Mortgage discharged, title transferred, balance funds in your account.
What happens at this step
On settlement day, the buyer's lawyer pays the balance of the purchase price to the seller's lawyer. The seller's lawyer pays off the seller's mortgage (if any), pays the agent's commission, and pays the net balance to the seller. Title transfers to the buyer in Landonline.
What NZ Legal does
We run the seller-side settlement. We obtain the mortgage payout figure from your bank, register the discharge, pay the agent commission, send your net proceeds to your nominated bank account. We confirm the title has transferred and notify the rates and water authorities of the change in ownership.
What you do
Confirm the bank account for net proceeds. Move out by settlement morning unless the contract specifies a later vacant possession. Hand over keys and any access codes via the agent.
Common pitfalls
- Leaving the property only partially vacated. The contract usually requires vacant possession.
- Not arranging mortgage discharge early enough. Most NZ banks need 5 to 10 working days to release a discharge.
- Missing the rates apportionment in the settlement statement and ending up paying the buyer's share.
