Property Settlement:
From Accepted Offer to
Getting the Keys
Property Settlement:
From Accepted Offer to
Getting the Keys
You’ve found the property, negotiated the deal and had your offer accepted. Now comes the part that turns all of that work into actual ownership.
Settlement is where the legal, financial and practical pieces finally come together. Your solicitor or conveyancer, mortgage broker, lender, agent and inspectors all have a role to play, while you make sure the important checks, deadlines and final arrangements are completed.
This stage can feel like a lot, but it becomes much easier when you know what is happening and what needs your attention.
In this guide, we’ll walk you through what happens after your offer is accepted, how finance moves from pre-approval to formal approval, what inspections and contract conditions matter, what to expect before settlement day and how you finally get the keys to your new home.
Step 1: Review and Sign the Contract
Once your offer is accepted, the next step is usually signing the contract.
Depending on the state, territory and method of sale, the contract may include a cooling-off period and certain conditions that need to be satisfied before the purchase becomes unconditional.
These conditions may include:
• finance approval
• building and pest inspection
• sale of another property
• other agreed terms
The exact rules vary across Australia, so your solicitor or conveyancer should explain what applies to your purchase.
Step 2: Send the Contract to Your Solicitor or Conveyancer
Your legal representative should receive a copy of the contract as soon as possible.
They will review the terms and begin checking for anything that could affect your ownership or future use of the property.
Depending on the property, those checks may include:
Title and Ownership
This helps confirm the legal ownership of the property and identify matters such as:
• mortgages
• caveats
• easements
• restrictions on the land
Strata Information
If you are buying an apartment or townhouse in a strata scheme, the available strata information may help identify:
• the financial health of the scheme
• upcoming repairs
• special levies
• disputes
• compliance issues
Building and Approval Checks
Your solicitor or conveyancer may also investigate whether renovations, extensions or structural work have the correct approvals.
Environmental and Property Risks
Depending on the location, searches may also identify things such as:
• flood risk
• bushfire risk
• contamination
• rezoning
future road or infrastructure projects
The purpose is simple: understand exactly what you are buying before you are fully committed.
You’ve found the property, negotiated the deal and had your offer accepted. Now comes the part that turns all of that work into actual ownership.
Settlement is where the legal, financial and practical pieces finally come together. Your solicitor or conveyancer, mortgage broker, lender, agent and inspectors all have a role to play, while you make sure the important checks, deadlines and final arrangements are completed.
This stage can feel like a lot, but it becomes much easier when you know what is happening and what needs your attention.
In this guide, we’ll walk you through what happens after your offer is accepted, how finance moves from pre-approval to formal approval, what inspections and contract conditions matter, what to expect before settlement day and how you finally get the keys to your new home.
Step 1: Review and Sign the Contract
Once your offer is accepted, the next step is usually signing the contract.
Depending on the state, territory and method of sale, the contract may include a cooling-off period and certain conditions that need to be satisfied before the purchase becomes unconditional.
These conditions may include:
• finance approval
• building and pest inspection
• sale of another property
• other agreed terms
The exact rules vary across Australia, so your solicitor or conveyancer should explain what applies to your purchase.
Step 2: Send the Contract to Your Solicitor or Conveyancer
Your legal representative should receive a copy of the contract as soon as possible.
They will review the terms and begin checking for anything that could affect your ownership or future use of the property.
Depending on the property, those checks may include:
Title and Ownership
This helps confirm the legal ownership of the property and identify matters such as:
• mortgages
• caveats
• easements
• restrictions on the land
Strata Information
If you are buying an apartment or townhouse in a strata scheme, the available strata information may help identify:
• the financial health of the scheme
• upcoming repairs
• special levies
• disputes
• compliance issues
Building and Approval Checks
Your solicitor or conveyancer may also investigate whether renovations, extensions or structural work have the correct approvals.
Environmental and Property Risks
Depending on the location, searches may also identify things such as:
• flood risk
• bushfire risk
• contamination
• rezoning
future road or infrastructure projects
The purpose is simple: understand exactly what you are buying before you are fully committed.
