Couple transferring to a new house


Settlement day. It’s that magical moment a property finally becomes yours.

If you’re new to buying property, rest assured it’s totally normal to feel anxious about everything going to plan. But with the right help, it will.

Here’s what you need to do to ensure your settlement day is stress-free. First, let’s cover a few basics.

What is settlement day?

Settlement day is when ownership of a property is legally transferred from one party to another. There are all sorts of regulations and procedures as part of this process, but the good news is that your conveyancer will take care of the final details. Likewise, your mortgage broker (us!) will ensure your finance is all set.

People holding hands


What happens on settlement day?

On settlement day, you get busy doing what you’d normally be doing. Meanwhile, your conveyancer and a representative from your home loan provider will meet with the seller’s representative. Your conveyancer will receive the property title and register you as the new owner. Cheques will be exchanged and any government fees and duties paid. Once the paperwork is completed, you’ll be notified of a successful settlement. Soon, those shiny keys to your new home or investment property will be all yours.

Tip #1: Sort out your finances early

The best way to ensure a hassle-free settlement is to have the right people on your team. In terms of your finance, that means locking in a reputable mortgage broker (like Collins).

Before you even start looking for a property, ask us to organise pre-approval on your finance. That way, you’ll have a solid understanding of how much a lender is likely to lend you.

When you find the right property for your needs, Collins will walk you through the home loan application process, right through to settlement and beyond.

Tip #2: Get a good conveyancing solicitor.

Property settlement is the legal process of transferring ownership of a property. In order to make it go as sweetly as possible, you should engage the services of a reputable conveyancing solicitor well ahead of time and ask them to explain the regulations and procedures required by the government in your state.

During the settlement process, your conveyancing solicitor will complete the following tasks:

  • Inspect the sales contract and ensure enough time has been allowed between the finance approval date and settlement date to complete the paperwork.
  • Prepare the documentation you need to sign – transfer of ownership, transfer of land, stamp duty application, authority to proceed, etc.
  • Ensure that all the paperwork is correctly completed, verified and filed by both parties.
  • Check that any existing debts or mortgages against the property are paid off.
  • Perform a title search and check everything is correct with the certificate of title for the property.
  • Register the transaction with all of the appropriate authorities.
  • Help us to co-ordinate the necessary lender property valuation required before we can get your final finance approval.
  • Work with us to ensure the cheques are ready on the day and the lender and other interested parties are present at the exchange.


Tip: Ask friends and family for recommendations or talk to us. Be sure to check out online reviews before choosing your conveyance.

Helpful tips

Tip #3: Negotiate a date that suits you

Remember, the settlement date is negotiable. Even if you’re buying at auction and the settlement period is in the contract, you may be able to liaise with the seller’s agent to see if they would be open to a different date. The settlement period begins the day the contract is signed and is usually between 30 and 90 days. It needs to factor in adequate time for your finance to go through (check with us), searches to be undertaken and paperwork to be completed.

Tip #4: Be vigilant about the paperwork (and we will be too!)

Failing to return paperwork on time or forgetting to sign a page or tick a box can all delay loan approval. The same goes with paperwork for your conveyancer. Pay attention to detail when filling everything in and return paperwork as soon as possible to ensure things run smoothly.

The sales contract you sign when you agree to purchase the property is a wealth of information and very important to settlement day. It’s a good idea to get your conveyancing solicitor to check it before you sign or put down your deposit so that you are sure it provides all of the required information.

Your sales contract should outline all of the conditions of the sale, what is included in the sale, what actions are required to complete the sale, the schedule for completing these actions and who is responsible for completing them. If you show your sales contract to your conveyancing solicitor before you sign it, you can ask questions about anything you don’t understand.

Tip #5: Enjoy the journey

Buying a property is honestly one of life’s most rewarding and exciting experiences.

Settlement day should be all about celebrating what you have accomplished, rather than worrying something will go wrong.

By having the right professionals on your team to support you through the process, you can concentrate on the fun stuff – like planning your housewarming!


You crack the champagne. We’ll do the rest. Get in touch today!

☎️ (02) 7900 3288

⏲️ Monday to Friday, 9:00 AM – 6:00 PM

️ Ground Floor 3, 189 Kent St, Sydney NSW 2000