Settlement

The legal completion of the property sale — usually 30 to 90 days after exchange.

Settlement is the final step where the buyer's funds are transferred to the seller, the balance of the purchase price is paid, the title is transferred, and the buyer takes possession. Most Australian settlements now happen electronically via PEXA, with all parties (buyer, seller, banks, conveyancers) connected to a single workspace. Standard settlement is 30, 42, 60 or 90 days; off-the-plan settlements can run years from contract.