In many cases, you can move in on settlement day, but only after the settlement has officially been completed.
The timeframe between signing the contract and completing settlement is known as the settlement period. During the settlement period, financial arrangements are finalised, documents are prepared, and both parties work toward completing the property transfer.
This typically means your settlement agent or legal representative confirms that the purchase funds have been transferred, documents have been registered, and the real estate agent is authorised to release the keys.
While this can sometimes happen on the same day, settlement may occur later in the afternoon or be delayed due to administrative or banking issues.
For that reason, many buyers prefer to schedule their move for the following day to avoid complications.
When Do You Get the Keys After Settlement?
Confirmation That Settlement Is Complete
The keys to a property are usually released only after settlement has officially been completed. Settlement is confirmed once the purchase funds have been transferred and the required legal documents relating to the property title have been processed as part of the settlement process.
Until that confirmation occurs, the property still legally belongs to the seller, so buyers should wait before making arrangements to move in.
Key Release by the Real Estate Agent
Once settlement is confirmed, the real estate agent is authorised to release the keys to the buyer.
This usually involves key collection from the agency office along with any remotes, access fobs, or alarm codes associated with the property.
Because most settlements occur later in the day, key collection may also take place in the afternoon.
Can Settlement Delays Affect When You Move In?
Unfortunately, a settlement does not always occur exactly as planned. While many property settlement transactions complete smoothly on the scheduled settlement date, delays can occur due to financial, administrative, or documentation issues.
If the settlement is pushed back later in the day or moved to another day, buyers cannot access the property until the process is complete.
For this reason, some buyers choose to move the day after settlement rather than the same settlement day to reduce the risk of delays affecting their move.
Bank Processing Delays
Banks play a key role in settlement, particularly when lending arrangements are involved. Financial institutions must transfer the purchase funds and finalise mortgage documentation as part of the transaction.
If additional checks or processing delays occur, banks may push settlement until the issue is resolved.
Document or Paperwork Issues
Settlement depends on several legal documents being prepared correctly. If the paperwork is incomplete or requires amendments, the process may pause while the issue is addressed.
This can involve correcting documents, obtaining updated signatures under the contract, or reviewing administrative details before settlement can proceed.
Administrative or Registration Delays
Property settlements also require the transfer and registration of ownership records relating to the property title. In some cases, administrative systems involved in processing these property transactions may experience delays.
If ownership cannot be registered as scheduled, settlement may be postponed until the required steps are complete.
Why Many Buyers Move on the Day After Settlement
Allowing Time for Settlement Confirmation
Settlement confirmation is required before the keys can be released. Because the process often occurs during business day hours and may not finish until the afternoon, buyers planning to move on the same day may need to wait for confirmation before accessing the property.
Moving the following day removes this pressure and allows time for the settlement process to be fully completed.
Avoiding Removalist Scheduling Problems
Removalists usually require a confirmed start time. If the settlement has not yet been completed when the moving truck arrives, movers may need to wait before unloading your belongings, which can lead to a hefty cost.
Scheduling the move for the day after settlement provides greater certainty and helps avoid delays.
Extra Time for Cleaning and Preparation
An additional day can also provide time to prepare the property before moving in. Some buyers may choose to use this time to clean the house, check appliances and fixtures, or complete small tasks before bringing in furniture.
This preparation period can make the move smoother and more organised.
Situations Where Moving in on Settlement Day May Not Be Possible
While many buyers hope to move in on settlement day, there are situations where immediate access to the property may not be possible.
Settlement confirms the legal transfer of ownership during the property purchase, but the timing of physical access can depend on several factors.
If the Property Is Still Occupied
If it is the seller’s principal place of residence, under the legislation, they have until 12 PM the day following settlement to vacate the premises. We recommend confirming with your Real Estate agent when to expect the keys when carrying out your Final Inspection.
If the Property Is Tenanted
If the property has tenants living there, the existing rental agreement overrides the Contract of Sale, meaning the tenants have the right to remain in the property post settlement.
In this situation, the buyer becomes the new owner of the property, and tenants have the right to remain in the property under the terms of their lease.
This means once the settlement is completed, you are now the new owners of your home. You also have new obligations under the Residential Tenancies Act as a Landlord, so we recommend speaking to a professional Property Manager who can assist to guide you through the complexities of your new role
Excited to Move into Your New Home? Learn More at Peacock Settlements!
Moving into a new home is an exciting milestone, but understanding how settlement timing works can help make the transition smoother.
While it is sometimes possible to move in on settlement day, early access to the property only occurs once settlement has been confirmed and the keys have been released.
Being aware of potential delays and allowing extra time for your move can help reduce stress and make the experience more enjoyable.
For more information about the settlement process and what to expect, our team at Peacock Settlements can help guide you through each step of your property transaction.