Settlement day and the final week

What it is

On settlement day we pay the vendor's lawyer the balance of the price, made up of your bank's loan and your own contribution, and in exchange the vendor's lawyer releases the transfer so we can register you as the owner at LINZ. It all happens electronically through Landonline. Once we confirm settlement, the agent hands over the keys.

Why it matters

Settlement has a timetable that depends on other people: your bank releasing funds, the vendor's bank discharging their mortgage, and both lawyers being ready. If any piece is late, settlement is late, and a late settlement attracts penalty interest under the agreement. The final week is about removing every reason for delay.

How we handle it

You get a settlement statement showing every dollar, including rates and any adjustments. We book your signing for the loan documents, confirm your contribution has cleared into our trust account the day before, and remind you to do the pre-settlement inspection. You, or someone you trust, do the inspection, and you tell us straight away if anything is wrong. On the day we call you when it is done. If the inspection finds a problem we raise it with the vendor's lawyer before we settle, not after.

Common traps

• Transferring your contribution on the morning of settlement. Bank clearance times mean it should be with us the day before.
• Doing the pre-settlement inspection too early, before the vendor has moved out.
• Expecting keys at 9am. Settlements often complete in the afternoon.
• Booking the movers for a fixed time on settlement day.