Step 3: Move From Pre-Approval
to Formal Loan Approval
Your mortgage broker also needs the signed contract.
Your earlier pre-approval gave you an initial indication of how much you may be able to borrow.
Now that there is a specific property involved, the lender can begin working toward formal or unconditional approval.
At this stage, the lender may review your:
• income
• expenses
• existing debts
• credit history
• financial commitments
They may also check whether anything has changed since your pre-approval.
For example, a new debt or major change in employment could affect the assessment.
Why the Property Valuation Matters
The lender may also arrange a valuation of the property.
This is important because the property generally becomes security for the loan.
If the lender's valuation supports the purchase price, the loan process can usually continue as expected.
If the valuation comes in lower than the agreed purchase price, this may affect:
• the amount the lender is prepared to lend
• the size of your deposit
• your Loan-to-Value Ratio
• whether Lenders Mortgage Insurance applies
Your mortgage broker can help you understand what the valuation means and what options may be available.
If your contract contains a finance clause, make sure formal approval is obtained before that deadline expires.
Step 4: Complete Your Property Inspections
While your legal and finance teams are working, you may also need to complete relevant property inspections.
For houses, this commonly includes:
• building inspection
• pest inspection
For apartments or strata properties, different reports may apply.
If you are buying at auction, these checks generally need to be completed before auction day because auction purchases usually do not have the same cooling-off protections.
What Does a Building Inspection Check?
A building inspection can help identify visible issues that may require further investigation.
These may include:
• rising damp
• cracking
• wall movement
• roofing concerns
• structural defects
• safety hazards
The report may also identify areas that could not be inspected and recommend further checks by specialists.
That may include:
• structural engineers
• electricians
• plumbers
• other qualified professionals
If possible, speak directly with the inspector after receiving the report so you can better understand any concerns.
What Does a Pest Inspection Check?
A pest inspection looks for evidence of current or previous timber pest activity, including termites.
The inspector may assess:
• active termite activity
• previous infestation
• visible damage
• conditions that may increase pest risk
• whether further treatment or protection may be appropriate
Depending on the property, you may also choose to arrange additional inspections, such as:
• plumbing
• electrical
• pool inspection
• asbestos assessment
• structural engineering
• arborist report
Not every property needs every type of inspection, so focus on what is relevant to the home you are buying.
Step 3: Move From Pre-Approval to Formal Loan Approval
Your mortgage broker also needs the signed contract.
Your earlier pre-approval gave you an initial indication of how much you may be able to borrow.
Now that there is a specific property involved, the lender can begin working toward formal or unconditional approval.
At this stage, the lender may review your:
• income
• expenses
• existing debts
• credit history
• financial commitments
They may also check whether anything has changed since your pre-approval.
For example, a new debt or major change in employment could affect the assessment.
Why the Property Valuation Matters
The lender may also arrange a valuation of the property.
This is important because the property generally becomes security for the loan.
If the lender's valuation supports the purchase price, the loan process can usually continue as expected.
If the valuation comes in lower than the agreed purchase price, this may affect:
• the amount the lender is prepared to lend
• the size of your deposit
• your Loan-to-Value Ratio
• whether Lenders Mortgage Insurance applies
Your mortgage broker can help you understand what the valuation means and what options may be available.
If your contract contains a finance clause, make sure formal approval is obtained before that deadline expires.
Step 4: Complete Your Property Inspections
While your legal and finance teams are working, you may also need to complete relevant property inspections.
For houses, this commonly includes:
• building inspection
• pest inspection
For apartments or strata properties, different reports may apply.
If you are buying at auction, these checks generally need to be completed before auction day because auction purchases usually do not have the same cooling-off protections.
What Does a Building Inspection Check?
A building inspection can help identify visible issues that may require further investigation.
These may include:
• rising damp
• cracking
• wall movement
• roofing concerns
• structural defects
• safety hazards
The report may also identify areas that could not be inspected and recommend further checks by specialists.
