What is Settlement? When Does My Property Settle?

What is Settlement - When is Settlement image

Settlement is the day, date when a property changes hands from the buyer to the seller. This date is agreed to at the time of signing off on the sales contract (offer and acceptance). This comes after finance approval (should finance approval be a condition of the contract).

How Long after finance approval does settlement take? There is no set rule about when this has to be. Rather it is subject to agreement by both parties (buyer and seller). In most cases the 21 to 28 days after finance has been approved is the amount of time allocated for settlement to occur. In some case due to circumstance the buyer or or seller may want a longer period. This is negotiable. Ask you agent for advice. Or you can contact us here at Lay2 with any questions you may have. Fill in the form at the bottom of the page / or click here.

You Will Need to Select a Settlement Agent

Have you decided on a settlement agent? Some people wait until the last moment to search for and choose a one. It is s good idea to talk to a few agents and get an idea of their services and costs. Then choose one that you will finally use when buying or selling a property. Part of the offer and acceptance paper work asks for the settlement agent’s company name. You are not required to have this at this point. The agent can be nominated after signing the offer and acceptance. However if the agent is known in advance it can help in getting the contract paper work to the agent in quicker time.


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