Settlement

The final stage — when ownership legally transfers to you. How settlement timing works, your rights if things run late, and making sure the property is handed over exactly as agreed.

Buying or selling in your state

Explainers

How does settlement timing work when buying property?

Settlement is when the balance is paid and ownership transfers; the date is usually fixed in the contract, and the timing rules, time of day and consequences of missing it vary by state.

What is a settlement statement?

A settlement statement is a financial document setting out all costs and payments the buyer and seller settle at settlement, usually prepared by the buyer's conveyancer.

What adjustments appear on a settlement statement?

Adjustments ensure the buyer and seller each pay their fair share of prepaid or owing charges: rates, water and sewerage, body corporate levies and rent.

What's the difference between buying a property with vacant possession vs subject to an existing lease?

Vacant possession means no tenant or other party will be occupying the premises at settlement, so you are free to move in or re-let. Sold subject to lease means an existing tenant stays on after settlement, keeps paying rent to you as the new owner, and you cannot move in until that tenancy ends. Which applies is set by the contract, and the rules differ by state.

What are my obligations to settle on time, and can settlement be extended, in Queensland?

Settlement obligations are the requirements each party must meet to complete the purchase on the agreed date. In Queensland this is a 'time is of the essence' duty — each party must be ready to settle by the contract deadline, or the other may terminate or enforce — though either party may unilaterally extend the settlement date by giving notice, with longer extensions needing mutual agreement.

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