Settling on settlement day when selling

Settlement day is the date the buyer pays the remaining money for the property sale and they receive the keys to the property.

Summary of important things to know
  • A number of things need to happen in a certain order on settlement day between your lawyer or conveyancer, the buyer’s lawyer or conveyancer and your bank or lending company (if you have a mortgage).

  • It is a good idea to move out of the property before settlement day if possible. If you plan to move out on the day and there are any delays to the property being vacant, you can risk having to pay compensation to the buyer.

  • Settlement is managed by your lawyer or conveyancer, and there isn’t anything for you to do if all the documents have been signed a few days earlier. Your lawyer or conveyancer will register the change of ownership to the buyer.

  • You must deliver all keys (including garage door remotes and security alarm codes) to your agent or lawyer or conveyancer, whichever has been previously agreed, as soon as possible on settlement day for the buyer to collect when settlement is complete.

  • This page provides some general information, but may not cover everything you need to know. Your lawyer or conveyancer will be able to give you advice on your settlement.

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