Settlement Timeline
| Step | When |
|---|---|
| Sign contract of sale | Day 0 |
| Cooling-off period (private treaty) | 5 business days |
| Conveyancer conducts searches | Week 1–2 |
| Lender processes formal approval | Week 2–4 |
| Final inspection | 1–2 days before settlement |
| Settlement day | 30–90 days after exchange (negotiable) |
What Happens on Settlement Day
It's mostly digital now (via PEXA in most states). Your lender transfers the purchase funds to the seller's bank. Stamp duty is paid. Title is transferred to your name at the land registry. Your conveyancer confirms everything is complete, and you get the keys — usually by early afternoon.
Adjustments
At settlement, costs are adjusted between buyer and seller for council rates, water rates, and strata levies that the seller has already paid in advance. Your conveyancer calculates these adjustments so each party pays their fair share.
Frequently Asked Questions
How long does settlement take?
Usually 30–90 days after exchange of contracts. 42 days (6 weeks) is the most common. The period is negotiable.
What if settlement is delayed?
If the buyer delays, they may pay penalty interest to the seller. If the seller delays, the buyer can claim compensation. Your conveyancer handles any issues.