What Happens at Settlement Day?

Settlement day is the finish line of the property transaction process — when the buyer takes legal ownership of the property, and the seller receives the funds.

At DY Conveyancing Melbourne, we make sure this critical day runs smoothly, with no last-minute surprises.

What Is Settlement?

Settlement is the official transfer of ownership from the seller to the buyer. It typically occurs 30, 60, or 90 days after the contract is signed — though the exact period depends on what was agreed in the contract.

On settlement day:

• The buyer pays the remaining balance of the purchase price

• The title is transferred to the buyer

• The seller’s mortgage (if any) is discharged

• The buyer’s lender (if any) registers a mortgage

• Both parties’ conveyancers exchange documents and funds electronically

Once complete, the property officially belongs to the buyer.

What Happens Behind the Scenes?

While the actual exchange may seem simple, there’s a lot going on behind the scenes:

• Final checks: Your conveyancer confirms that all conditions in the contract have been met (e.g. pest inspection, finance approval, special conditions).

• Adjustments: Council rates, water charges, and other costs are adjusted between buyer and seller.

• PEXA settlement: Most Victorian settlements occur online via the PEXA system, which allows secure exchange of title documents and funds.

• Mortgage coordination: If either party has a bank involved, your conveyancer coordinates with the lender to ensure all documents and funds are ready.

• Title registration: Land Use Victoria updates the title to show the new owner (and mortgagee, if applicable).

When Do I Get the Keys?

In most cases, the buyer receives the keys shortly after settlement is complete — often the same afternoon. The agent will confirm with both parties once funds have cleared.

What Could Delay Settlement?

While rare, settlement can be delayed if:

• The buyer’s loan isn’t ready

• Required documents are missing or incorrect

• There are issues with the discharge of an existing mortgage

• Last-minute disputes arise over condition or inclusions

At DY Conveyancing Melbourne, we proactively manage all pre-settlement steps to minimise risk of delays.

How We Help

We guide our clients through every step, including:

• Pre-settlement checks and adjustments

• Coordinating with agents and banks

• Real-time monitoring of the PEXA workspace

• Immediate confirmation once settlement is complete

• Advice on what to expect post-settlement (e.g. title updates, moving in)

Need expert guidance for your settlement?

Trust DY Conveyancing Melbourne to make your property transaction seamless — from contract to keys.