Elements and Performance Criteria
- Prepare for settlement
- All pre-settlement conditions of finance approval are confirmed with lender providing funds and the various parties to settlement are communicated with to confirm that documentation and any other settlement issues are in order
- In the case of a second mortgage advance, confirmation is obtained that prior mortgagee has consented to the subsequent mortgage
- Documents are checked to ensure they are correctly executed, witnessed and dated before sending to approving personnel
- Register securities
- Loan approval is checked for conditions relating to the taking of security
- Party acting for the lender is instructed to liaise with all parties to the settlement and attend settlement
- Securities are registered and stamped in accordance with lender's procedures and relevant legislation with all security actions taken confirmed as correct and complete
- Arrange for the disbursement of funds
- Drawdown of the funds is arranged by the lender or solicitor acting for the lender
- Funds are disbursed in accordance with the requirements of loan approval and instructions received from the client
- Relevant client correspondence is activated to advise client of disbursement of funds, date of settlement, manner of disbursement and other relevant details