Legal and professional services
You may not physically be seeing your lawyer or insurance providers on settlement day, as it is best practice to have everything related to moving into your home settled before settlement day. The following will need to be addressed to be able to confirm settlement day is a go ahead:
☐ Has your lawyer been provided with all documents discussed to enable settlement of your loans? Do you have a copy of your signed home loan documents for reference?
☐ Have you asked your lawyer to provide you with a copy of the record of title and confirmed that transfer of ownership of your new property has/will take place today?
☐ Have you paid the closing fees? In NZ we have a settlement statement that needs to be paid to the solicitor a few days prior to settlement. This statement outlines your deposit paid, loan amounts, balance owing on the property and solicitor fees chargeable. It will show the overall amount owing to settle the above. The closing fees payment made to your solicitor needs to be 'cleared funds'
☐ Has your lawyer confirmed that your mortgage has been registered with the bank and that the bank has no further requirements to settle your loans?
☐ Have you confirmed all insurances are in place (this includes but is not limited to home, contents and life insurance) and have you discussed updating your will, power of attorney documents or any other asset protection plans with your lawyer?
The bank or lender who approves your home loan will have requirements which need to be fulfilled before being able to drawdown your home loan. Ensure you have a good understanding of what is required prior to settlement day. The below will help to do so:
☐ Does the bank have your required compliance documents (ID, Address confirmation and Tax information) on file? And has your loan documentation been signed and found to be complete?
☐ Have you arranged for the home loans to be added onto internet banking to view?
☐ Do you understand your repayment schedule? When does the first and ongoing repayments go through and how much is it? Have you requested the loan(s) to be fixed for a certain period of time e.g., fixed on a 1-year rate or have you chosen a floating rate loan and are the repayments principal and interest or interest only? Ensure it has been structured as discussed.
☐ Have you signed a cash contribution offer and received confirmation of when you’ll receive the payment?
☐ Do you have a transactional account from which repayments for your home loan can be taken from with ease (make sure to understand any associated fees related to your new or existing accounts)?
☐ Do you understand how to contact the bank to query your accounts, and do they have your up-to-date contact details on file?
Decorating your home will be one of the many fun tasks to face when moving in. Whilst there are many things to keep you busy over the months that follow moving into your new home, below are a few essential points to think about, if you want to move in on the day of settlement:
☐ Have you arranged to pick up the keys for your new home?
☐ Have you contacted a power provider to ensure the electricity will be on?
☐ Have you ensured that all housing related insurance has been set up (home and contents insurance)?
☐ Have you organised and planned how you will move your household goods? Do you have enough bedding, furniture, houseware and food? Or will you be staying elsewhere whilst you unpack and get the house ready to live in? Knowing where and what time the local shops close might be a good idea
☐ Have you contacted your internet provider? Do you need SKY or any other entertainment box installed?