This is the conclusion of the sale process and usually takes place approximately 28 days after contracts have exchanged. This time frame can be negotiated between the purchaser and vendor via your solicitor upon the signing of the contract prior to exchanging contracts. Once the property reaches the settlement date, the balance of the purchase price must be paid and the purchaser becomes the legal owner of the property.
On settlement day the vendor’s solicitor and bank meets with the purchaser’s solicitor and bank and each party exchanges the necessary monies and documents for title and property to be transferred to the purchaser’s name/s.
It is also advised for the purchasers to conduct a
final inspection of the property prior to settlement day to ensure the property
is still in reasonable condition from the last time they inspected and all
inclusions stated in the contract are present.