property settlement

One of the final steps in purchasing a home is the settlement process. This occurs when you've paid for the property and have taken ownership of it. The settlement period starts on the day the contract of sale is signed by both parties, and the length of the settlement is already stated in one of the clauses in the contract. Timeframes for settlements varies by state, but they typically last between 30 and 90 days. Settlements are often 60 days in most states except in New South Wales, where they are 42 days.

If you are in the process of finalising your home's settlement and are wondering about the length of the process, read on. This article will help you get a better understanding of the settlement process. 

How Long Does the Property Settlement Process Last?

The period of time between when you sign the contract of sale and when you're legally able to enter your home is the settlement period. For NSW, the length of this period is 42 days. While it may seem a long time to wait, there are several reasons for this. Knowing more about the settlement period may help you decide whether you're ready for the process.

What Is Included in Settling the Property?

The settlement period starts on the day you sign the contract of sale and ends once you have paid the purchase price and taken ownership of the property. The process is expected to take around 42 days, but there are times when it may take longer to complete.

What is involved in property settlements?

The process of settling your property will be completed by your solicitor. The settlement period will be finalised through your solicitor.

During the settlement period, the solicitor will liaise with the seller, the lender, their lender and the valuer, as well as the banks, to ensure everything goes well.

What does my role as a buyer include?

Your role as a buyer is to make sure you are able to settle on the property on time. This means making sure that you have the necessary funds to complete your home's purchase. To avoid delays, it is vital you receive your loan approval before entering the settlement period. This will involve the successful completion of the mortgage approval process.

Tips to make the settlement process smoother

1 - Secure insurance

Before signing the contract of sale, both parties should get their insurance policies in place. This will ensure that you are both able to settle on the property smoothly and at the same time.

2 - Prepare for all possible delays

It is always good to prepare for the worst. To avoid any delays to the property settlement process, a detailed checklist of all the things you and your solicitor will need to do before the settlement period should be prepared.

3 - Do a title search

A title search is a process of ensuring that you have the necessary documents to settle on the property and ensure the process is successful.

4 - Get the necessary paperwork

A few documents will be required when doing a settlement, but they all differ by state. If you are unsure of what documents you will need, you should check with your solicitor to ensure your paperwork is complete.


The settlement process may seem like a long one, but it shouldn't cause you too much stress. As long as you have prepared for everything and completed all the necessary tasks before the settlement, you will be ready for the next step of buying your property.

Let the best mortgage brokers from Wealthy You handle the financial side of closing on your home. We are an Australian Mortgage Company servicing Sydney for almost a decade, and because of this, we can offer you a variety of mortgage solutions to meet your specific financial needs. As an alternative lending specialist, we make refinancing your home simple.