How does Settlement Work?

Published On: 23 April 2021

Strathalbyn Conveyancing are here to assist you in making your settlement as smooth as possible.

We understand that buying and selling property is one of the biggest and most important decisions you will make in your life, and we would be honored to be part of the journey.

It may feel like a long journey, you have spent months looking for your dream home, which you have found.

When can I get the keys?

You have signed the contract with help from your Conveyancer and received your Form 1 with all the details about your new home. It is getting close to settlement time and you are wondering what happens next, how does this work and when can I get the keys?

Settlement, under a contract, can usually be anywhere from 4 to 6 weeks after signing your agreement. A date is usually suggested at the time of contract.

Once the conditions are approved, usually relating to bank finance approval, the contract is forwarded to your Conveyancer to attend to settlement electronically. After the usual cross checking by your Conveyancer, attending to signing of documents, verification of identity and associated procedures, a settlement statement is issued.


A purchaser’s settlement statement will list all the fees payable for the transaction, including rate adjustments, incoming money from financial institutions, Stamp Duty and Land Titles Office registration fees and finally conveyancing fees. If the bank is not providing full proceeds at settlement, a request will be made approximately 3 to 5 business days prior to the settlement date for the cleared funds to be transferred into the Conveyancer’s trust account.

A vendor’s settlement statement will list all the fees payable for the transaction also. This includes the rates adjustment, payment of any outstanding rates and taxes to the end of the financial year, or quarter for SA Water, Real Estate Agent’s Commission and fees, discharge mortgage fees and charges and conveyancing fees. The balance, after payment of instrumentalities and bank mortgage, will be transferred to the vendors nominated bank account after settlement. This will usually show in the account as cleared funds within 24 hours of settlement being completed.

At settlement, documents and funds are exchanged electronically through a secure e-conveyancing platform, vendor mortgages will be released, and purchaser mortgages will be registered on the property for the new owners.

Your Conveyancer will take care of all this for you and will notify you as soon as settlement is completed. The purchaser will then be able to receive the keys from the agent and start your new life in your dream home. If you have any queries in relation to this process, please contact Strathalbyn Conveyancing.