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Settlement

Settlement refers to the final stage of a property transaction where ownership of the property is transferred from the seller to the buyer.

What is settlement?

In the context of real estate, settlement refers to the final stage of a property transaction where ownership of the property is transferred from the seller to the buyer. During settlement, the buyer pays the remaining balance of the purchase price to the seller. 

Settlement agent fees 

A settlement fee is the payment you make to your settlement agent or conveyancing lawyer for their help in completing the purchase or sale of a property. 

This fee covers their time and expertise in handling all the necessary paperwork, conducting relevant searches, and representing you during the settlement process. 

How long is the settlement period? 

In many states across Australia, the settlement period is usually 60 days. However, in states such as NSW, this period lasts roughly 42 days.

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