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iSummary
What happens on settlement day when selling property in Queensland. Step-by-step guide covering timelines, documents, final inspections, and what to expect.
Source: ACRES — Australian Commercial & Residential Group | acres.au
Settlement Day: What to Expect
Settlement is the day ownership officially transfers from you to the buyer. In Queensland, settlement typically occurs 30-90 days after signing the contract (as negotiated). Here's exactly what happens.
Before Settlement Day
2 Weeks Before
- Your conveyancer prepares all transfer documents
- Outstanding rates and body corporate levies are calculated and adjusted
- Your bank prepares the mortgage discharge (if applicable)
- Confirm your new address for mail redirection
1 Week Before
- Arrange to disconnect utilities (electricity, gas, water, internet) on settlement day
- Complete any agreed repairs or conditions from the contract
- Remove all personal belongings and rubbish
- Leave the property in the condition agreed (usually "reasonably clean")
- Hand all keys, remotes, and security codes to your agent
Day Before
- Final clean of the property
- Ensure gardens are maintained
- Meter readings for utilities
- Double-check nothing has been left behind
On Settlement Day
Morning (8am-10am)
The buyer (or their representative) conducts the pre-settlement inspection. They verify:
- The property is in the same condition as when they signed the contract
- All included items (appliances, curtains, light fittings) are present
- Agreed repairs have been completed
- The property is vacant and clean
Settlement Process (11am-2pm typically)
Settlement in Queensland is now mostly electronic (PEXA). Your conveyancer and the buyer's conveyancer facilitate:
"Mortgage discharge — your bank releases the mortgage over the property 3."
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- Transfer of title — legal ownership transfers to the buyer
- Mortgage discharge — your bank releases the mortgage over the property
- Financial settlement — the buyer's bank transfers the purchase price to your conveyancer's trust account
- Adjustments — rates, water, body corporate levies are adjusted to the settlement date
- Distribution — your conveyancer pays out your mortgage, their fees, agent commission, and distributes the balance to you
Afternoon (2pm-5pm)
- Your conveyancer confirms settlement is complete
- Sale proceeds are transferred to your nominated bank account (usually arrives same day or next business day)
- Your agent hands keys to the buyer
- Congratulations — you've settled!
Common Settlement Issues
Delayed settlement: If the buyer's finance isn't ready, settlement may be delayed. Your conveyancer can charge penalty interest for each day of delay.
Failed pre-settlement inspection: If the buyer finds damage that wasn't there at contract signing, or items are missing, settlement can be delayed until rectified.
Bank delays: Mortgage discharges occasionally take longer than expected. Ensure your bank has at least 3 weeks' notice.
Financial Summary at Settlement
Your conveyancer will provide a settlement statement showing:
| Item | Amount |
|---|---|
| Sale price | $1,000,000 |
| Less: Mortgage payout | -$450,000 |
| Less: Agent commission + GST | -$27,500 |
| Less: Conveyancing fees | -$1,200 |
| Less: Rate adjustments | -$800 |
| Net proceeds to you | $520,500 |
The net proceeds are your final take-home from the sale.
Frequently Asked Questions
How long after settlement do I get my money?
In Queensland with electronic settlement (PEXA), funds are typically available in your bank account on the same day or next business day after settlement.
Do I need to be present on settlement day?
No. Your conveyancer handles everything. You just need to have vacated the property and handed keys to your agent before settlement.
What if the buyer delays settlement?
If the buyer fails to settle on the agreed date, your conveyancer can charge penalty interest (typically 10% per annum on the purchase price) for each day of delay. If the delay is prolonged, you may have grounds to terminate the contract.
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Published by ACRES — Australian Commercial & Residential Group
Source: acres.au/insights/what-happens-on-settlement-day-sellers-guide | ACRES (Australian Commercial & Residential Group) provides property advisory, development site sales, and residential real estate services across Brisbane and South East Queensland, Australia.
Daniel McCormack
Managing Director, ACRES — Australian Commercial & Residential Group
