Settlement is the day you pay the rest of the purchase price and become the legal owner of the property. On the day, your conveyancer, your lender and the other side work in one online workspace, the money and the signed documents move at once, the transfer is lodged with the land registry, and the agent releases the keys.
This is the settlement you reach at the end of buying or selling a home. It is not a family law property settlement, which is the separate business of dividing assets after a separation. If you are here about a purchase or a sale, you are in the right place.
You have the removalist on standby, the bank keeps emailing about funds, and someone has mentioned a settlement statement and adjustments. Nobody has explained what either of those means, obviously. Here is what actually happens, who does what, and when you get the keys.
What is settlement, and when does it happen?
Settlement is the moment the sale completes. You pay the balance of the price, the transfer is lodged for registration, and the property becomes yours. Everything before it, the searches, the finance, the final inspection, is preparation for this one event.
In NSW, settlement usually takes place around six weeks after contracts are exchanged, though the date is whatever your contract says. A longer or shorter period is common, and it is set when you negotiate the contract, not on the day. For the weeks in between and how the clock runs, see what happens between exchange and settlement. This guide is NSW only. Settlement works differently in VIC, QLD and the ACT, and each state page covers its own rules.
The deposit is not part of this balance. You paid it at exchange, when contracts were swapped, and it is credited against the price at settlement rather than paid again. For how that step works, see exchange of contracts. You can also read the NSW Government’s own summary on its contracts and deposits page.
What happens in the week before settlement?
The week before is when the moving parts line up. Your conveyancer agrees the figures with the other side, your lender gets its funds ready, your own contribution is confirmed, and your final inspection is booked. None of it should be a surprise if you have stayed in touch.
Between exchange and settlement we order the searches, deal with anything they turn up, work with your lender so finance is ready on time, and arrange your final inspection close to settlement so you see the property in the condition you are about to own it.
Do that inspection close to settlement, not a week before. It is your last look before the keys are yours, and it is covered in full in the pre-settlement inspection checklist. It is also the moment to check that the fixtures that were meant to stay are still there, which is where fixtures and chattels can matter.
What is a settlement statement, and what are adjustments?
The settlement statement, sometimes called a statement of adjustments, is the document that sets out exactly what you pay on the day. It starts with the purchase price, takes off the deposit you already paid, adds or subtracts the adjustments, and lands on the balance you need to bring to settlement.
The seller’s conveyancer usually prepares it, your conveyancer checks it, and both sides agree the final numbers before settlement. We will not print a worked example with real figures, because rates and charges change and a stale example helps nobody.
Adjustments are how the ongoing costs of owning the property get shared fairly. Think of it as splitting the bill at dinner, except calculated to the day. The seller has usually paid council rates, water rates and, in a strata scheme, levies for a period that runs past settlement, so you pay them back for the part of that period you will own, worked out to the day of settlement.
The statement is the price, less the deposit, plus or minus adjustments, equals the balance due.
Stamp duty usually comes out through settlement too. You pay transfer duty by the earlier of settlement or three months after the contract date, so for most purchases it is paid on the day as part of the figures. The detail is in our guide to stamp duty in NSW. Our NSW stamp duty calculator gives you the figure to expect on the statement.
If you are taking out title insurance, the premium is usually paid at settlement with everything else.
| Line | What it is |
|---|---|
| Purchase price | The agreed price in your contract. |
| Less the deposit | The deposit you paid at exchange, credited here against the price. |
| Plus or minus adjustments | Council rates, water rates and any strata levies, shared to the day of settlement. |
| Balance due | What you bring to settlement, usually your loan plus your own funds. |
How does an electronic settlement work?
NSW is an electronic jurisdiction. Since October 2021 dealings, caveats and priority notices have had to be lodged electronically, so settlement runs through PEXA or Sympli. In practice, funds and documents move in a digital workspace, the transfer lodges, and the agent releases the keys. Nobody meets in a room. No cheques, no courier, and no one sprinting across the CBD with a bank cheque at 3.55pm.
Cheques and paper documents are no longer used. At the scheduled time, if every party is ready, settlement happens by itself in the workspace.
Only lawyers and licensed conveyancers can operate in the electronic networks that do it, which in practice means you need one of us for settlement even if you do everything else yourself. For how the platform works behind the scenes, see how a PEXA settlement works, and for the wider NSW picture, conveyancing in NSW.
What happens on the day for buyers and for sellers?
It is the same event, but it looks a little different depending on which side you are on. The sequence runs in roughly this order.
