Settlement usually occurs 42 days after contracts for the property have been exchanged (unless there are any special conditions), and after paying the rest of the sale price, you become the legal owner of your new home. On settlement day, your solicitor will meet with the vendor’s solicitor, exchange cheques and documents, and the title of the property will be transferred into your name. Therefore, it is crucial to inspect the property on settlement day to ensure the property is in the same condition as when you first exchanged contracts. If you do not feel confident in what to look for, you can hire one of our professional agents to conduct an initial inspection. Before exchanging contracts and a final inspection of the property before settlement, ensure the house is in the same condition and does not fall apart after you walk in on settlement day.
