Congratulations! You’re only one step away from moving into your dream home. Settlement is a carefully coordinated time between the buyer, seller and a few different legal parties. We’ve got some advice on making this process smooth and easy so you’ll be opening the doors to your dream home in no time.

What’s settlement?

Settlement is when the title of the house changes from one person (the seller) to another (the buyer). Also at this time, the funds to purchase the house are transferred between the two parties. 

When you settle on a property, you’ll be working with:

  • The seller
  • The seller’s real estate agent
  • The seller’s solicitor or conveyancer
  • The buyer
  • The buyer’s solicitor or conveyancer
  • Your lender

Why’s settlement important?

Settlement is a careful process to make sure the seller receives their funds and the buyer receives the property title on the same day. Once settlement is complete, the buyer will be able to pick up the keys to their new home.

What to organise before settlement:

  • Ask a solicitor or conveyancer to act on your behalf and have their details in writing on the contract of sale
  • Know the settlement date - you can find that on the contract of sale 

If you’re selling:

  • Speak with your lender so you know how much you’ll be paying for stamp duty and bank fees

If you’re buying:

  • Organise home and contents insurance from the date of settlement 
  • Speak with your lender so you know how much you’ll be paying for lenders mortgage insurance and bank fees
  • If you would like a final inspection, organise this with the seller’s real estate agent prior to the date of settlement

When’s settlement?

The settlement date can be found in the contract of sale. Usually settlement is between 1 – 3 months, depending on the buyer’s and seller’s personal circumstances. This date can be negotiated between the parties before the contract is signed and can only be changed by written agreement between the buyer, the seller and overseen by both conveyancers and/or solicitors.


Consultant going through contract with someone 

What happens on settlement day?

If you’re selling:

Your lender will:

  • Deposit the funds from the sale of your home into your account
  • Your solicitor or conveyancer will:
  • Check all conditions on the contract have been met
  • Remove your name from the property title through the Department of Natural Resources and Mines, Queensland

Your real estate agent will:

  • Arrange a time with for you to drop off the keys to the property

If you’re buying:

Your lender will:

  • Open up the mortgage account for your new property
  • Provide the funds to your solicitor or conveyancer for the purchase of your new property

Your solicitor or conveyancer will:

  • Transfer the property funds to the seller’s solicitor or conveyancer
  • Remove any people who have had rights on the property
  • Make sure all conditions have been met (like valuation, building and pest inspection etc.)
  • Transfer the property title to your name through the Department of Natural Resources and Mines, Queensland.

The seller’s real estate agent will:

  • Contact you once the keys have been received and let you know when you can pick them up

If you want to have a chat about how we can help you get into your home faster, or you’re interested in a new home loan, our lending specialists are available over the phone, 24/7. 

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The information provided is intended as general information only and may not be appropriate for you. This information does not take your personal objectives, circumstances or needs into account and you should obtain financial and legal advice before making any decisions. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, before deciding. 

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