A property settlement is when you take legal and physical ownership of a property.

This is the last step in buying a property after making a successful offer, paying a deposit, signing and exchanging contracts of sales and then passing the cooling-off period.

As the purchaser, after passing the cooling-off period you’ll find yourself waiting for your legal representatives to complete actions on your behalf during what is called the settlement period.

A settlement period runs through to the actual date of the settlement. Depending on what state or territory you live in, this is usually between 4-6 weeks.

However, as part of the sale you may be able to negotiate a shorter or longer time with the vendor.

Things to do leading up to settlement

A pre-settlement inspection is an opportunity to do a final inspection of the property before taking possession.

If you find something that’s not satisfactory with the property’s condition or that the condition has changed since you exchanged sale contracts, check with your conveyancer or solicitor if you can delay settlement while the problem is fixed.

The pre-settlement inspection should be done before the day of settlement. You may want to arrange an inspection so that there is time to raise any concerns that arise.

It may also be helpful to put together a checklist of what you want to look for before the day.

Things to know on settlement day

Timing is everything. Keep in regular contact with your conveyancer or vendor’s real estate agent during the settlement period to make sure everyone is on track to ensure the property settles on the designated date.

Delaying settlement for whatever reason can cause personal and financial stress to both you and the vendor.

Typically, your conveyancer or legal representative will handle a number of items on your behalf and will be able to advise you on:

  • The remaining balance of the sale price that needs to be paid to the vendor
  • Relevant legal documents (such as the land transfer document) to be completed and lodged with the relevant agencies or offices
  • Expenses related to owning the property (such as council rates and other charges) that are transferred to your name – the vendor is responsible for paying rates up to and including the date of settlement

Once settlement is complete you can collect the keys to the property along with the title deeds, making you its new registered owner.

We’ve partnered with Home-in, an innovative home buying app that helps simplify the process from finding your new property to settlement. Order reports and get legal contracts reviewed in one seamless app. You can try Home-in for free today. Plus, eligible CommBank customers can access $699 conveyancing with Home-in*.

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Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs. You should, before acting on this, consider the appropriateness to your circumstances.

* This offer is valid from 6 May 2025. To secure the offer you will need to engage the services of a Home-in partner law firm via the Home-in app on or after this date. If you engaged the services of a Home-in partner law firm via the Home-in app before this date, you are not eligible for this offer. This offer cannot be combined with other Home-in offers.

This offer is only available to CommBank customers who meet the following criteria:

(a) have an eligible CommBank transaction account: Smart Access, Complete Access, Everyday Offset, Pensioner Security (excluding Pensioner Security Passbook accounts) or Private Bank Account; and 

(b) fund an eligible residential property purchase with a CommBank home loan; and

(c) settle this property purchase using the in-app legal services provided through Home-in.

This offer only applies to buy-side conveyancing services for residential property purchases in Australia. Home-in does not offer conveyancing services for the purchase of off-the-plan, rural/agricultural, retail or commercial properties, or properties with a purchase price in excess of $5,000,000. Additional fees apply to conveyancing services in respect of complex titles (such as old system, leasehold and company titles), which are excluded from this offer.

This offer is only available through CommBank’s proprietary channels, it is not available to customers that originate through Bankwest, Unloan or a broker channel. 

If you settle on a property without meeting the eligibility criteria, this offer will not apply and you will be required to pay the standard list price for your conveyancing services. If you do not ultimately settle on a property purchase with Home-in within 6 months of your first contract review, any disbursements, contract review fees and ancillary service fees incurred will become payable to Home-in at the standard list price.

The $699 (including GST) offer includes the following conveyancing services: one standard contract review, reasonable negotiation with the vendor’s solicitor, preparation of documents and figures required for settlement and electronic or paper settlement for your property.

Disbursements are additional and charged at cost. For some property purchases, you may require or request additional services for which we charge a professional fee, such as expedited settlement or usage of a trust account.

Find out more about Home-in's pricing by visiting home-in.com.au/pricing. Home-in reserves the right to terminate the offer and change the pricing at any time.

Home-in is a brand of CBA New Digital Businesses Pty Ltd ABN 38 633 072 830 trading as Home-in Digital. CBA New Digital Businesses Pty Ltd is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. CBA New Digital Businesses Pty Ltd is not an Authorised Deposit-taking Institution for the purposes of the Banking Act 1959 (Cth) and its obligations do not represent deposits or other liabilities of Commonwealth Bank of Australia.