What Happens at Settlement? A Complete Guide for Buyers & Sellers

• Property settlement is the legal process where ownership of a property is transferred from seller to buyer.
• In South Australia, settlement is conducted electronically through either PEXA or SYMPLI.
• Since August 2020, electronic settlement has been mandatory in SA for most land title dealings.
• Both buyers and sellers have specific legal and financial obligations to meet before settlement day.
• Your conveyancer manages the entire process, so you do not need to be physically present on settlement day.

Property settlement is the legal process where ownership of a property is formally transferred from the seller to the buyer. It is the final stage of a property transaction, and while it may feel like a formality by the time you reach it, there is a great deal happening behind the scenes to make sure everything goes smoothly.

In South Australia, legal representatives such as conveyancers manage and conduct the entire settlement process electronically. All relevant parties, including the conveyancers and their respective banks, meet in an online workspace to complete the transfer.

How Does Electronic Settlement Work in South Australia?

There are two approved online property settlement platforms in South Australia, known as Electronic Lodgement Network Operators (ELNOs):

• PEXA (Property Exchange Australia): The first platform to enter the market, PEXA is well established and remains the dominant platform in Australia. It handles the vast majority of electronic property settlements in South Australia.
• SYMPLI: Launched around 2018 to introduce competition into the market, SYMPLI provides an alternative to PEXA with the goal of driving better outcomes and potentially lower costs for consumers.

Since August 2020, electronic settlement has been mandatory in South Australia for most land title dealings available on a digital platform. This system has replaced the traditional paper-based process and removed the need for physical meetings to exchange documents and funds. Once an offer is accepted, the settlement process typically takes between 4 and 12 weeks.

If you would like to understand more about the full timeline, our property settlement in Adelaide page provides a more detailed overview.

What Buyers Need to Do Before Settlement Day

There is a range of legal and financial preparation required before you are ready to settle. Here is what buyers need to take care of:

• Appoint a qualified conveyancer as early as possible. They will prepare documents, conduct property searches, and manage the legal transfer of ownership on your behalf. Learn more about our conveyancing service for buyers.
• Confirm your finances. Know the exact amount you will need, including the purchase price minus your deposit, stamp duty, and any other fees. Confirm your lender has the funds ready for transfer.
• Review your statement of adjustments. Your conveyancer will provide this document, which outlines your share of council rates, water bills, and any other costs you will be responsible for from the day after settlement.
• Arrange building insurance to begin from the date you sign the contract. Many lenders require this as a condition of the loan, and as the buyer, you become responsible for the physical property from the moment contracts are exchanged.
• Complete a final inspection of the property, usually within seven days before settlement. Check that all inclusions listed in the contract are present and in the same condition as when you signed, and that no fixtures or fittings have been removed.

What Sellers Need to Do Before Settlement Day

Settlement preparation for sellers involves both legal and practical steps. Here is what to have in order:

• Appoint a qualified conveyancer to manage your legal documents, including the Contract of Sale and the Form 1 Vendor’s Statement, and to coordinate the settlement process.
• Notify your bank early. Request a mortgage discharge well in advance of settlement day, as this can take time to process. Ensure you or your bank have sufficient funds to cover outstanding costs such as agent fees or final rates.
• Arrange final meter readings and close all utility accounts, including water, electricity, gas, and internet, on or before settlement day.
• Cancel your building insurance from the date the contracts are signed, as responsibility for the property transfers to the buyer from that point.
• Meet all contract conditions before the buyer’s final inspection. This includes completing any agreed repairs and obtaining any required compliance certificates.
• Prepare the property for handover. Ensure all personal belongings and rubbish have been removed, the property is clean, and all keys are ready to be handed to the real estate agent.

For a full overview of what is involved, visit our guide for property sellers.

Buyer vs. Seller: Settlement Day Responsibilities at a Glance

What Happens on Settlement Day?

Neither the buyer nor the seller needs to be physically present on settlement day. Your conveyancer handles everything on your behalf through the electronic platform.

Here is what takes place on the day itself:

• The buyer’s and seller’s conveyancers, along with their respective banks, meet in an online workspace (PEXA or SYMPLI).
• The balance of the purchase price and stamp duty are transferred to the seller’s team, and any outstanding mortgage on the property is paid off.
• If the buyer has an approved home loan, it is registered against the property title at this point.
• The legal documents, including the transfer of land and any mortgage registration forms, are lodged with the Land Services Office.
• Ownership is officially transferred to the buyer and registered on the South Australian Land Title Register.
• Once settlement is confirmed, both parties are notified. The buyer can then collect the keys from the real estate agent and take possession of their new home.
• The seller receives the proceeds from the sale, minus any mortgage payout and fees, into their bank account, typically within 24 hours of settlement being completed.

Let Blackwood and Belair Conveyancing Handle Settlement for You

Having an experienced team manage your settlement takes significant stress out of what is already a major life event. At Blackwood and Belair Conveyancing, we have been guiding buyers and sellers through property settlements across Adelaide and South Australia since 1973. You can also read what our clients say on our testimonials page.

Get in touch with our team to let us handle the legal side so you can focus on what matters most, your move.

Frequently Asked Questions

What is property settlement in South Australia?

Property settlement in South Australia is the legal process where ownership of a property is formally transferred from the seller to the buyer. It is conducted electronically through an approved platform, either PEXA or SYMPLI, and is managed by the respective conveyancers and banks involved in the transaction.

How long does settlement take in SA?

Once an offer is accepted on a property, settlement in South Australia typically takes between 4 and 12 weeks. The exact timeline depends on the agreed settlement date in the Contract of Sale and how quickly all parties complete their legal and financial obligations beforehand.

Do I need to be present on settlement day?

No. In South Australia, settlement is conducted electronically through PEXA or SYMPLI. Your conveyancer manages the entire process on your behalf. Once settlement is complete, your conveyancer will notify you, and as the buyer, you can then collect the keys from the real estate agent.

What is the difference between PEXA and SYMPLI in South Australia?

Both PEXA and SYMPLI are government-approved electronic settlement platforms used in South Australia. PEXA was the first to market and remains the dominant platform, handling the majority of settlements. SYMPLI was launched in 2018 as a competitor, offering an alternative with the aim of improving choice and value for consumers. Both platforms are secure and legally recognised.