Settling on settlement day when buying

Settlement day is the day you pay the balance of the purchase price and the property becomes yours.

Summary of important things to know
  • A number of things need to happen in sequence on settlement day between your lawyer or conveyancer, the seller’s lawyer or conveyancers and your bank or lender.

  • Plan for possible delays when organising the move into your new home, for example, you may want to think about booking a moving company for the following day rather than settlement day.

  • Settlement is managed by your lawyer or conveyancer, and there isn’t anything for you to do if all documents have been signed a few days earlier. Your lawyer or conveyancer will pay the purchase price to the seller’s lawyer or conveyancer. Your lawyer or conveyancer will also ensure ownership of the property transfers to you and register the change of ownership and any mortgage on the record of title.

  • When the documentation and payment has been completed, your lawyer or conveyancer will let you know. You can then collect the keys from your lawyer or conveyancer or from the agent.

  • This page provides general information. Your lawyer or conveyancer will be able to advise you about your property settlement.

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