What is Settlement?
Settlement is the legal completion of a property purchase — when funds transfer from buyer to seller, title transfers, and keys are handed over. Most Australian settlements now happen electronically via PEXA (Property Exchange Australia), replacing the old in-person "settlement room."
Why it matters for you
Settlement typically occurs 30–60 days after contract. Your conveyancer and broker coordinate: loan documents signed, funds from the lender drawn, stamp duty paid, insurance in place. Delays (most commonly from missing documents) can trigger penalty interest — get everything ready well ahead of time.
Last updated: April 2026