After weeks of paperwork and waiting, settlement day is when a new owner gets the keys. Can you move in straight away, or is a backup plan needed? Good timing with the agent, removalists and a property lawyer helps the day go smoothly.

Can You Move In on Settlement Day? A Simple Guide for Buyers

Continue reading to learn how the final inspection and online settlement work. Then find out when the agent releases the keys and how to book removalists at the right time.

Key Takeaways

• Buyers can move in once settlement is complete, unless the sale includes a tenant.
• A final inspection in the week before handover lets you check the property’s condition.
• On settlement day, money and ownership transfer online in about 20 to 30 minutes.
• The selling agent calls or texts you once the keys are ready to collect.
• Book removalists for the afternoon or the next morning to keep moving day flexible.

When Can You Move In on Settlement Day?

In Victoria, the answer is yes once settlement is complete. The contract lists the exact date. Most sales have a gap of 30 to 90 days between signing and handover.

Vacant possession means the property is empty, with no tenants or belongings inside.

A buyer of a rented home becomes the new landlord at settlement. Before you sign, a property lawyer can confirm the possession terms.

How to Check the Home Before Settlement

In Victoria, you can inspect the property at any reasonable time in the week before settlement. Contact the real estate agent to book the visit.

The seller must hand over the home in the same condition as when it was sold. Check the appliances, fixtures and every item listed in the contract. Photos of each room make a clear record.

If something needs repair, you can ask the seller to fix it. Your conveyancer can pass the request on before settlement.

What Happens on Settlement Day?

On settlement day, you pay the rest of the price and become the registered owner. In Victoria, most of the process happens online through PEXA, short for Property Exchange Australia. The secure platform lets lawyers, conveyancers and banks complete the sale in one digital workspace.

Your lender sends the loan funds through PEXA. Part of the money pays off the seller’s mortgage, if there is one. Stamp duty is sent to the State Revenue Office at the same time in most cases.

Council rates are split, with each side paying for its own days of ownership. The transfer papers are also sent to Land Use Victoria for registration. The whole settlement takes about 20 to 30 minutes.

When Do You Get the Keys?

The selling agent keeps the keys until settlement is confirmed. The seller’s lawyer or conveyancer then lets the agency know the sale is finished.

You receive a call or text when the keys are ready. Many buyers collect them between late morning and mid-afternoon.

Pick-up is from the agent’s office in most sales. Ask for garage remotes, alarm codes and mailbox keys too.

How to Plan Your Move on Settlement Day

Some removal companies suggest an afternoon booking for the move. A later start leaves time to collect the keys. Others recommend the following morning, with more hours free to unpack.

If your dates are flexible, ask for a provisional booking. The removalist then confirms the date closer to settlement. Check the booked time with your conveyancer the day before.

A property lawyer can follow the settlement for you and share updates as each step finishes.

Move Into Your New Home With Confidence

Settlement day is easier to plan once you know the steps. Clear contract terms, a booked handover time and a flexible removalist help keep the move simple.

Have questions about your settlement or a past property deal? Reach out to Melissa Barlas at Conveyed to meet and talk through your plans.

Frequently Asked Questions

Do You Need to Be Present on Settlement Day?

There is no need to attend in person. A solicitor or conveyancer acts on your behalf during settlement.

What Is a Settlement Statement?

A settlement statement lists the balance of the purchase price and any adjustments between buyer and seller. The figures show how much money is needed from your home loan and savings. Your legal team prepares the statement in the final week before settlement.

Can You Ask for a Longer Settlement?

Yes, you can negotiate with the seller for a longer settlement before signing. Buyers who need to sell their own home first may ask for extra time. After signing, any change to the contract of sale needs agreement from both sides.

What Is a Simultaneous Settlement?

A simultaneous settlement means you sell your old home and buy a new property on the same day. Money from the sale helps pay for the purchase. Plan moving day with care, as the property you sell must be empty before the settlement time.

What Happens After Settlement?

After settlement, your conveyancer tells the local council about the change in ownership of the property. Future rates notices are then sent to you.