Settlement Day
Settlement day is when ownership officially transfers to you. Learn what happens, what you need to prepare, and how to ensure everything goes smoothly.
Settlement Day Timeline
1
Morning - Final Checks
Your lawyer conducts final searches to ensure no last-minute issues:
- Title search to confirm no new encumbrances
- Check for any new caveats or charges
- Verify rates are paid up to date
2
Funds Transfer
Your lawyer transfers the purchase funds to the vendor\'s lawyer:
- Your deposit (already paid) plus loan funds from bank
- Adjustments for rates, water, and body corporate fees
- Usually completed by 12-2pm
3
Title Transfer
Once funds are received, the vendor\'s lawyer authorizes the title transfer:
- Electronic transfer via LINZ (Land Information New Zealand)
- You become the registered owner
- Bank\'s mortgage is registered against the title
✓
Keys Released!
Once settlement is confirmed:
- Real estate agent releases keys to you
- You can collect keys from the agent\'s office
- The property is officially yours!
What You Need Before Settlement
Financial
- Home insurance policy (required by bank)
- Remaining deposit funds with lawyer
- Lawyer fees and disbursements
- Rates adjustment money
Documentation
- Signed loan documents
- Photo ID for verification
- IRD number for property records
- Bank account for direct debits
Settlement Day Costs
| Expense Item | Estimated Cost |
|---|---|
| Legal fees | $1,500 - $2,500 |
| Title search & registration | $300 - $500 |
| Rates adjustment | Pro-rata amount |
| Home insurance (first year) | $1,000 - $2,000 |
| Total Estimated | $3,000 - $5,500 |
Planning Your Move?
Download our Moving House Planner to organize your move and ensure nothing gets forgotten in the excitement of settlement day.