Settlement of a property sale
If you are the buyer of a property settlement is the date where the title of the property is transferred to you and the remainder of the purchase price is paid to the seller.
The seller generally sets the settlement date in the contract.
The settlement period is usually between 30 and 90 days.
You can negotiate an alternative settlement date with the seller before signing the contract.
On settlement day you can get the keys to the property and take possession of the property, unless otherwise arranged.
If you want to access the property before settlement, you may be able to negotiate this with the seller. You should put any arrangement in writing.
The final payment is done by the legal and financial representatives for you and the seller.
All payments including any outstanding council rates and other charges will settled at the same time.
Last updated: 23 March 2016
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