What to expect on settlement day
Before settlement day
A few things need to be sorted in the lead-up:
Final inspection
Buyers do a last walkthrough to check the property is in the agreed condition.
Documents and finances
Your conveyancer finalises paperwork and ensures funds are ready to go.
On settlement day
Here's what typically happens:
Transfer of funds
- Buyer's bank transfers the purchase amount to the seller's bank
- Rates and taxes are settled
- Seller's mortgage is paid out if applicable
Exchange of documents
- Conveyancers meet to exchange and verify legal documents
- Property title is transferred from seller to buyer
Confirmation and notifications
- Both parties are notified once settlement is complete
- Agent is informed and releases the keys to the buyer
After settlement
For buyers
You are now the legal owner. Time to collect the keys and move in.
For sellers
You have handed over the property and received the sale proceeds. Time to celebrate or move on.
Handy tips
Stay in touch
Keep regular contact with your conveyancer to avoid delays.
Be ready
Have all documents and finances sorted ahead of time.
Celebrate
Whether buying or selling, settlement day is a milestone worth marking.