newbie question – what is settlement?

Hi,

Settlement occurs the day the property title transfers into your name.

The time between signing the contract and title transferring into your name is known as the settlement period.

Settlement is not an exciting process – just a bunch of solicitors and other representatives swapping legal documents and cheques.

You’ll receive a settlement statement of adjustments which outlines how the total proceeds have been divvied up, together will a bill from your legal representative.

Once your name is on the title… congratulations! You’re the official owner of the property.

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and if i get a 3-6 month settlement agreement, does that mean i don’t have to start paying my mortgage, and will the seller hold the property for 6 months?

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Yep. That’s right. Your lender will cough up the funds on the day of settlement, which will be the first day of your loan and when your interest begins.

Bye,

Steve McKnight

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Remember that success comes from doing things differently.
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