Settlement is when you pay outstanding amounts to the vendor and the property title officially changes, making you the owner.
During the settlement period, you’ll finalise your finance. The lender will complete an independent valuation of the property and confirm the amount you can borrow.
THE BIG DAY
On settlement day, your solicitor or conveyancer meets with the vendor’s settlement agent and a representative from your lender to hand over the paperwork and payment cheques. You don’t usually have to attend the meeting yourself.
Your representative will let you know shortly after the settlement has completed so you can collect the keys. They will also send you a statement showing how funds have been distributed.
Quick tip: You don’t take possession of the property until the paperwork and payment cheques have changed hands on settlement day. Hire a professional solicitor or conveyancer to handle the legal aspects and guide you through the process.