Settlement

The final step of a conveyancing transaction, when the buyer pays the balance of the purchase price and becomes the legal owner of the property. In NSW settlement typically occurs about 6 weeks aft...

The FAQ and process content on this page is general information about conveyancing in Australia, not legal advice. Obtain advice specific to your circumstances before acting on it.

Verified facts

• referenceDefinition: {"term":"Settlement","definition":"The final step of a conveyancing transaction, when the buyer pays the balance of the purchase price and becomes the legal owner of the property. In NSW settlement typically occurs about 6 weeks after exchange of contracts, though the parties may negotiate a different period. Settlement in NSW is completed electronically (see PEXA / e-conveyancing).","primarySource":"https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/buying-property-nsw/contracts-and-deposits"}