If a lawyer contacts you on settlement day, then often there’s a problem with the bank.
However, I am sure you have been asked this plenty of times:
“So, when do we get the keys on settlement day?”.
It’s easy to say “some time in the afternoon” because you will be right 95% of the time, but our mutual clients often want to understand how the whole day will flow - they are understandably nervous!
Let’s take a quick review of what happens on the big day by using our Settlement Day email we send to clients.
Please note, I have added in square brackets regarding approx. times each task will be completed.
Hi [insert names]
Welcome to settlement day! So, what happens today?
Money from the bank
I am waiting to receive confirmation from the bank that funds are on the way. I will advise you once the funds have arrived in HouseMe Legal’s trust account.
[Expected timing 9am - 1pm]
Before I can pay the seller's lawyer your settlement amount, I need to receive undertakings from them that they:
Once we receive the bank funds, HouseMe Legal then undertakes it has paid the settlement amount to the vendor’s lawyer.
The seller's lawyer releases the LINZ e-dealing into HouseMe Legal’s control. I will then submit the transfer and mortgage which are registered at LINZ.
[Expected timing 11am - 2pm]
Congrats, you will now have your name on the title, and you can collect the keys (often from the real estate agent). I will give you a call to confirm you are now the owners.
[Expected timing 12pm - 4pm]
I will then send you a summary email with your invoice, record of title and any some final points to consider.
[Expected timing 2pm - 5pm on Settlement Day or the following day]
Best case scenario is often early afternoon but sometimes on a busy day (e.g. most Fridays) it may not be until late afternoon.
Today is a special day where you can relax and enjoy all your hard work to get to this point. I will take care of everything today.
Any questions, please let me know.
Kind regards
Angus
Remind your clients to not sit outside their new property in a moving truck waiting for settlement day!
This happened to a client of mine early in my career.
