What to Expect and How to Prepare for Settlement Day
- solyogamovement
- Feb 6
- 2 min read
Settlement day marks an exciting moment in your home-buying journey—it’s the official transfer of ownership of your new property. To help ensure a seamless process, here’s a guide on what to expect and how to prepare for a smooth settlement day.
Understanding the Settlement Process
1. Settlement Time
A few days before settlement, your conveyancer or solicitor will confirm the exact time for settlement. Typically, settlements happen in the afternoon, so plan your moving schedule accordingly.
2. Pre-Settlement Inspection
Before the final settlement, a pre-settlement inspection is essential to make sure the property meets your expectations. It’s best to schedule this as close to settlement day as possible.
During your inspection, make sure to:
Verify that the property’s condition is consistent with when you last viewed it.
Check that all agreed-upon chattels (appliances, fixtures, etc.) are present and in working order.
Ensure there are no unexpected issues or damages.
If anything seems off, promptly address it with your real estate agent or legal representative.
Key Things to Keep in Mind on Settlement Day
1. Previous Owner’s Belongings
Even if your contract includes "vacant possession," the property remains legally in the seller’s or tenant’s hands until settlement. Therefore, you might still find their personal belongings in the property up until the transfer. Don’t be alarmed during the pre-settlement inspection if items or cleaning are still pending.
2. Collecting Your Keys
Once the settlement is complete and the transaction is confirmed by your solicitors, you’ll receive the keys to your new home. Usually, you can collect them from the real estate agent, but it’s a good idea to verify this beforehand to avoid confusion.
Tips to Prepare for Settlement and Your Move
Here are some helpful tips to ensure you're fully prepared for settlement and the move:
1. Plan Your Move
Arrange removalists or transportation in advance, and ensure the timing works well with when you'll collect the keys.
2. Set Up Utility Connections
Make sure utilities like electricity, gas, water, and internet are connected and activated on settlement day so your home is ready for you to settle in comfortably.
3. Ensure Insurance is Active
Make sure your home insurance policy is in place and active from the moment settlement occurs, safeguarding your new home right from the start.
4. Pack Essential Items Separately
Keep important items such as identification, medications, and chargers in an easily accessible bag during the move.
5. Bring Cleaning Supplies
It’s always a good idea to bring along basic cleaning supplies for a quick touch-up before you fully settle in.
6. Organise Mail Redirection
Set up mail redirection to your new address to ensure you don't miss any important documents.
While settlement day may feel a bit chaotic, with some careful planning and understanding of the process, the transition into your new home can be smooth and hassle-free. If you're ever uncertain about any aspect of the settlement process, don't hesitate to reach out to your agent or conveyancer—they're there to assist you.
Congratulations on reaching this exciting milestone—now it's time to start turning your new house into a home!