What happens at settlement?

Settlement is the culmination of buying or selling of a property. For some, this day can stir many emotions and seem overwhelming, especially for first homeowners. Choosing a knowledgeable conveyancer will ensure process runs efficiently on time, allowing you to sit back and relax.

If you are the buyer, you should receive a settlement statement from your conveyancer prior to settlement. This statement will list all the fees, rate adjustments, incoming money and deposits paid, ensuring they are aware how much is payable on settlement day.

To ensure settlement day runs smoothly, it is important to consider the following:

• Chose a conveyancer to carry out the settlement.

• Ensure the contract and Form 1 are signed by both parties.

• Ensure funds needed to complete the sale are ready.

• Insurance is purchased for the property.

• Complete a final inspection of the property.

Since 2020, all settlements are completed through an ELNO (electronic network operator) by the buyers and seller’s conveyancer and mortgage lender. Here, your trusted representatives ensure funds for the purchase of the property are paid to the seller, the title is transferred to the buyer and necessary documents are lodged with the LTO. Once settlement is complete, you will be noticed by your conveyancer. The buyer will now be able to receive the keys to their new home.