Settlement day is the day you assume legal ownership of your property. This is normally around 3 to 4 weeks after the offer is accepted and the conditions are met, or after the auction day.

The settlement day itself involves you and your conveyancer (settlement agent or solicitor) meeting with your lender and the seller’s team to sign and exchange the final documents of the sale.

The two parties will also organise for the remaining balance of the purchase price to be paid to the seller.

The settlement process is as follows:

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1. Bank withdraws funds

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Settlement day is when you will need to transfer the funds owed to the vendor.

Your conveyancer (settlement agent or solicitor) will liaise with your lender to transfer the funds.

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2. Notify the Seller

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The seller will be notified once the transfer has been made, and similarly, the seller will confirm that the funds have been received.

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3. Signing and Exchange of Documents

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While documents are generally prepared ahead of settlement day, the final signatures and paperwork will need to be finalised by both parties.

Once completed, the documentation is lodged with the title’s office, which registers you as the official owner of the property.

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PEXA - Online Settlement

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The settlement will officially take place with the help of PEXA (Property Exchange Australia), which is an online property settlement platform that removes the need to physically attend a settlement.

Your conveyancer and the other party will be able to transact together online, and perform lodgement right through to settlement.

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