When you have entered into a contract to sell your property the next step is to contact the Bank or Banks who hold a current mortgage security over the property.
Many people think that when they have told their Bank that they are selling/have sold their property then the Bank will be ready to hand over the title deed when the time comes.
The Bank will generally not even commence the process of releasing/discharging its mortgage even when it receives written notification from your Lawyer that the property is sold and advising the anticipated settlement date.
In order for the process to commence you will need to personally complete the application and deliver/post the document to the Bank immediately the Contract is proceeding unconditionally. With the introduction of internet banking some Banks will now permit you to make the application through your secure internet banking connection.
If you have a line of credit type loan linked to your home loan it is imperative that you clarify the situation as to whether the card credit can remain in place even though the home loan will be discharged.
Many settlements are held up unnecessarily due to the fact that there has been miscommunication between the Bank and the Customer with regard to this type of facility.
Unfortunately the Lawyers involved in the conveyancing process usually bear the brunt of the blame for the delays experienced, when really it could have easily been avoided had the Customer been made clear of the Bank’s requirements in the first instance.
If you are unsure as to your position in this regard you should mention it to your Lawyer and let your Bank know that it is in order for it’s representative to discuss these aspects of your loan with your Lawyer so that your settlement can proceed as planned without any additional work, which may lead to higher fees.
Buying or selling property on the Gold Coast or Northern NSW? Ensure a smooth process with professional Qld Conveyancing Solicitors, Attwood Marshall.
With three offices conveniently located at Robina, Coolangatta – Tweed Heads and Kingscliff you can also visit an office near you.
Call us on 1800 621 071 to book your FREE, no obligation consultation today!