Settlement is the final step in a property purchase — the day ownership officially transfers from seller to buyer. Understanding the process helps ensure everything goes smoothly.
After exchanging contracts, settlement typically occurs 30-90 days later (as specified in the contract). During this period, your solicitor or conveyancer handles title searches, prepares transfer documents, coordinates with your lender, and ensures all conditions are met.
On settlement day, your lender transfers the purchase funds to the vendor's solicitor, the title is transferred to your name, and you receive the keys. Common issues that can delay settlement include outstanding council rates, unresolved defects, or lender delays. A pre-settlement inspection the day before ensures the property is in the agreed condition.