That may include:
• structural engineers
• electricians
• plumbers
• other qualified professionals
If possible, speak directly with the inspector after receiving the report so you can better understand any concerns.
What Does a Pest Inspection Check?
A pest inspection looks for evidence of current or previous timber pest activity, including termites.
The inspector may assess:
• active termite activity
• previous infestation
• visible damage
• conditions that may increase pest risk
• whether further treatment or protection may be appropriate
Depending on the property, you may also choose to arrange additional inspections, such as:
• plumbing
• electrical
• pool inspection
• asbestos assessment
• structural engineering
• arborist report
Not every property needs every type of inspection, so focus on what is relevant to the home you are buying.
Step 5: Review the Results and Decide What to Do
Once your legal checks, finance assessment and inspections are complete, you will have a clearer picture of the property.
Depending on your contract and the findings, you may be able to:
• continue with the purchase
• negotiate with the seller
• request a price adjustment
• obtain specialist advice
• terminate the contract where permitted
Your solicitor or conveyancer should guide you on what rights you have under the signed contract.
Step 6: Understand Cooling-Off Periods and Contract Conditions
A cooling-off period and a contract condition are not the same thing.
A cooling-off period may allow you to withdraw from the purchase within a set timeframe, sometimes with a financial penalty.
A contract condition, such as finance approval or a satisfactory building and pest inspection, may provide separate protection if that condition is not met.
The rules differ by state and territory, so always follow the advice of your legal representative.
Most importantly, record all key deadlines in your calendar.
Missing a deadline can create serious problems.
Step 7: Pay the Required Deposit
Once the relevant conditions are satisfied, you may need to pay the remaining agreed deposit.
The amount and timing depend on your contract.
Before transferring money, confirm payment instructions directly with your solicitor, conveyancer or trusted representative.
Because property transactions involve large amounts of money, always verify bank details carefully.
The Settlement Period
Once the contract becomes unconditional, your solicitor or conveyancer will manage much of the remaining legal process.
They may:
• prepare the settlement statement
• calculate adjustments for rates and utilities
• confirm any remaining funds you need to contribute
• arrange relevant duties and payments
• coordinate with your lender
• complete final legal searches
•prepare the transfer of ownership
You may not see everything happening behind the scenes, but this is a busy stage for your legal representative and lender.
Arrange Your Insurance
Do not automatically wait until settlement day to organise insurance.
The point at which responsibility for the property transfers can vary depending on the state, territory and contract.
Ask your solicitor or conveyancer when your insurance should begin.
For a house, this may include building insurance.
For strata properties, the building may already be insured through the owners corporation, but you may still need contents or other appropriate cover.
Some buyers also choose to consider title insurance for additional protection against certain title-related risks.
This should complement, not replace, proper due diligence.
Organise Your Utilities
Before move-in day, consider arranging:
• electricity
• gas
• water
• internet
• other household services
Some providers may require an appointment, so booking early can make settlement week much easier.
Complete the Pre-Settlement Inspection
Before settlement, arrange a final inspection of the property.
This is usually done as close to settlement as practical.
The goal is to make sure the property is still in the agreed condition.
Check:
• the general condition of the property
• fixtures
• agreed inclusions
• appliances included in the sale
• garage remotes
• pool equipment
• any unexpected damage
If you discover a problem, contact your solicitor or conveyancer before settlement.
Step 5: Review the Results and Decide What to Do
Once your legal checks, finance assessment and inspections are complete, you will have a clearer picture of the property.
Depending on your contract and the findings, you may be able to:
• continue with the purchase
• negotiate with the seller
• request a price adjustment
• obtain specialist advice
• terminate the contract where permitted
Your solicitor or conveyancer should guide you on what rights you have under the signed contract.
Step 6: Understand Cooling-Off Periods and Contract Conditions
A cooling-off period and a contract condition are not the same thing.
A cooling-off period may allow you to withdraw from the purchase within a set timeframe, sometimes with a financial penalty.
