What happens on settlement day?

So, when do I get the keys to my new house on Settlement Day?

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Your lawyer will receive your mortgage funds into their trust account and then pay this money with all your savings, KiwiSaver etc, to the vendor’s lawyer. Settlement may occur any time between 9 am and 4 pm.

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If everything goes smoothly, you will receive confirmation from your lawyer that you are now the owner of the property and you can receive the keys from the real estate agent.

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Fridays are the busiest day for settlements because people like to move in over the weekend so it is best to assume your property will not settle until later in the afternoon. Watch out for sitting with a moving truck outside your new house all day (this has happened to a client before).

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