Settlement is the final step in buying property—when ownership officially transfers to you. Understanding this process helps you prepare and avoid last-minute surprises.
Settlement Timeline
Standard settlement periods are 30-90 days from contract exchange, with 42 days (6 weeks) being common. This can be negotiated between buyer and seller.
Key Steps Before Settlement
- Finance approval: Final (unconditional) loan approval from your lender
- Building & pest inspection: Identify any issues with the property
- Conveyancer/solicitor: Handle legal checks and documentation
- Insurance: Arrange building insurance from contract date
- Final inspection: Check property condition before settlement
What Happens on Settlement Day
Your conveyancer and the lender's representative meet (often virtually) to exchange documents and funds. Title transfers to you, and you receive the keys.
Common Settlement Issues
- Delayed finance approval
- Vendor not ready to vacate
- Documentation errors
- Unexpected property defects