A contract condition, such as finance approval or a satisfactory building and pest inspection, may provide separate protection if that condition is not met.
The rules differ by state and territory, so always follow the advice of your legal representative.
Most importantly, record all key deadlines in your calendar.
Missing a deadline can create serious problems.
Step 7: Pay the Required Deposit
Once the relevant conditions are satisfied, you may need to pay the remaining agreed deposit.
The amount and timing depend on your contract.
Before transferring money, confirm payment instructions directly with your solicitor, conveyancer or trusted representative.
Because property transactions involve large amounts of money, always verify bank details carefully.
The Settlement Period
Once the contract becomes unconditional, your solicitor or conveyancer will manage much of the remaining legal process.
They may:
• prepare the settlement statement
• calculate adjustments for rates and utilities
• confirm any remaining funds you need to contribute
• arrange relevant duties and payments
• coordinate with your lender
• complete final legal searches
•prepare the transfer of ownership
You may not see everything happening behind the scenes, but this is a busy stage for your legal representative and lender.
Arrange Your Insurance
Do not automatically wait until settlement day to organise insurance.
The point at which responsibility for the property transfers can vary depending on the state, territory and contract.
Ask your solicitor or conveyancer when your insurance should begin.
For a house, this may include building insurance.
For strata properties, the building may already be insured through the owners corporation, but you may still need contents or other appropriate cover.
Some buyers also choose to consider title insurance for additional protection against certain title-related risks.
This should complement, not replace, proper due diligence.
Organise Your Utilities
Before move-in day, consider arranging:
• electricity
• gas
• water
• internet
• other household services
Some providers may require an appointment, so booking early can make settlement week much easier.
Complete the Pre-Settlement Inspection
Before settlement, arrange a final inspection of the property.
This is usually done as close to settlement as practical.
The goal is to make sure the property is still in the agreed condition.
Check:
• the general condition of the property
• fixtures
• agreed inclusions
• appliances included in the sale
• garage remotes
• pool equipment
• any unexpected damage
If you discover a problem, contact your solicitor or conveyancer before settlement.
Be Prepared for Possible Delays
Most settlements proceed as planned, but delays can happen.
Reasons may include:
• banking issues
• missing documents
• administrative delays
• issues on one side of the transaction
Your solicitor or conveyancer will usually manage these issues and communicate with the other parties.
Depending on the contract, delays may have financial consequences, so respond quickly if your team needs information from you.
What Happens on Settlement Day?
Settlement day is when the transaction is completed.
Your solicitor or conveyancer coordinates with:
• your lender
• the seller's legal representative
• other parties involved in the transaction
The remaining purchase funds are transferred and the property ownership is officially registered.
Once settlement has been confirmed, you can usually collect the keys.
That is the moment the property officially becomes yours.
When Do You Get the Keys?
Once settlement is complete, the real estate agent or solicitor can usually arrange the release of the keys.
Do not assume settlement will happen first thing in the morning.
Wait until you receive confirmation before turning up to collect them.
Once confirmed:
Congratulations — you are officially a homeowner.
What Should You Do After Getting the Keys?
There are a few practical jobs worth taking care of early.
Change the Locks
You do not know how many copies of the old keys may exist.
Previous owners, tenants, tradespeople or cleaners may still have copies.
Changing the locks gives you a fresh start and extra peace of mind.
Organise Cleaning
Do not automatically assume the property will be professionally cleaned before handover.
Depending on the contract, the seller may not be required to deliver the home in the condition you personally consider move-in ready.
You may want to:
• arrange professional cleaning
• organise carpet cleaning
• set aside time to clean before moving furniture in
It is usually much easier to clean an empty home.
Your Home-Buying Journey Is Complete
You started by understanding your budget.
Then you:
• built your trusted team
• researched the market
• inspected properties
• completed your due diligence
• negotiated your offer
• arranged finance
• worked through the contract
• reached settlement
That is a lot.
