Lawyers use the term Settlement to describe when:
o the Purchaser’s lawyer pays the Vendor's lawyer the balance of the purchase price as described in the Settlement Statement; and
o the Vendor’s lawyer provides the Purchaser’s lawyer with the electronic property transfer document and any other electronic documents necessary for the transfer to register on LINZ. Following the above being completed, usually the Real Estate Agent will provide the Purchaser with the keys to the Property.
Talk it through
Not sure how this applies to you?
A free 15-minute call with a property lawyer who only works with first home buyers.