What Happens on Settlement Day

What Happens on Settlement Day

Settlement Day Arrives!

Settlement takes place at a prearranged date. In Queensland the normal settlement is 30 days however it is not unusual to have settlements be anywhere up to 90 days long. Please note that other states have different settlement period, even up to a standard of 90 days.

This is typical of what happens:

• The lender authorises payment of the buyers loan money and payment is made to the vendor.
• The Buyer or the Buyers solicitor authorise the vendor to collect the deposit money from the estate agent where it has been held in trust.
• The Buyer and Seller pay adjustments or receive reimbursements such as taxes, council and water rates that were prepaid or accrued by the vendor.
• The Buyer receives title of the property and your solicitor or bank will arrange for the Registrar General to register the transfer and the home loan. The mortgage will be noted on the title until the term of the home loan is completed.
• Both Parties advise in writing to the agent that settlement has occurred and that we can release the keys to the Buyer. This can take up to a couple of hours after settlement has occurred before the correct notices have been received so it is always best to ring and check if the keys are ready to be released.

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