What happens at a conveyancing "settlement"?

Settlement is the term used when the property changes ownership from the vendor to the purchaser, it is an exciting day for both a vendor and a purchaser!

The settlement date is business day written in your Contract of Sale. Settlement must occur online via the safe online platform Property Exchange Australia (PEXA) at a specific time of the day.

Our team prepare the workspace for settlement, once your workspace is signed by all participating, the scheduled time arrives your workspace will lock, and settlement begins.

Settlement takes around 20-30 minutes to complete, as the transfer of land is submitted and lodged at Land Registry, loan proceeds are uploaded to the workspace by your bank and mortgage documents for discharging a mortgage and documents for a new mortgage are completed. Then the vendors’ the funds from settlement are disbursed to their nominated account.

Once the funds have been disbursed and Land Registry has completed registering the documents the Electronic Certificate of Title is now in the purchaser’s names and settlement is now complete! We notify the council and local water authority of the settlement, overall taking care of your settlement from start to finish.