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What happens on settlement day and do I need to attend?

Have you ever wondered what happens on settlement day? ‘Settlement Day’ is the finale of the conveyancing process – in short, it is the day that payment must be made to the Seller and where the Buyer takes legal ownership of the property. Essentially, we meet with the other side’s solicitor and financial representatives to organise the funds needed to complete the purchase or sale and exchange legal documents.

The actual meeting predominately is now completed through a digital settlement platform (PEXA) and as of February 2023 in Queensland this has been mandated for residential transactions. 

Once settlement is completed, we will telephone you to let you know it has settled and where the keys may be collected from.

MAP Lawyers are a conveyancer firm and we’re ready to assist you with any conveyancing needs. Call us on 1300 680 584 or contact us online to find out more information.

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