The timeline

What happens and when. Settlement is typically 30 to 90 days after exchange.

1
Week 1-2
Searches and finance
Your conveyancer orders property searches (title, council, water, strata if applicable). Your lender begins formal processing and orders a valuation. You sign nothing yet.
2
Week 2-4
Approval and documents
Your lender issues formal (unconditional) approval. Your conveyancer receives search results and raises any queries with the vendor's solicitor. Rate adjustments are calculated.
3
Week 3-5
Loan documents
Your lender sends mortgage documents through your conveyancer. You sign them. This usually happens 1 to 2 weeks before settlement.
4
1-2 days before
Pre-settlement inspection
You walk through the property one last time. Check that everything included in the contract is there and the property is in the same condition as when you exchanged.
5
Settlement day
Keys
Funds transfer electronically via PEXA. The title is registered in your name. You collect the keys from the agent. The whole process takes a few hours.

Settlement periods by state

State	Typical period
NSW	42 days (6 weeks, standard contract default)
VIC	30 to 60 days (no statutory default, negotiated)
QLD	30 days (REIQ contract default)
WA	30 days (REIWA contract default)
SA	28 to 42 days
TAS	30 days
ACT	30 days
NT	28 to 42 days

Settlement periods are negotiable. Offering the vendor’s preferred date can strengthen your offer. Ask the agent what they need.

The pre-settlement inspection

This is your right under the contract. You walk through the property 1 to 2 business days before settlement to confirm it is in substantially the same condition as when you exchanged contracts. Bring your contract so you can check the inclusions list.

Walk through your home.

Room by room. Tick each item as you check it. Take photos of anything that concerns you.

0 of 31 items checked

Room 1 of 8

Front door and entry

Start outside. This is where the vendor handed over the property. Look at it like you have never seen it before.

Try every lock. Front door, back door, side gate. Keys should turn smoothly.Bring the inclusions list from your contract so you can check as you go.
Look at the door frames and walls in the entry for new damage. Scratches, dents, holes from moving furniture.
Check the front porch light and any outdoor switches.
Open the letterbox. Make sure it works and has the correct number.

If something is not right

The vast majority of pre-settlement inspections go smoothly. The property is usually in the same condition as when you exchanged. If you do find an issue, you have options and your conveyancer will guide you through them.

1
Take photos of everything.
Photograph the issue from multiple angles. Include wide shots showing the room for context. Date-stamped photos on your phone are fine.
2
Call your conveyancer straight away.
Do this from the property, while you are still there. They will tell you whether it is worth raising and what your options are.
3
Know your options.
For minor issues, your conveyancer can negotiate a retention. That means a portion of the settlement funds is held in trust until the vendor fixes it. For significant issues, you may be able to delay settlement or negotiate a price reduction.

Save your conveyancer’s mobile number in your phone before inspection day.

Pre-settlement inspection checklist

keyfacts.com.au. Bring your contract and a phone for photos.

1. Front door and entry

Try every lock. Front door, back door, side gate. Keys should turn smoothly.

Look at the door frames and walls in the entry for new damage. Scratches, dents, holes from moving furniture.

Check the front porch light and any outdoor switches.

Open the letterbox. Make sure it works and has the correct number.

2. Kitchen

Turn on the stove and oven. All burners, all settings. Run the rangehood.

Open every tap. Hot and cold. Check under the sink for leaks while the water runs.

Open and close every cupboard and drawer. Check for damage or missing handles.

Run the dishwasher on a short cycle if there is one listed in the contract.

3. Bathroom

Flush every toilet. Watch for slow filling, running, or wobble at the base.

Run the shower for a full minute. Check pressure, temperature, and drainage.

Check under the vanity while taps are running.

Test the exhaust fan. It should pull air, not just make noise.

4. Bedrooms

Check built-in wardrobes. Open every door and drawer. Tracks, handles, mirrors.

Test every power point and light switch. Bring a phone charger.

Look at the ceiling for water stains. Especially upstairs bedrooms and rooms below bathrooms.

Open and close windows. Check locks work. Flyscreens should be intact.

5. Living areas

Test the air conditioning. Both heating and cooling. Give it a few minutes to see if it actually works.

Check all power points and TV/data outlets.

Walk the full perimeter of each room. Look at skirting boards, cornices, and walls for new damage.

