Some of the most common questions that we get asked by clients at the start of the process are ‘how long does settlement take?’ and ‘when can we settle?’. We know buyers and sellers are eager to settle ASAP. However, allowing enough time for all conditions to be met and allowing the bank/s sufficient time to complete their due process, can be key to ensuring everyone’s expectations are met and settlement happens on the due date. Where you have a fixed settlement date, all parties are working towards the same goal, settlement on the due date.
There are two different methods used in Australia to complete a settlement. There is the paper method where documents are signed with original signatures and secondly the electronic conveyancing, where the settlement The conveyancing transaction settles electronically through the platform provided by Property Exchange Australia Limited (PEXA). The representatives of the parties and their financiers participate in an electronic workspace, where, documents are prepared and signed in a virtual settlement room.
Regardless of the method, the due date does not alter.
With the changes and requirements with Contracts and financiers, most settlements occur between 30-90 days subject to the terms and conditions imposed in the Contract of Sale.
