This is when the purchaser pays the balance of the property purchased to the vendor. The settlement period is often negotiated as part of the contract of sale.
You will need to ensure you have allowed adequate time for all associated applications and paperwork to be processed, and inspections and inquiries to be completed. Generally settlements may be completed at either 30, 60 or 90 days – however this may be negotiated at the time of signing your contract.
It is possible to request to move in to the property prior to the settlement date – known as ‘early possession under licence’ which usually requires the payment of rent until the settlement date.