Checklist For Settlement Day In QLD: What You Need To Know
Settlement day in Queensland is when a property officially changes hands. The buyer’s funds are paid to the seller and the title transfers to the new owner’s name. For buyers in Brisbane and across the state, it’s the final step after weeks of paperwork and waiting.
A little preparation beforehand keeps the day on schedule. Here’s how settlement works and what to tick off before you collect your keys.
How settlement day in Queensland works
Your settlement date is set in your contract of sale. Under a standard REIQ contract, it usually falls 30 to 60 days after the contract date, although buyers and sellers can agree on a different timeframe.
On the day, the buyer’s lender releases the loan funds and the seller’s lender discharges the existing mortgage. Transfer duty and other adjustments are paid and the title is registered in the buyer’s name. The conveyancers for each side manage these steps and keep in contact with both lenders and the real estate agent.
Most settlements in Queensland now happen online through PEXA, Australia’s electronic settlement platform. Nobody needs to meet in person, funds clear immediately and the title changes over as soon as settlement completes.
Your checklist for settlement day in Queensland as a buyer
Most of the work happens in the week before settlement. Use this checklist to make sure nothing holds things up on the day.
1. Confirm your finances are ready
Check with your lender or broker that your loan has formal approval and the funds are booked for your settlement date.
2. Complete your verification of identity
Your conveyancer needs your VOI before settlement can go ahead, so finish it as early as you can.
3. Arrange your transfer duty
Confirm the amount with your conveyancer so it can be paid as part of the settlement.
4. Insure the property
Under the standard Queensland contract, the property is at your risk from 5 pm on the first business day after the contract date, so your building insurance should already be in place.
5. Book your pre-settlement inspection
Your contract usually allows one inspection before settlement. Use it to check the property is in the same condition and that included items such as fixtures and blinds are still there.
6. Organise your utilities
Set up electricity, water and internet for your moving date so the house is ready when you arrive.
7. Stay reachable
Keep your phone on during the day in case your conveyancer or lender needs a quick answer.
What happens after settlement is complete
Once the settlement goes through, your conveyancer will call to confirm the property is yours. The agent then releases the keys, which you can usually collect the same day. From there, update your address with your bank, council and the Australian Electoral Commission and keep your settlement statement for tax time.
Book your settlement day conveyancing with Sunstate Conveyancing
Settlement day runs on time when your finances, paperwork and inspection are sorted in advance. The right conveyancer makes that preparation much easier to manage.
At Sunstate Conveyancing, you’ll work with a dedicated conveyancer on a direct line, backed by property lawyers with over 150 years of combined experience.
Our team has settled more than 12,000 properties through PEXA and looks after buyers from our Lutwyche office in Brisbane to towns right across Queensland.
Contact our team to get your conveyancing started well before settlement day. We’re here to answer any questions and guide you through the process from start to finish.
