Settlement day marks the long-awaited moment when you become the legal owner of your new home, and while it’s thrilling, it can also bring a few last-minute challenges. With the right preparation, though, you can help ensure a smooth handover and avoid surprises. Here’s your guide to navigating potential settlement pitfalls and making your big day a success.

Common settlement day surprises to watch for

Settlement day is a key milestone, but sometimes unexpected issues can pop up. Here are some common surprises to be aware of:

• Last-minute fees 
  Adjustments to council rates, strata fees, utility bills, or other closing costs may appear close to settlement day. Having a small buffer fund set aside can help you manage these without disruption. 

• Unsettled utility accounts 
  If previous owners haven’t closed out their utility bills or transferred accounts, it could cause delays with activating your services. Sorting these details early with your conveyancer can help avoid any hiccups. 

• Document readiness 
  Final loan approvals, insurance confirmations, and proof of identity all need to be in order for a smooth settlement. Double-checking these items with your conveyancer ahead of time helps prevent last-minute delays. 

• Outstanding repairs or condition issues 
  During your pre-settlement inspection, you may notice repairs or maintenance items that haven’t been completed as agreed. It’s a good idea to make sure everything is resolved before settlement day arrives. 

• Title transfer delays 
  Occasionally, issues like unresolved ownership disputes or pending property registrations can hold up the process. Staying connected with your conveyancer is key to addressing any unexpected issues early and keeping your move-in plans on schedule. 

Since the timing of settlement can sometimes change, staying in touch with your conveyancer and lender – and having a small buffer fund – can help you handle any last-minute adjustments.

How to prepare for settlement

1. Stay organised with your paperwork 
   To keep settlement running smoothly, be prompt with all required documents. Your conveyancer will help you complete and submit the necessary paperwork to transfer the property title, while we’ll guide you through everything needed for your loan. Before settlement, you’ll also receive a settlement statement from your conveyancer or solicitor, outlining the exact amounts to be paid. 

2. Complete a pre-settlement inspection 
   You’re entitled to inspect the property before settlement to confirm it’s in the same condition as when the sales contract was signed. The last thing you want are hidden surprises when you open the front door. 

3. Organise insurance 
   Building insurance is often required by lenders and should be in place either from the time you sign the sales contract or by settlement day, depending on your state or territory’s rules. Confirming this in advance can give you peace of mind. 

Looking forward to your move-in day!

With proactive planning and support, settlement day can be a rewarding step towards your new home. If you’d like additional guidance, please reach out—we’re here to help make your move-in day a success!