Buying or selling a property in Queensland is exciting, but the final stage — settlement day — can be stressful if you’re not properly prepared. Settlement is when legal ownership of the property is officially transferred from seller to buyer, and while it sounds straightforward, there are a lot of moving parts.
Small mistakes or overlooked details can cause last-minute delays, penalties or even contract breaches. To help you feel confident, here are some practical property conveyancing tips that Queensland buyers and sellers should keep in mind as settlement day approaches.
Confirm Your Settlement Date and Time
Your settlement date is usually outlined in your contract of sale, but it’s essential to confirm this with your conveyancer well in advance. Settlement in Queensland typically occurs between 30 to 60 days after the contract is signed, but timing can vary depending on finance approval, property conditions and the terms agreed by both parties.
Delays can arise if documents aren’t ready, signatures are missing or lenders are still finalising paperwork. By double-checking your settlement date and time, you reduce the risk of unexpected issues and give yourself peace of mind. Think of it as marking the finish line on your property journey.
Make Sure Finances Are Ready
Finances are one of the most common sticking points when it comes to settlement in QLD. Buyers should ensure their lender has finalised all approvals and that the required funds are available on the day. It’s not enough to have conditional approval; your bank must have completed its checks and be ready to release the money.
For sellers, it’s equally important to confirm your mortgage payout figures. Your lender needs time to prepare the documents to discharge your mortgage. If this step is overlooked, the settlement can’t proceed. Communication is key here. Stay in touch with your bank and your conveyancer to make sure everyone is aligned. A few early phone calls can save you from last-minute stress.
Do a Final Inspection
In Queensland, buyers have the right to carry out a final inspection, usually within 24 hours before settlement. This is your chance to confirm the property is in the same condition as when you signed the contract. During your inspection, check that:
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The property is clean and well-maintained.
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Any agreed repairs have been completed.
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Fixtures and fittings included in the contract are still in place.
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Appliances, plumbing and electrical systems are working.
If you discover issues, contact your conveyancer immediately. They may be able to negotiate a resolution before settlement, saving you from bigger problems down the track.
Understand Your Stamp Duty Obligations
For buyers, stamp duty (also known as transfer duty) is a significant cost that can’t be overlooked. In Queensland, the amount payable depends on the property value and whether you qualify for concessions. For example, first home buyers may be eligible for the First Home Concession or the First Home Vacant Land Concession, which can reduce or even remove stamp duty costs. However, these concessions have strict eligibility rules. It’s important to calculate your stamp duty early and set aside the funds. Late payment can result in penalties and may delay the transfer process. A good conveyancer will advise you on your obligations and ensure the payment is lodged on time.
Know What Happens on Settlement Day
On settlement day itself, most of the action happens behind the scenes. You don’t need to attend in person — your conveyancer or solicitor manages the process on your behalf. Here’s what typically happens:
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The buyer’s and seller’s representatives, along with any lenders, meet (usually electronically via the PEXA system) to exchange documents.
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The buyer’s lender transfers the purchase funds.
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The seller’s lender arranges for the mortgage to be discharged.
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Once everything is finalised, the property title is officially transferred to the buyer’s name.
For buyers, this is the moment you’ve been waiting for. Once settlement is complete, you can collect the keys from the agent and move in. For sellers, it marks the successful transfer of ownership and the release of funds.
Keep Communication Open
Clear communication is one of the most effective ways to keep settlement day stress-free. Stay in contact with your conveyancer, bank and agent throughout the process. If you’re unsure about a requirement or deadline, ask questions early rather than waiting until the last minute. Good conveyancing is about anticipating problems before they arise. By keeping the lines open, you’ll have confidence that everyone is working towards the same goal.
Settlement day is the finish line of Queensland property conveyancing. While it can feel overwhelming, the key to success is preparation. Confirm your dates, stay on top of your finances and complete your final inspection. Know your obligations, trust your conveyancer to handle the details and keep communication clear.
With the right planning, settlement day doesn’t need to be stressful. Instead, it can be the smooth and satisfying conclusion to your property transaction — and the beginning of your next chapter.
