Tip 49 – Settlement – Where’s the money gone?

When reviewing your draft settlement statement, you’ll get a warm glow – thinking about the money you’re about to make.  Don’t be surprised however, if your bank balance doesn’t reflect the balance purchase price cheque that you receive at settlement.  Most of the time your bank will have a signed authority to apply money to pay down the construction facility and other debts. Settlement is also the best time to pay out other members of the development team, such as agents and lawyers (it keeps them happy!)