What happens on Settlement Day?

On Settlement Day, the property is officially transferred to the purchaser. However, there are steps to be taken before the transaction can take place. 

Settlement Day is when the ownership of the property is officially transferred to you, the purchaser.  

Your conveyancer meets with the Lender and the seller/seller’s conveyancer to exchange legal documents. This process now occurs online through a platform known as PEXA (Property Exchange Australia).  

On this date, funds are transferred, and documents to transfer ownership to the Purchaser are lodged with the land registry.  

Through PEXA you will receive a notification when the settlement process is complete. As a Buyer, you are not required to attend settlement. The conveyancers will conduct the whole procedure. They will ensure that funds are organised to be paid to the seller and that the current mortgage on title to the Vendor is discharged. 

If you are borrowing money, the lender will provide the funds to purchase the property and lodge a new mortgage against the title.  

Lottie file

How to prepare for Settlement? 

  1. Ensure you have transferred any shortfall funds as advised by your conveyancer to either the Shortfall account or Solicitors. 

  1. Do a final inspection on the property.  

  1. Check the statement of adjustments sent to you by your conveyancer and approve it. 

  1. If you can avoid it, we recommend that you do not make plans to move into the new property on the day of settlement.  

  1. There could be issues with the settlement that delays the time at which the transfer of the title officially occurs.  

  1. This will result in the agent not handing you the keys to the new property.  

  1. If you have booked removalist and served notice to move out of your current premises (if you are renting) this may cause you difficulty.  

  1. After settlement has occurred, you will be notified via email.