information
Whilst there is a process to follow when it comes to property conveyancing transactions, there is skill and experience required to avoid potential problems. You need to have confidence in those parties representing you to ensure an excellent result.
This article has been written as a guideline in order to highlight the process involved with purchasing a home. Should you need any assistance in relation to your property purchase or NZ Property Law, please contact Auckland Property Lawyer, Ian Mellett at Quay Law Barrister and Solicitor.
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To talk to a conveyancing solicitor about your property transaction please contact a lawyer at Quay Law