Settlement day is when the ownership of a property you have purchased is transferred into your name and the balance of the sale price
is transferred to the seller. It is a legal process that is looked after by the purchaser’s & seller’s legal and financial
Settlement day usually occurs anywhere between four and six weeks after you have exchanged (paid your 5 or 10% deposit on the property) depending on the State the property is located in and what the parties have negotiated. Usually the seller will indicate the settlement date in the contract of sale.
This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product.
Prior to settlement day you need to ensure you have completed a final inspection of the property to make sure everything is as it should be.