What Happens On Settlement Day for Buyers | A Checklist

At last, after months of searching for houses, inspections and filling in paperwork, you're getting close to the most exciting part of your home-buying journey. Settlement day is when the seller legally transfers ownership of your new home to you. It's the final step before you can collect the keys and walk through the front door as a homeowner.

However, with so many details to finalise, you might be wondering what happens on settlement day for the buyer and how to make sure everything runs smoothly.

This guide explains what occurs on settlement day when you purchase one of our Eden Brae Connect Homes. It provides a practical settlement day checklist to help you feel calm, organised and confident as you prepare to celebrate your new home.
 

What Happens on Settlement Day?

Settlement day is when title is formally transferred and you take legal ownership of the property from the seller. It usually happens between 30 and 90 days after signing the contract of sale, depending on what has been agreed.

Here’s what happens on settlement day in a nutshell:

• Your solicitor or conveyancer meets with the seller’s legal representative (usually online these days).
• Your lender transfers the remaining balance of the purchase price to the seller.
• The property title is officially transferred into your name.
• Once payment is confirmed, you’re officially the owner and can collect the keys.

While most of the heavy lifting is handled by your legal and financial representatives, there are still important things you’ll need to prepare and tick off in the lead-up to the big day.
 

Your Connect Homes Settlement Day Checklist

Follow this settlement day checklist to ensure everything proceeds according to plan and there are no last-minute surprises with your new ready-to-move-in home.
 

1. Confirm Your Settlement Date and Time

The first thing is to double-check your settlement date and time. This info will be written into your contract of sale. Your solicitor or conveyancer will contact the seller's representative to confirm the exact timing, but it’s best to keep the day clear on your calendar.

Make sure you know:

• The confirmed date and time of settlement.
• Who will notify you once settlement is complete.
• When and how you’ll collect the keys to your new home.
   

2. Complete Your Final Inspection

Most buyers are entitled to a final inspection of the property a day or two before settlement. This is your chance to ensure the property is as it was when you signed the contract.

During your inspection:

• Check that all inclusions like appliances, light fittings and fixtures are still in place and working.
• Look for any new damage or issues that weren’t there before.
• Ensure the property is clean and free of rubbish or personal belongings.

If you notice anything that’s not right, tell your conveyancer right away so they can sort it out before settlement.
 

3. Confirm Your Finance Is Ready

Your lender will need to transfer the funds for settlement, so make sure your home loan and deposit arrangements are finalised well before the date.

Your broker or lender will:

• Confirm the total amount due for settlement.
• Arrange for funds to be available and cleared on the day.
• Coordinate with your solicitor or conveyancer to ensure payment is made on time.

Contact your lender a few days before settlement to confirm everything is ready to go. Finance delays are a common hiccup with settlement, so don’t let that be you.
 

4. Review All Contract Conditions

Make sure all terms and conditions of your contract have been met before settlement. These could include:

• Final building or pest inspections.
• Proof of insurance.
• Evidence of repairs or inclusions agreed upon during negotiation.

Your solicitor or conveyancer will guide you through this process, but it's wise to review your contract to make sure nothing has been overlooked.
 

5. Organise Home and Contents Insurance

It’s essential that you take out home insurance from the date of settlement or sooner, as outlined in your contract. This protects you against any unexpected damage or loss from the moment the property becomes legally yours.

If you’re buying a finished home, your lender might want to see proof of insurance before releasing the funds. 

Don't forget to also arrange contents insurance to cover your belongings when you move in.
 

6. Set Up Utilities and Services

A few days before settlement, arrange the connection of your utilities and essential services so they're all set to go when you move in. This includes:

• Electricity.
• Gas.
• Water.
• Internet and phone.
• Pay TV or streaming services.

Most providers can schedule your connections in advance so your home will be ready to enjoy from day one.
 

7. Prepare the Final Payment (Settlement Funds)

Your conveyancer will send you a settlement statement outlining the exact amount due. That usually includes the rest of the purchase price, government fees and any adjustments for rates or utilities. 

Make sure your money is accessible and that your bank has signed off on the transfer.
 

8. Stay in Touch With Your Conveyancer or Solicitor

Your conveyancer is your go-to on settlement day. They’ll handle all legal paperwork, payments and title transfers on your behalf.

Keep your phone handy and stay available in case they need last-minute confirmation or documents. 

Once settlement is complete, they’ll notify you right away, often with the best message you’ll receive all year: Congratulations. You’re now the owner of the property!
 

9. Collect Your Keys and Celebrate

Once payment is confirmed, you’re officially the owner of your Eden Brae Connect Home and can collect the keys. Your agent or builder will tell you where and when to pick them up. 

Take a moment to walk through your new place, make sure everything looks good and begin planning your move-in day. That’s when the celebration really starts! 
 

10. Post-Settlement Essentials

There are a couple of quick jobs left to do after settlement:

• Switch the utilities into your name if you haven’t already. 
• Let your bank, insurer and any other important people know your new address. 
• Keep an eye on your mail for rate notices or other important documents.
• Put all the settlement documents somewhere safe as proof of ownership and for future reference.
   

Be Ready, Relaxed and Excited

Being in the know about what occurs on settlement day certainly takes the pressure off one of the biggest milestones in your property journey. Following this settlement day checklist for your Connect Home ensures everything is prepared for a seamless handover.

At Eden Brae Homes, we know creating a new home is about more than paperwork and plans; it’s a new beginning for your family. Our team is here to support you every step of the way, from finance through to final inspection.