Parties Involved
The Process
Settlements Room

The settlement process follows the signing of a contract, the payment of the deposit and preparation of necessary documentation. Payment of stamp duty is required prior to settlement. For further information on stamp duties visit Revenue SA http://www/revenuesa.sa.gov.au .

Settlement usually takes place four to six weeks from the date of the contract for the sale or purchase of the property.

Parties Involved

Each party to the property exchange (buyer and seller) usually has a conveyancer or solicitor acting on their behalf.

Where a mortgage is involved in the transaction, the relevant financial institution will also be involved in the settlement.

The Process

Following the cooling-off period the signed contract together with any other documentation is forwarded to the registered conveyancers or solicitors by the Land Agent.

Once the required searches, adjustments and documentation are completed, the solicitors or registered conveyancers representing the parties involved meet to exchange the conveyancing documentation, title deeds and cheques for the sale of the land.

All parties ensure that:

• all relevant documentation has been completed and signed by the purchaser and vendor
• checks have been made for any further documentation required for the registration of the dealing.

A common transaction involves finalisation of the following documents:

• Discharge of Mortgage: This document is registered to delete a specific mortgage from a title
• Transfer: This document, when registered, effects changes in ownership
• Mortgage: This document is registered to secure the monies loaned.

Settlement is completed on exchange of cheques and documentation. The purchaser(s) is then advised by their agent that settlement has been finalised and the necessary arrangements are made for the hand-over of the keys.

Once settlement is completed, the conveyancer or solicitor lodges all related documentation with the Lands Titles Office.

Related Information:
Location and Service times

Settlements Room

Property settlements take place within the Settlements Room at the Lands Titles Office.

The Settlements Room is available to clients between 9am and 4pm weekdays.