Step 5 | Settlement

The “Settlement Date” is the day the property officially changes ownership. This occurs once your solicitor has made the final payment.

A number of things need to happen in sequence on the Settlement Day between your lawyer, the seller’s lawyer and your Lender. Other than managing the actual ‘shift’, there is nothing for you to do to make settlement occur.

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

What actually happens?

Whilst the process is relatively standard, they are rarely the same. Property settlement is like a chain, and any broken links in the chain may delay settlement. However, the basic mechanics of settlement include:

  • Paying the balance of the Purchase Price. The money is paid to the seller via the seller’s lawyer who gives your lawyer or conveyancer a receipt for payment.

  • When this is completed, your lawyer will tell you the sale has gone through and you can collect the keys from the seller’s lawyer or conveyancer or from the agent.

  • The seller’s lawyer will release documents to your lawyer who will arrange for the transfer of ownership and to have your details and the details of your bank or lending company recorded on the record of title.

Other things to consider on the Settlement Date

  • Settlement only takes place once all of the above steps take place. There are matters outside of your Lawyer’s control e.g. when they receive funds from your Lender. Accordingly, we recommend planning the move for the day after settlement in case there are unforeseen issues or delays on the day.

  • Change the address of your contents insurance and make sure it includes cover during your move.

  • Book a moving company if you are using one and plan the actual move.

  • It’s a good idea to leave time to clean your new home before you move your furniture in.

  • Arrange transfer of services including internet, electricity, gas, and phone.

  • Notify your landlord if you are currently renting and apply to get your bond back.