Signing a contract feels like the end of the property search, but it is really the start of the settlement period. In Victoria, this is the stretch where the agreed sale needs to become a completed transfer, with money, documents and possession all lining up on the settlement date.

The first job is finance. If the contract is subject to finance, the buyer needs to satisfy the lender’s requirements within the agreed timeframe. If the purchase is unconditional, the buyer still needs to keep the lender, broker and conveyancer moving. Delays often come from missing documents, valuation queries or assumptions that someone else is handling a task.

The deposit also needs to be paid in line with the contract. Consumer Affairs Victoria notes that there is no law setting the deposit amount, although 10 percent is common, and that an agent generally holds the deposit in trust until settlement unless early release requirements are met. Buyers and sellers should follow the contract and obtain advice before agreeing to unusual arrangements.

Conveyancers and legal practitioners then work through transfer documents, title details, adjustments and settlement preparation. Adjustments are the way rates, water and other outgoings are shared fairly between buyer and seller up to the settlement date. They are not glamorous, but they matter because they affect the final amount due.

Insurance should be considered early. Buyers should ask their lender and adviser when cover should start, rather than waiting until keys are collected. A contract may settle weeks after signing, but risk and lender expectations can arise earlier than a first-time buyer expects.

The final inspection is the buyer’s chance to confirm the property is in the same general condition as when sold, allowing for the terms of the contract. It is not a second open home or a chance to renegotiate because tastes have changed. It is a practical check: inclusions remain, appliances agreed in the contract are present, and no obvious new issue has appeared.

On settlement day, the representatives complete the transaction, the balance is paid, title transfer is dealt with and keys can usually be released once settlement is confirmed. The calmest settlements are rarely accidental. They come from clear communication, realistic timeframes and early attention to every small task between signing and handover.

This article is general information only and doesn’t take your personal circumstances into account. It is not financial or legal advice. Before acting, consider seeking advice from a qualified professional such as a licensed broker, conveyancer or solicitor.