Settlement day is the final milestone in a property transaction—and while it’s often the most exciting part, it can also be the most stressful if you don’t know what to expect. Whether you’re buying or selling in Western Australia, it’s important to understand what happens during settlement and how to prepare.
At The Simple Settlement Co, we pride ourselves on making your property journey smooth, clear, and stress-free. Here’s everything you need to know about settlement day and how we help make it simple.
What happens on Settlement Day?
Settlement day is the day in the settlement process where ownership of a property is lodged for transfer from the seller to the buyer. It’s the day your conveyancer, bank, and real estate agent work together behind the scenes to finalise your property transaction.
In most WA property transactions, settlement takes place between 10am and 3pm on the nominated day, and once it’s complete, the buyer officially becomes the new owner of the property.
Who’s Involved on Settlement Day?
Your Conveyancer: Ensures all funds are allocated correctly, attends to the completion of transfer duty assessment, prepares the transfer of the property, andall final checks and paperwork are complete, and liaises with all parties involved to ensure we are on track and there are no foreseen delays
The Seller’s Conveyancer: Works with your conveyancer to ensure everything is in order.
Your Bank: Organises the release of loan funds (if you’re borrowing) and your contribution of funds if you have allocated the lender for this. Together with the registration of your mortgage on the title.
The Seller’s Bank: Discharges the existing mortgage (if applicable).
The Real Estate Agent: Releases the keys once settlement is confirmed.
At The Simple Settlement Co, we coordinate with all parties to ensure everything is finalised smoothly and on time.
What Happens on Settlement Day?
Here’s a step-by-step of what typically happens:
1. Final Checks
Your conveyancer performs final checks to confirm all account balances are correct, document lodgements are correct and that everything is in order for settlement.
2. Funds Are Transferred
If you’re a buyer, your lender will release the funds to pay for the property. Your conveyancer ensures the correct amount is Disbursed to all involved parties.
3. Title Transfer
The Certificate of Title is updated from the seller details to the buyer details. This is usually done electronically via PEXA (the national online property settlement platform) and a copy available within 24 hours. If your settlement is completed via the paper process then this process takes a bit longer to complete.
4. Confirmation of Settlement
Once everything is completed, your conveyancer confirms that settlement has taken place. All parties—buyer, seller, agents, and associated parties—are notified in writing.
5. Keys Are Handed Over
The real estate agent is notified of the completion of settlement. If the property is vacant they are able to release the keys to the buyer. If the seller is residing in the property the real estate agent now has authority to complete hand over at 12 noon the day following settlement. The property is officially yours!
Common Questions About Settlement Day
Q: Can settlement be delayed?
Yes, delays can occur—usually due to issues with finance, errors in documentation, or last-minute property condition issues. At The Simple Settlement Co, we work proactively to prevent delays and communicate clearly if one arises.
Q: Do I need to attend settlement?
Nope! Your conveyancer handles everything on your behalf. You’ll only need to ensure your documentation and funds are ready in advance.
Q: Can I move in on settlement day?
If the property is vacant and you can collect the keys from the agent, then in most cases, yes! If the seller is living in the property they have until 12 noon the day following settlement to vacate the property then it time to move in!
Tips to Prepare for a Smooth Settlement
- Ensure all requested actions are completed in a timely manner.
- Sign all your documents early and return them promptly.
- Have your building insurance in place from the day prior to settlement date.
- Stay in regular contact with your conveyancer.
How The Simple Settlement Co Makes It Easy
At The Simple Settlement Co, we take care of all the behind-the-scenes work so you can enjoy settlement day without the stress.
We:
- Handle communication with your bank and the seller’s team.
- Monitor your contract milestones and conditions.
- Prepare and lodge all documents accurately and on time.
- Keep you updated every step of the way.
Our goal is to make your property journey simple, seamless, and supported.
Ready for Settlement Day? Let’s Make It Simple.
Whether you’re buying your first home, selling your investment property, or helping a family member through the process—settlement day doesn’t have to be overwhelming. At The Simple Settlement Co, we are dedicated to ensuring all parties are aligned and aware of their responsibilities to allow for a smooth transition and avoiding unnecessary complications.
Get in touch with our office today to see how we can help with your next property settlement.
