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The settlement process

You’re almost there: the final step in the buying process is settlement.

Once you’ve exchanged contracts, you usually have 6 weeks (or 42 days) in which to settle. You can negotiate with the seller if you wish to reduce or extend this period.

A couple of days before settlement, your legal representative will advise you of the balance of your deposit plus all government fees and charges. In most cases, you’ll have to provide a cheque for these the day before settlement.

It is recommended that a final property inspection is organised before the settlement date. This is to make sure that the home has not changed condition or fixtures/fitting have been removed that should be included in the sale. You should notify your legal representative if there are any problems.

On settlement day, any adjustments to land rates, levies, water rates and other repayments for transferring property ownership are made and on paying the balance by cheque to the vendor, you become the new owners of the property.

The relevant authorities will then be notified by your legal representative about the change of ownership and you will be handed the keys.

Congratulations! All you need to do now is organise your removalists and enjoy your new home.