What happens on settlement day?
- The lender authorises payment of the loan, and payment is made to the vendor;
- You (or your solicitor) authorise the vendor to collect the deposit money that has been held by the real estate agent, in trust;
- You receive a signed transfer of title deed and your solicitor or bank will arrange for the Registrar General to register the transfer and the loan;
- You pay the stamp duty on the home loan;
- You are given the keys and the house is yours!