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What you need to know come settlement day


The search for your dream property can be both exciting and stressful. From the inspections that kick everything off to putting in your offer and having it accepted, these are all stepping stones on the journey towards ownership.

It all culminates in the final step of the process – settlement day. Here’s what to expect and some tips to prepare for a successful property settlement.

What is settlement day?

Settlement day is the day ownership of a property is legally transferred from one party to another. Simply put, it’s the day you get the keys to your new home.

Your conveyancer will take care of the finer details and works with us for the finance. Meanwhile, you must also follow all sorts of regulations and procedures that they will explain to you, including those required by the lender and building insurance provider.

The date of settlement will be outlined in the sales contract. Your broker will work with the conveyancer in consultation with you to confirm the timing and review the contract before signing it.

What should I do before settlement?

There are several things you need to do ahead of the big day to avoid any last-minute surprises.

Firstly, it’s important to do a final inspection of the property to ensure you didn’t miss anything. Secondly, make sure you’ve organised building insurance, which should be done as soon as the seller signs the contract. Finally, check in with your conveyancer to ensure you’ve completed and submitted all of the necessary documentation to transfer the property into your name.

What happens on settlement day?

Your lender and conveyancer will take care of the final paperwork and financial transactions. They’ll work with the seller’s representatives to ensure the balance of the purchase price, along with any government fees and duties, is settled.

They will also check all necessary legal documents are completed and lodged with the respective agencies. And they will arrange the transfer of the certificate of title to your name and ensure the property is legally transferred to you.

Once the paperwork is completed successfully, the settlement is final. Congratulations! You are officially the new owner.

What can I do to ensure a smooth settlement?

To ensure a smooth settlement day, it’s worth seeking advice from professionals who understand the process.

As a mortgage broker, we can assist with organising pre-approval for a home loan and we’ll be there with you every step of the way.

Finding a reputable conveyancer who specialises in property law will ensure you understand your responsibilities and rights in terms of the settlement process. They will oversee the legal requirements and paperwork and, most importantly, ensure the title is correctly transferred, or conveyed, from the seller to you.

Finally, make sure you have a suitable settlement period in mind. We can discuss this with you, as settlement periods can range anywhere from 30 to 90 days. You may be able to negotiate with the seller before signing the contract to secure a date that works for you.

Ready to get started?

We’re here to support you through settlement and beyond. Get in touch today.


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