11/07/2025
Just to help you to understand what really happens when you sit down with your lawyer to sign your loan documents for settlement please know, it’s more than just a quick signature.
When we assist you with the settlement, we play a dual role. We act for you as the purchaser lawyers, but we also act for the bank, to ensure the bank’s interests are protected too. That’s why the bank releases funds to our trust account, we provide a solicitor’s undertaking and certificate confirming that the funds will only be used to complete the purchase. If, for any reason, the sale does not proceed, the funds are returned to the bank.
We receive a Letter of Instruction from the bank, which outlines exactly what we need to do such as registering the mortgage on your title and managing the bank’s funds. We follow these instructions step by step.
In addition, under the Credit Contracts and Consumer Finance Act (CCCFA), we have a legal duty to make sure you fully understand what you're signing, your responsibilities, potential risks, and what could happen if things don’t go as planned.
On Signing Day;
We go through all the loan documents with you:
Double-check your ID and confirm that you’re the actual borrower:
Confirm your residency status, to ensure there’s no breach of the Overseas Investment Act (if applicable):
Explain the priority amount that the bank asks us to register on your title, and how it may or may not affect you:
Discuss key risks such as early repayment penalties, default interest, and what happens if you miss payments:
Ensure the mortgage is properly registered on your property, in line with the bank’s requirements:
It might seem like just a few signatures, but there’s a lot of legal work behind the scenes to make sure your settlement goes smoothly.
At Andrew Seton Lawyers, we are here to make the process clear, secure, and stress-free so you can move forward with confidence.
If you have questions about your upcoming settlement or loan documents, feel free to get in touch.
Gagandeep Kaur
Lawyer | Andrew Seton Lawyers
📧 [email protected]