Home / FHB Portal / Settlement Process

Settlement Process

Attention: open in a new window. Print

There are a number of things you should know regarding settlement, both before the property settles and the actual settlement process.

Enquire NowRequest A Call Back

Before Property settlement

  Checking Property Measurements

Your solicitor / conveyancer will send you a plan of the land so you can check all measurements and boundaries correspond with the Certificate of Title.

Confirm with your solicitor / conveyancer if the measurements and boundaries are correct or alert them to any discrepancies.

  Property Valuation

Your lender will usually arrange for a valuation of the property to ensure the price you paid corresponds with its approximate market value. This may happen before you sign the contract of sale, if the property is not being sold at auction. 

  Home Insurance

Even though the seller’s insurance may cover the property up to the date of settlement, we recommend you take out building insurance effective from the date the seller signs the contract. This is to safeguard their interest in the property, as well as your own. 

  Pre-settlement Property Inspection

Buyers are entitled to inspect at any reasonable time during the week before settlement and we recommend you do so to avoid any surprises at settlement. You can contact the agent to arrange this inspection.

The contract of sale requires the seller to hand over the property in the same condition as when it was sold. If, during the final pre-settlement inspection, you find that something is damaged or not working as it was on the day the property was sold, you can request a repair.

Check all items listed in the contract are there and in the right condition.

Settlement Process

  Date of Settlement
The Contract of Sale will state the amount of time you have to settle and the conditions. When all conditions are met, the offer becomes unconditional, the sale will go ahead and the property will be yours.
  Transfer of Land

Your solicitor/conveyancer will prepare and arrange for you to sign a Transfer of Land document. You should ensure that this is done at least two weeks prior to the settlement date.

This document will be handed over at settlement to your lender. Your lender will register it at the State/Territory's Title Office on your behalf. Upon registration, the property will be changed over to your name.

  Arranging Settlement

Your solicitor/conveyancer will contact your lender, as well as the seller's solicitor/conveyancer, and any other interested parties to arrange the date, place and time of settlement.

Your solicitor/conveyancer should advise you one week prior to the settlement, of the exact date, time of settlement and the amount of funds that you are required to provide prior to settlement (if applicable). The settlement cheques are drawn up by your lender.

  Settlement Confirmation

After settlement has taken place the seller's solicitor will contact the real estate agent that sold you the property and advise them to hand over the keys to the property to you.

Your solicitor/conveyancer should contact you and confirm settlement has taken place. They will also send you a Statement of Adjustment to show you how the funds have been disbursed to the parties involved.
We suggest you always sit down with one of our lending specialists prior to purchasing your first home. We understand how daunting the process can be and want to provide you with all the information you need to know to make an informed decision when purchasing your first home.

  Additional Information: