Settlement usually takes place between 30 to 90 days from the signing of the contract, but this period can be negotiated. On settlement day, the balance of the purchase price is paid to the seller in exchange for the title of the property. You will also obtain the keys and take possession of the property, unless otherwise arranged.
The final payment is an official process conducted between the legal and financial representatives of both parties - you and the seller. At settlement all outgoings such as rates and other charges will be adjusted between you and the seller. The seller is responsible for rates up to and including the day of settlement.
Your final payment will be paid to the seller's Conveyancing firm and placed in a trust account.
