How the settlement process works

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A guide to buying your first home

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HOW THE SETTLEMENT PROCESS WORKS

1. Your solicitor / conveyancer will prepare all the documentation that will be required to complete the purchase on the day of settlement.

2. Your solicitor / conveyancer will contact the vendor’s legal representative to arrange the date, place and time of settlement.

3. Your solicitor / conveyancer will advise you prior to settlement, of the exact date, time of settlement and the amount of funds that you are required to provide prior to settlement (if applicable).

4. After settlement, the vendor’s solicitor will contact the real estate agent that sold you the property and instruct them to release the keys to the property to you. This normally occurs within one hour of settlement and the agent cannot legally release keys until an ‘Order on the Agent’ is received from the vendor’s solicitor in writing.

5. Your solicitor will contact you to confirm settlement has taken place. They will also send you a Statement of Adjustment to show you how the funds have been disbursed to all parties involved.

6. At this point, the property is officially yours and you are free to begin moving in. So, send out the invitations for your house warming party!