On settlement day, the buyer’s settlement agent – a solicitor or conveyancer – meets with their lender and the seller’s representatives to exchange documents. They organise for the balance of the purchase price to be paid to the seller, and lodge documents to transfer ownership to the buyer.
The buyer’s lender will lodge a new mortgage against the title, and provide the funds to purchase the property.
The seller’s representative takes care of all documentation and financials. At settlement, any surplus funds will be transferred into their nominated bank account.
If you’re doing an online settlement, buyers and sellers don’t need to attend – you just wait for confirmation from your representative that settlement has occurred.