Settlement day when selling your home

Settlement day:

  • can be whatever length of time you negotiate with the buyer
  • is most commonly 4–6 weeks after both parties sign the contract
  • mostly falls within a range of 30–90 days.

On settlement day, you will usually:

  • receive the remaining amount of the purchase price from the buyer
  • transfer the title of the property
  • hand over the keys
  • give possession of the property to the buyer.

This can be a complex transaction. Ask your legal and financial representatives to deal with the buyer or their representatives.

Your agent’s duties

Your agent will:

  • place the money in a trust account
  • work out their commission
  • forward the balance to you after settlement.

The agent must give you a written statement that sets out:

  • all amounts they received for the transaction
  • the way the amounts were or will be paid
  • any payment, discount or benefit from a third party that relates to the sale (including how much).

They must give you this within 42 days of settlement day. You can ask for it sooner. If you do, they must give it to you within 14 days.

Council rates and other fees

You are responsible for paying the rates up to (and including) the day of settlement. The buyer will start paying the next day.

Exit condition of your home

You must leave your home vacant and clean. The buyer will conduct a pre-settlement inspection no more than a few days before settlement day.

If it isn’t in good condition, they can ask their lawyer to delay settlement until you fix the problem.