And now you have something just as valuable as the keys:
you understand the process.
That knowledge can help you make more informed property decisions well beyond your first purchase.
Be Prepared for Possible Delays
Most settlements proceed as planned, but delays can happen.
Reasons may include:
• banking issues
• missing documents
• administrative delays
• issues on one side of the transaction
Your solicitor or conveyancer will usually manage these issues and communicate with the other parties.
Depending on the contract, delays may have financial consequences, so respond quickly if your team needs information from you.
What Happens on Settlement Day?
Settlement day is when the transaction is completed.
Your solicitor or conveyancer coordinates with:
• your lender
• the seller's legal representative
• other parties involved in the transaction
The remaining purchase funds are transferred and the property ownership is officially registered.
Once settlement has been confirmed, you can usually collect the keys.
That is the moment the property officially becomes yours.
When Do You Get the Keys?
Once settlement is complete, the real estate agent or solicitor can usually arrange the release of the keys.
Do not assume settlement will happen first thing in the morning.
Wait until you receive confirmation before turning up to collect them.
Once confirmed:
Congratulations — you are officially a homeowner.
What Should You Do After Getting the Keys?
There are a few practical jobs worth taking care of early.
Change the Locks
You do not know how many copies of the old keys may exist.
Previous owners, tenants, tradespeople or cleaners may still have copies.
Changing the locks gives you a fresh start and extra peace of mind.
Organise Cleaning
Do not automatically assume the property will be professionally cleaned before handover.
Depending on the contract, the seller may not be required to deliver the home in the condition you personally consider move-in ready.
You may want to:
• arrange professional cleaning
• organise carpet cleaning
• set aside time to clean before moving furniture in
It is usually much easier to clean an empty home.
Your Home-Buying Journey Is Complete
You started by understanding your budget.
Then you:
• built your trusted team
• researched the market
• inspected properties
• completed your due diligence
• negotiated your offer
• arranged finance
• worked through the contract
• reached settlement
That is a lot.
And now you have something just as valuable as the keys:
you understand the process.
That knowledge can help you make more informed property decisions well beyond your first purchase.
‣ Key Takeaway
Settlement is the stage where everything comes together.
To keep the process as smooth as possible:
• stay in contact with your trusted team
• meet every deadline
• complete your legal and property checks
• secure formal finance approval
• organise insurance
• complete the final inspection
• confirm your settlement funds
Then, once settlement is complete:
collect the keys, secure the property and enjoy your new home.
Keep Learning
Buying your first home introduces you to a lot of unfamiliar terminology.
If terms such as LVR, finance clause, offset account, rate lock, fixed rate or variable rate still feel confusing, explore our:
Jargons & Terminologies Resource
It breaks down common property and home loan terms into simple, easy-to-understand language so you can continue building your knowledge as a property owner.
‣ Key Takeaway
Settlement is the stage where everything comes together.
To keep the process as smooth as possible:
• stay in contact with your trusted team
• meet every deadline
• complete your legal and property checks
• secure formal finance approval
• organise insurance
• complete the final inspection
• confirm your settlement funds
Then, once settlement is complete:
collect the keys, secure the property and enjoy your new home.
Keep Learning
Buying your first home introduces you to a lot of unfamiliar terminology.
If terms such as LVR, finance clause, offset account, rate lock, fixed rate or variable rate still feel confusing, explore our:
Jargons & Terminologies Resource
It breaks down common property and home loan terms into simple, easy-to-understand language so you can continue building your knowledge as a property owner.
NEED HELP WITH YOUR MORTGAGE?
Make Your Next Move
With Confidence
Get expert guidance from WinSquare Finance on your mortgage options, borrowing power, deposits, pre-approvals, and more. Understand your choices and make a decision that works for you.
NEED HELP WITH YOUR MORTGAGE?
Make Your Next Move
With Confidence
Get expert guidance from WinSquare Finance on your mortgage options, borrowing
power, deposits, pre-approvals, and more. Understand your choices and make a
decision that works for you.
