Once settlement takes place, your conveyancer will contact you to confirm. Written notification is also provided to the real estate agent authorising any funds they are holding as the deposit to be paid to you and for keys to be provided to the purchaser. Where the settlement takes place electronically via PEXA, any net sale proceeds will be paid into your nominated account and are generally cleared the same day. The purchasers are responsible for ensuring appropriate notices are provided to relevant rating authorities.

Once settlement takes place, you are officially the owner of the property. You are entitled to keys and therefore possession of the property. Change of name/addresses are issued at the time of settlement and you’ll start to receive notices for council and water (and strata if purchasing a strata titled property). If you are gaining possession of the property at settlement, we’d normally recommend changing the locks as it’s not possible to determine how many sets have been created over time.

All settlements take place electronically via PEXA (currently the only electronic settlement platform available in NSW). Your conveyancer will take care of all the formalities to ensure the settlement runs smoothly and you are not required to be physically present on the day of settlement, however, you may be needed via phone/email to provide any last-minute instructions.

FAQs Archive - Your Move Conveyancing

Q: Should I pay property rates before settlement?

Where rates have a due date prior to the settlement date, we recommend paying these to avoid incurring any interest or delayed settlement fees. Where you make payment in advance of the settlement date and the payment covers a period after your settlement date, there will be an adjustment made in the seller’s favour to pro rata the amount for the time between settlement and the end of the payment period for the rates.

Q: What happens if either party cannot settle on the planned settlement date?

If one party is not ready to settle on the due date, the other party can issue a Notice to Complete. The Notice to Complete provides the defaulting party 14 days from the issue of the Notice to settle the transaction. The party who is not in default can then terminate the contract and the deposit will be paid to that party. This sometimes means that the buyer will forfeit the deposit if they are unable to complete the settlement by the end of this notice period. Note that the seller is often in a unique position where they can also charge interest for any delay caused by the buyer so the consequences for a delay caused by the buyer are significant.

Q: When do I hand over keys?

The buyer is entitled to a set of keys as part of the settlement process. This is normally coordinated via the real estate agent. The seller is not required to hand over all keys to all locks in the property so long as access to the property can be obtained. Generally, we recommend the buyer change the locks after settlement occurs.