The process of settling a property involves several steps, and the timing of receiving keys can vary. Let’s explore the typical timeline and factors that influence when a buyer can expect to receive keys upon settlement. 

Settlement Day

Settlement day is the culmination of the property purchase process, and it’s the day when ownership officially transfers from the seller to the buyer. The settlement date is agreed upon by both parties during the negotiation and contract phase, usually ranging from 30 to 90 days from the date of signing the contract of sale. 

On the settlement day, several events will take place: 

1. Transfer of Funds: The buyer’s settlement representative transfers the purchase price to the seller’s settlement representative. This is typically done electronically through the banking system. 

2. Document Exchange: Legal documents, including the title deed and transfer of ownership documents, are exchanged between the parties’ settlement representatives. 

3. Verification of Settlement: Once the funds are received, and all necessary documents are exchanged and verified, settlement is considered complete. 

Key Handover

Once settlement is successfully completed, the buyer becomes the legal owner of the property. However, the timing of when a buyer can expect to receive keys can vary based on a few factors: 

1. Lender’s Processes: If the buyer has financed the purchase through a lender, the lender’s processes may influence when keys are handed over. Sometimes, the lender needs to conduct final checks and provide confirmation before keys are released. 

2. Time of Day: Settlements typically occur during business hours. If settlement is finalized later in the day, it might be more convenient for the buyer to receive keys the next business day. 

3. Seller’s Vacating Plans: In some cases, sellers may need time to vacate the property after settlement. If the property is vacant, keys can be handed over promptly. However, if the seller is occupying the property on settlement, they will need time to move out, the buyer may need to wait until the seller has fully vacated.  

In Western Australia the Joint Form And General Conditions allow for the vendor to occupy the property until 12 noon the day following settlement. 

Open Communication

To ensure a smooth settlement process and timely receipt of keys, communication between the buyer, seller, and the real estate agents is crucial. The final inspection is the perfect time to address key handover and to determine a plan. Buyers are encouraged to stay in contact with their solicitor or conveyancer to stay informed about the progress of settlement. 

In summary, while settlement day marks the official transfer of property ownership, the timing of receiving keys can depend on various factors. Buyers can usually expect to receive keys on the settlement day or shortly after, but it’s essential to consider the specific circumstances of the transaction and maintain open communication with all parties involved. 😀 

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