In the coming months, the very first residents at Octave, Junction Village will be settling their land purchase and be able to commence construction on their homes.
These settlements will be an exciting milestone for both Jinding and our buyers, who will be one step closer to moving into this exciting, new community.
In the months leading up to settlement, there are many things you will need to consider. To help you navigate this, we’ve put together an introduction to settlement outlining the steps you’ll need to take prior to your settlement date.
What is Settlement?
Settlement is the date when the property title is transferred into the name of the purchaser, and the balance of the purchase price is paid to the developer.
What needs to be prepared prior to settlement?
Selecting your builder:
Approximately 3 months prior to settlement, it is important to have your builder contracted and ready to go. This will give you plenty of time to submit your design to the Design Approval Panel and will help your bank complete your financial assessment and formally approve your loan.
Lodging your finance application:
Before you settle, you will need to apply for formal finance approval from your lender. Formal approval occurs when the lender receives all the documents they need and can confirm in writing that they are willing to lend you the money for your home. This can take some time, so it’s very important to start this process early to avoid settlement delays.
Submitting your home design:
All homes at Octave must follow the design guidelines. Once you have completed your design you will need to prepare your submission to the Design Approval Panel. Your builder will typically take care of this submission, before lodging for a building permit.
Designs should be submitted on the Design Approval Portal at www.ngdd.com.au, please allow 10 working days for your application to be processed and some extra time should a re-submission be required.
Organising your valuations:
Typically, when practical completion is achieved, you will receive an email notification with details for valuers to access the site. For Octave, Jinding will be providing access to valuers at a set time and date, the details will be provided closer to the agreed access date.
Ensuring your Conveyancer is ready for settlement:
Once titles are issued, your nominated conveyancer or legal representative will be notified. They will also schedule settlement for approximately 10 days’ after titles are issued. To avoid any settlement delays we encourage you to share updates with your conveyancer and confirm their details are with us. By keeping everyone in the loop we are able to ensure a smooth settlement process.
As settlement draws near, you will receive regular settlement updates and reminders to support you along the way. We are available to assist at any time so please do contact us if you have any questions or concerns about the settlement process. You can email us directly at info@octave.zulu.nichestudio.biz