Step 11 - Settlement at last.

Settlement day is the day that you or your representative meets with the vendor to swap your cheque with their title of ownership. Cherish this moment, because with most people this certificate will quickly go to your lender, unless you are lucky enough to purchase the property outright Government departments need to be notified of the change in ownership, and this is typically taken care of by your solicitor or conveyancer. You should have the building insured at the time of settlement otherwise lenders won't lend you money. To remove any ambiguity, a safe course of action is to insure the property as soon as you exchange contracts.

Enjoy the feeling
Congratulations, you are now the proud owner of your new home and you're 'in the property market. Buying your first home is a major achievement and it involves time and effort. Invest those factors, and the payoffs could be huge. Mistakes will be made and lessons will be learnt, but isn't that what life is all about?

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