Check that curtain rods, blinds, and any fixed shelving listed in the contract are there.

6. Laundry

Turn on the laundry taps. Both hot and cold. Check the hose connections if a washing machine was included.

Check the floor drain. Pour a cup of water on it. It should drain freely.

Look at the walls behind where appliances sit for mould or water damage.

7. Garage and outdoor

Test the garage door. Open and close it with the remote and the wall button.

Walk the fence line. Note any new damage or leaning sections.

Check the garden. The vendor should not have removed plants or let everything die. The contract says “substantially the same condition.”

Turn on external taps and check external lights.

8. Final checks

Count the keys. Front, back, side gate, letterbox, garage, window locks. Check every one.

Collect all remotes. Garage door, gate, alarm, air conditioning.

Get alarm codes, gate codes, and any smart home passwords.

Take photos of the electricity, gas, and water meters. You will need the readings for your providers.

If something is not right: take photos, call your conveyancer from the property. They can negotiate a retention or delay settlement if needed.

Notes: _______________________________________________

Conveyancer phone: ___________________________________

What your conveyancer handles

You do not need to manage any of this directly. Your conveyancer does it all. But it helps to know what is happening behind the scenes.

1
Property searches
Title, council, water, strata, land tax, bankruptcy. These confirm the property is what the vendor says it is.
2
Rate adjustments
Council rates, water rates, and strata levies are split between you and the vendor as at settlement date. If the vendor pre-paid, you reimburse the portion after settlement. If they underpaid, it comes out of their proceeds.
3
Lender coordination
Your conveyancer ensures mortgage documents are correct, the bank funds on time via PEXA, and the mortgage is registered on title simultaneously with the transfer.
4
Stamp duty
Calculated, arranged, and paid at or before settlement. First home buyer concessions and grants are applied here.
5
Transfer documents
Prepared, verified, and lodged with the state land registry. After settlement, the title is updated to show you as the registered owner.
6
PEXA workspace
Your conveyancer sets up the electronic settlement workspace, invites all parties, confirms figures, and manages the settlement process on the day.

What you need to do

Settlement day

Settlement happens electronically through PEXA. You do not need to be anywhere. Your conveyancer manages the entire process. Here is what happens:

1
Your conveyancer and the vendor's solicitor log into the PEXA workspace and verify all figures.
2
At the scheduled time, your lender releases the loan funds.
3
Funds are distributed simultaneously: the vendor receives their proceeds, their existing mortgage is paid out, the agent receives their commission, stamp duty is remitted, and legal fees are settled.
4
PEXA lodges the transfer and your mortgage with the state land registry. The title updates to your name.
5
Everyone receives confirmation. Your conveyancer notifies you that settlement is complete.
6
You collect the keys from the real estate agent. This usually happens within 1 to 2 hours of settlement completing.

The day you get the keys

1
Change the locks
You do not know how many copies of keys exist. Budget $150 to $400 for a locksmith.
2
Take meter readings
Photograph electricity, gas, and water meters. Report readings to your providers.
3
Confirm insurance is active
Your building insurance should already be running. Confirm with your insurer.
4
Test smoke alarms
The vendor should have ensured they work. Replace batteries if needed.
5
Photograph everything
Every room, the exterior, fences, any existing damage. This is your baseline record.
6
Meet your neighbours
Introduce yourself. They can tell you about bin days, local quirks, and any ongoing issues.

What can go wrong (and what to do)

Most settlements go smoothly. But knowing what could happen helps you stay calm if it does.

1
Delayed settlement
The party that causes the delay pays penalty interest (typically 10% per annum on the purchase price, calculated daily). Your conveyancer can issue a Notice to Complete, giving the other party 14 days to settle or face termination.
2
Vendor has not vacated
If the contract says vacant possession, the vendor must be gone. You can delay settlement, negotiate a daily occupation fee, or issue a Notice to Complete.
3
Damage found at pre-settlement inspection
Document everything. Your conveyancer negotiates a retention (funds held in trust) or a price reduction. For major issues, you may delay settlement.
4
Lender valuation comes in low
Your lender lends against the valuation, not the purchase price. You cover the gap from savings, renegotiate the price, or (if within your finance condition) withdraw.
5
Missing fixtures or chattels
If items listed in the contract are gone, your conveyancer negotiates compensation or replacement before settlement.

From exchange to keys