On settlement day, you will usually:
- pay the remaining amount of the purchase price to the seller
- receive the title of the property
- get the keys
- take possession of the property.
Settlement can be a complex transaction. Ask your legal and financial representatives to deal with the seller or their representatives. Make the final payment to the seller’s conveyancing firm. They will place it in a trust account. Make sure you get a receipt for this.
Settlement day is usually 4–6 weeks after the contract is finalised, but this can be whatever length of time you negotiate with the seller. Almost all settlements are completed within a range of 30–90 days after the contract is finalised.
Council rates and other fees
The seller must pay the rates up to (and including) the day of settlement. You start paying the next day.