Who do I contact if I have a question about my contract?
Any questions that relate to legal aspects of your Contract of Sale must be directed to your legal representative. PSS does not have access to any purchaser contracts.
How do I get a copy of my deposit receipt?
You will have received a copy of your receipt from the vendor’s solicitor when your 10% deposit was paid. Please ask your solicitor if you cannot locate your copy and require another one.
How do I get a copy of the floorplan of my apartment?
These are best sourced from your contract of sale as this floorplan is from the initial plan of subdivision. A marketing plan is also usually given to all purchasers from the sales agent when selling the property to you. It is important to note, neither floorplans with measurements nor actual individual apartment plans with mark-ups are available from PSS, and rarely from the developer.
What is a SP (Separable Portion)?
A separable portion is a discreet part of the construction site that has a different access date and/or date for completion to other parts of the site. These are a common feature of off the plan Australian construction contracts.
When should I start my finance application?
We usually suggest starting your finance application roughly 3 months before anticipated settlement. PSS will also contact you to remind you about beginning your finance during the settlement process. Investigating your loan options, banks or brokers, private funds & interest ratings should be done prior to this commencement period.
What is a bank valuation and when will it be conducted?
When you apply for a loan to buy your apartment, your lender will send out an independent valuer to appraise the property in order to get an idea of the property’s value. A report will be generated for your bank with the results, that will allow them to approve your loan.
Property Settlement Solutions will advise you when your apartment will be ready for a bank valuation inspection and co-ordinate valuation times. Typically, this will occur closer to settlement.
What is a Pre-Settlement Inspection and when will it be?
Once your property is nearing completion, you will have an opportunity to inspect your new property prior to settlement. This inspection is your chance to complete a condition (defect) report to bring any issues to the attention of the builder and take any measurements you require, such as the fridge recess, washing machine space, etc. Under the Contract of Sale, you are entitled to one (1) inspection before settlement is due, unless otherwise stated in your particular contract of sale.
Property Settlement Solutions will advise you when pre-settlement inspections will commence. Typically, this will usually occur closer to settlement.
If you are unable to attend an inspection, Property Settlement Solutions can inspect the property on your behalf (without charge). You are required to sign an authorisation form allowing us to do this. If you elect a representative to inspect on your behalf, again, you will need to provide a written authority to allow them to undertake this.
What happens with the defects I notice at my Pre-Settlement Inspection?
Most items picked up are common defects and minor in scale that should be easily rectified by the builder. It is important to note; settlement cannot legally be delayed due to existence of minor defects. If defects are not fixed before you collect your keys, the builder will arrange access directly with the owner or tenant to complete these works.
What is the Body Corporate or Owner’s Corporation?
Now known as the Owners Corporation, it is the body that runs the strata plan for your building. All lot owners are members of the corporation and pay levies for the management of, by the Owners Corporation Management Team, as well as to the upkeep of the building and common property.
Strata levies vary considerably from one building to another, and generally reflect the building facilities and condition. Strata levies or fees will be advised through your conveyancer when the statement of adjustments is finalised. Facilities may include; the foyer, lifts, stairs hallways, gym, swimming pool rooftop area, car park and grounds.
When will I know my settlement/move-in date?
You will be notified by your Conveyancer once settlement has been called. Once your solicitor has received notification from the developer’s solicitor you will generally have 14 days unless stipulated as otherwise in your contract of sale, to settle your property. Once you have settled, you will be able to collect the keys to your property.
What happens if I can no longer settle?
You must let PSS know in a timely manner, as well as, instruct your conveyancer to notify the developer’s solicitor.
What steps are needed in order for settlement to be called?
There are two documents required to formally classify your apartment as completed in order for settlement to take place.
- Certificate of Occupancy
A certificate of occupancy is a document issued by the approving authority certifying a building’s compliance with the applicable building codes and other laws was and indicating it to be in a condition suitable for occupancy. In order to obtain the, your property must pass a series of inspections. These inspections may include; electrical, plumbing, a fire safety inspection and, a general building inspection.
- Registration of the Plan of Subdivision (titles).
A plan of subdivision allows an applicant to divide land into two or more new parcels of land that can be disposed of separately. This is issued when the Plan of Subdivision is lodged The Land Titles Office for registration.
Registration can take a minimum of 5 days but this short time frame is highly unlikely. Usually this process can take 2-3 weeks depending on the size and complexity of the plan.
Once the Plan of Subdivision is registered and the Occupancy Permit is achieved, a call for settlement will be triggered. Letters will be sent to your legal representative; requiring you to settle your apartment within the allocated timeframe, usually 14 – 21 days depending on your contact of sale.
Potential delays and why they happen.
Sometimes delays in the registration of the plan of subdivision and issuing of the Certificate of Occupancy can result in significant delays in the settlement of the project. Construction delays are typically to blame, due to excessive rain or heat, delivery of construction materials, etc.
PSS will keep you updated with outcome of any delays as we receive from the Builders and Developer.
What do I need to do to make sure I can settle on the due date?
Once the settlement date has been confirmed, please ensure that your finances are in place and contact your legal representative as soon as possible to confirm that everything is finalised for an upcoming settlement.
It is very important to ensure that you are ready for settlement by the due date. Under the Contract of Sale, penalty interest will apply to you in the event you do not settle by the specified date. Requests for settlement extensions need to be formalised through your conveyancer for consideration.
What is the Statement of Adjustments and when will I get it?
The Statement of Adjustments refers to any outgoings that will need to be adjusted to the final amount due at settlement to ensure that the vendor only pays the portion up to the date of your settlement. The statement will specify the amount that will need to be deducted or added to the total amount due for settlement. This can include items such as; first quarter (or two quarters) owners corporation fees, embedded network fees, stamp duty, etc.
Once settlement has been triggered, the developer’s lawyers will finalise the Statement of Adjustments according to your Contract of Sale and issue it along with all other legally required documentation to your nominated legal representative. Please refer to your legal representative for further information.
When/how will I collect my keys?
Once you have settled on your property you will be able to collect keys. This process can differ depending on the particular project. PSS will send you this information closer to settlement in our ‘Important Settlement Information’ email.
How do I get information about post-settlement? (utilities, moving in, etc.)
An ‘Important Settlement Information’ email will go out to all purchasers once settlement has been called outlining all necessary information about your apartment, including where to collect your keys, move-in information, owners corporation details, connecting utilities and post settlement defect information.