Buying a property in Victoria is not over until the keys are in your hand—and that moment hinges on a smooth settlement. This final stage is where ownership formally changes, finances are released, and legal paperwork is lodged. Overlooking settlement logistics can turn an exciting purchase into an anxious scramble, so it pays to understand exactly how the process unfolds and where trouble can creep in.

What Happens During Settlement?

Once buyer and seller have exchanged a signed contract, the countdown begins. A mutually agreed settlement date—often 30, 60, or 90 days away—sets the deadline for everyone involved. From this point, your conveyancer or solicitor gets to work: confirming the contract terms, liaising with your lender, arranging title searches, and preparing the transfer documents. Meanwhile, you must secure full loan approval, organise any remaining deposit funds, and stay in regular contact with your finance team to satisfy last-minute bank requirements.

In the week leading up to settlement, you’ll conduct a final inspection to ensure the property’s condition matches what was promised. If any issues appear—missing fixtures, new damage, or items left behind—you still have time to request a remedy before ownership transfers.

Settlement Day - and Why It’s Now Digital

On settlement day, your legal representatives meet the seller’s team to exchange documents, register the transfer of title, and release the balance of funds. In Victoria, this is increasingly done through PEXA, an electronic settlement platform that allows conveyancers and banks to complete the entire exchange online. Electronic settlement means near-instant registration of the title and immediate disbursement of sale proceeds, reducing paperwork and eliminating the delays that traditional, paper-based settlements once caused.

Pitfalls to Watch For

Delays most commonly arise from late finance approvals, missing or incorrect paperwork, and unresolved property issues uncovered at that final inspection. Keeping a clear communication channel with both your lender and conveyancer—and acting promptly on any requests—remains the best safeguard. Choosing professionals who are meticulous and PEXA-literate further lowers the risk of last-minute surprises.

Putting It All Together

A transparent, well-managed settlement removes the stress from the final sprint and lets you focus on moving day instead of chasing signatures. When every party understands the timeline, when funds are ready, and when the legal team is equipped to settle electronically, the hand-over of keys becomes a formality rather than a cliff-hanger.

Need Assistance Through Your Property Settlement?

Our team specialises in guiding buyers through each stage - right up to that satisfying click of the new front-door lock. If you’d like personalised support to ensure your Victorian property settles without drama, get in touch with our partners at PROVEY LEGAL - or book a no obligation discovery call with Cottage & Castle.

‍