On settlement day you receive the balance of the purchase price in exchange for the title of the property. The buyer takes the keys and possession of the property, unless you have made other arrangements.
Settlement usually takes place 30-90 days after you both sign the contract, but you can negotiate this period.
The legal and financial representatives of both parties organise the final payment.
All other amounts, such as council rates, are adjusted between you and the buyer. You must pay the rates up to and including the day of settlement.
You must leave the house vacant and clean. Buyers will conduct a pre-settlement inspection of the property. If they are unhappy with the property´s condition, they can seek legal advice about delaying settlement until you can fix the problem.
Usually your agent will deduct their commission from the deposit and forward the balance to you after settlement.
Last reviewed 22/11/2011