- Final inspection done
- Funds and loan in the workspace
- Both sides sign off
- Settlement confirmed
- Keys released
The buyer’s day
You do your final inspection, your funds and your loan are in the workspace, settlement is confirmed, and the transfer is lodged so the property is registered in your name. Then the agent releases the keys.
The seller’s day
The buyer’s funds move in a digital workspace, your mortgage is paid out, the adjustments and the agent’s account are dealt with, the transfer is lodged with the land registry and the balance of your sale proceeds is paid to your account. The agent releases the keys.
When do you get the keys?
The agent releases the keys once settlement is confirmed. We will not promise a time of day, because settlement is booked for a time on the day and can run late if any party is not ready. Keep your phone on, and do not book the removalist for first thing in the morning. Unless you enjoy paying two blokes to sit in a truck outside a house you don’t own yet.
You will not receive a paper certificate of title, because they no longer exist in NSW. So no framing it for the hallway, sorry. On 11 October 2021 certificates of title were cancelled, and an Information Notice is issued when ownership changes instead. You can read the Registrar General’s explanation of 100% eConveyancing in NSW.
If you bought with vacant possession, the property should be empty and ready for you to move into once the keys are released. If you are buying it with a tenant in place, what passes to you is the keys and the tenancy, not an empty home. Check which one your contract says before you plan the move.
What if settlement does not happen on the day?
Settlements can be delayed, and it is usually because one side’s part of the workspace is not ready: a bank that has not loaded its figures, a document still being signed, or funds that have not cleared. It is frustrating, but it is rarely the end of the deal.
What follows is set by your contract, which deals with the notices and the consequences of a late settlement. We will not walk through penalty interest or a notice to complete here. For the detail, see why settlements get delayed and, for the seller’s side, delayed settlement in NSW.
What does this mean for your purchase?
Settlement day sounds dramatic, but if the preparation is done it is quiet: a workspace ticks over, a confirmation lands, and the keys are yours. Your part in the run up is small but real:
- Confirm the funds you are contributing are ready and in the right account early.
- Book your final inspection close to settlement.
- Talk to your lender and insurer about cover from exchange, so there is no gap.
- Read your settlement statement so the balance is no surprise.
- Keep your phone on, and do not book the removalist for first thing in the morning.
If you want a team that handles the workspace, the figures and the lodgment for you, that is our conveyancing for buyers. Selling at the same time? See our conveyancing for sellers, and our guide to simultaneous settlement in NSW for how the two settlements run together on the day.
Reviewed by Marc Ryckmans, Legal Practitioner Director, October 2026. Last updated October 2026. This article is general information about settlement in NSW. It is not legal advice about your transaction.
The content of this blog post is intended as general information and should be considered broad guidance only. It does not constitute legal, financial, or tax advice and should not be relied upon as such. Every property transaction is different, and we recommend seeking personalised advice from a qualified professional before making any investment or legal decisions.
Questions buyers and sellers ask about settlement day
What time does settlement happen in NSW?
It depends on the time booked in the workspace. The two sides agree a settlement time for the day, and settlement completes once every party, the two sides and their banks, is ready, which can be later than booked if someone is running behind. So it is not something you can plan a removalist around to the hour. Keep your phone on, and your conveyancer will tell you the moment it is done.
Do I get a certificate of title after settlement in NSW?
No. Paper certificates of title were cancelled on 11 October 2021 and are no longer issued in NSW. When ownership changes an Information Notice is issued instead. If you want to confirm ownership at any point, a title search of the register is the document to get, not the Information Notice. The Torrens Title Register is the authoritative record of who owns the property.
When does a seller receive the sale proceeds after settlement?
The balance of your sale proceeds is paid to your nominated account as part of settlement itself, once your mortgage is paid out and the adjustments and the agent’s account have been dealt with. Because the money moves electronically in the workspace, it is typically on its way the same day rather than days later. Exactly when it lands in your account can depend on your own bank’s processing. Your conveyancer confirms the moment settlement has gone through.
What do I need to do the day before settlement?
Not much, if the groundwork is done, but a few checks are worth it. Make sure the funds you are contributing are sitting in the right account and ready to move, not still in a term deposit or mid transfer. Confirm your final inspection is booked close to the day, and read your settlement statement so the balance is no surprise. Then keep your phone on for the day itself, because your conveyancer may need to reach you quickly.
What happens if the settlement figures change at the last minute?
It happens more often than you would think, usually because a rates or water bill is issued late and the adjustments need a small tweak. The settlement statement is updated, your conveyancer checks it, and both sides agree the new balance before settlement goes ahead. If the change affects the funds you need to bring, they will tell you in time to move the money. A late change to the figures does not, by itself, delay settlement, as long as both sides sign off.
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