Settlements for Vendors – Discharge of Mortgages
What is the most important part of a vendor/sale settlement – completing your discharge of mortgage?
Settlement dates and time frames are getting shorter. In the near future, a property settlement will be facilitated from a 30 day period to 15 due to the rapid improvements in technology and the increased need for housing.
As a conveyancer Adelaide, acting for a vendor the most important document at the start of the process is the discharge of mortgage authority for your bank loan.
When selling a property a discharge of mortgage must be completed before a settlement can proceed. Reason being, a mortgage document registered over your title restricts a transfer from being completed to the purchaser. If this document is not completed within the required time frames of the bank involved it can have the potential to hold up settlement and also incur penalties under certain contracts.
At Lyon Conveyancing, we have you covered. We guide our vendors through the discharge process as soon as we have the contract of sale from the agent eliminating unnecessary stress. You already have enough to worry about when moving and preparing the property for handover.
Land conveyancing is always here to help you with its expert property conveyancer for your property needs.