A settlement statement is the financial summary of your property purchase — the document that reconciles every amount owing between buyer and seller and lands on a single figure: the balance you need to have ready on settlement day. It's usually prepared by the buyer's conveyancer and agreed with the seller's conveyancer in the days beforehand.
What the statement does
Between the agreed contract price and the money that actually changes hands sit a handful of credits and debits. The settlement statement gathers them in one place so both sides agree on the final numbers before any funds move. In broad terms it starts from the purchase price and then:
- Subtracts the deposit you've already paid, leaving only the balance to fund.
- Adjusts for shared property costs — council rates, water and, for units, body corporate or owners corporation fees are apportioned between seller and buyer as at the settlement date, so each pays only for the days they own the property.
- Accounts for other credits or debits — such as a rent adjustment on a tenanted property, or amounts the seller must pay out at settlement.
The result is the balance due at settlement — the exact amount your conveyancer will tell you to have available.
What's typically on it
| Line | What it is |
|---|---|
| Purchase price | The agreed contract price |
| Less deposit paid | The deposit already lodged on exchange or signing |
| Rates & water adjustment | Council rates and water apportioned to the settlement date |
| Body corporate / owners corporation | Strata or community levies apportioned (units and townhouses) |
| Other adjustments | e.g. rent on a tenanted property, or land tax where it applies |
| Balance due at settlement | The final figure the buyer must have ready |
The apportioned items are called adjustments. How each one is worked out is covered in the explainer on common settlement adjustments — here the point is simply how they fit into the statement.
The same items, seen from each side
An adjustment that credits one party debits the other — each conveyancer's statement is the mirror image of the other's:
| Line item | On the buyer's statement | On the seller's statement |
|---|---|---|
| Purchase price | The amount owed | The amount received |
| Deposit already paid | Reduces the balance still to fund | Counted as part of the price already received |
| Rates, water & strata prepaid by the seller | Reimburses the seller for the days after settlement | Credited for those prepaid days |
| Water usage by the seller | Credited now, then the buyer pays the next bill | Deducted from the seller's proceeds |
| Seller's existing mortgage | Not shown | Paid out of the seller's proceeds to discharge the loan |
| Rent on a tenanted property | Receives rent for the days after settlement | Credited rent up to settlement |
Who prepares it, and when
Your conveyancer prepares the statement, exchanges figures with the seller's conveyancer, and finalises it in the days before settlement. You should receive it to review ahead of the day — it tells you exactly how much to transfer and where. If you're borrowing, your lender works to these figures too, releasing the loan funds to make up the balance.
Why it's worth checking
- It's the number you fund. Getting it early means no scramble for cash on settlement day.
- Adjustments are easy to get wrong. A rates or levy amount apportioned to the wrong date shifts the figure — your conveyancer checks the seller's numbers rather than taking them at face value.
- It confirms what you're paying for. Every credit and debit is itemised, so nothing lands as a surprise in the final balance.
In short, the settlement statement is where the contract price becomes the real, final figure — reconciled, adjusted and agreed before anyone's money moves.