What happens at settlement?

The direct answer

Settlement is the final legal step in a property purchase. It is the day when your lender sends the loan funds, the seller receives their money, ownership of the property is officially transferred to your name, and you get the keys. In South Australia, settlement is handled electronically through a system called PEXA - you do not need to attend in person.

What happens on settlement day

On the day of settlement, your conveyancer (or solicitor) and the seller's conveyancer handle the transfer electronically. Your lender releases the loan funds, your deposit is transferred, stamp duty is paid to Revenue SA, and the title is transferred into your name at the Lands Titles Office. The whole process typically completes within a few hours.

Before settlement day, your conveyancer will have verified the title is clear of encumbrances, confirmed rates and levies are up to date, and ensured all contract conditions have been met. Your lender will have issued final loan documents, and you will have signed your mortgage.

What you need to do before settlement

In the weeks before settlement, you will need to sign your loan documents, arrange building and contents insurance (effective from settlement date), ensure your deposit funds are available, and complete a final inspection of the property. Lendology coordinates the finance side and keeps you updated on what the lender needs.

The final inspection is important - it is your chance to check the property is in the same condition as when you signed the contract and that any agreed inclusions (dishwasher, blinds, etc.) are present. If there are issues, your conveyancer can negotiate a resolution before settlement proceeds.

Common questions

Frequently asked questions

How long does settlement take in South Australia?

In South Australia, standard settlement is typically 30 to 60 days from when you sign the contract, though this is negotiable. The actual settlement day process itself usually takes just a few hours - most of it handled electronically by your conveyancer and the lender.

Do I need to be present at settlement?

No. In South Australia, settlement is handled electronically (PEXA) by your conveyancer or solicitor. You do not need to attend. You will usually receive a call or message once settlement has been confirmed.

What can go wrong at settlement?

Common issues include lender delays in releasing funds, outstanding rates or levies on the property, issues found during the final inspection, or missing documents. Your conveyancer works to resolve these, but occasionally settlement needs to be postponed by a day or two.

When do I get the keys?

You can collect the keys from the real estate agent once settlement is confirmed - usually on the same day. Your conveyancer will let you know the moment settlement goes through, and you can arrange key collection with the agent.

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The information on this page is general in nature and does not constitute financial advice. Given Finance Pty Ltd (t/a Lendology) ACN 624 144 501 is authorised under LMG Broker Services Pty Ltd ACL 517192.