Settlement and early ownership
Settlement day and key handover
What actually happens on the day, why you wait for professional confirmation, and when you can collect the keys.
- Settlement is conducted between conveyancers and lenders — you generally don't need to attend personally.
- Don't assume settlement is complete because the scheduled time has passed — wait for actual confirmation from your conveyancer.
- Confirm key handover arrangements with the agent in advance, but don't collect keys before your own conveyancer confirms settlement is done.
- Registration of the transfer follows settlement — it isn't always instantaneous.
What happens on the day
Settlement is conducted between the buyer's and seller's legal practitioners or conveyancers and lenders — not a meeting between buyer and seller directly (Consumer Affairs Victoria, verified 29 Jul 2026). You generally don't need to attend or do anything personally on the day itself: your conveyancer and lender coordinate the financial settlement, the electronic lodgment of the transfer, and confirmation that everything has gone through. At a high level: the lender releases loan funds, your remaining contribution is applied, the seller and any secured parties (like their own lender) receive what they're owed, adjustments and fees are paid, and the transfer is electronically lodged.
Wait for confirmation before doing anything else
Don't assume settlement has happened because the scheduled time has passed — settlements can run late, or occasionally fail to complete on the day. Wait for your conveyancer's actual confirmation that settlement is complete before making other plans that depend on it (like booking a removalist for that exact hour, or assuming you can access the property).
Collecting the keys
You pay the balance of the purchase price, ownership transfers, and you take possession of the property — usually collecting keys from the agent once settlement is confirmed complete (Consumer Affairs Victoria, verified 31 Jul 2026). Confirm in advance with the agent exactly where and how keys will be handed over, and don't attempt to collect them or access the property before you've had that confirmation from your own conveyancer, not just the agent.
Immediately after
Once settlement is confirmed: collect keys, remotes and access cards; confirm vacant possession or that a continuing tenant is in place as contracted; retain the signed contract and settlement statement; and confirm your first loan repayment date with your lender. Registration of the transfer in the Victorian Register follows settlement — it isn't always instantaneous — your conveyancer can confirm when it's done if you need to verify it later.
Worked example
Settlement is scheduled for 2pm. By 3pm the buyer hasn't heard anything, so they call their conveyancer rather than assuming it's complete and heading to collect keys. Their conveyancer explains a minor delay on the seller's bank side and confirms settlement completed at 3:40pm. The buyer collects keys from the agent shortly after, once they have that direct confirmation — not based on the original 2pm schedule.
Practical checklist
Settlement day
- Confirm key handover arrangements with the agent in advance
- Wait for your conveyancer's confirmation before assuming settlement is complete
- Collect keys, remotes and access cards once confirmed
- Retain the signed contract and settlement statement
- Confirm your first loan repayment date with your lender
Questions for a professional
- Has settlement been confirmed complete, and can I now collect keys?
- When should I expect the transfer to actually appear as registered?
Official resources
Sources and methodology
- Settlement — Consumer Affairs Victoria (retrieved 29 Jul 2026)
Figures on this page are drawn from Delora's local knowledge graph, refreshed from these primary sources and checked for changes on a regular schedule. If a figure here looks out of date, the official source above is always the authority — please let us know.