Property Settlement in Queensland: What Sellers Need to Know

How long does settlement take in Queensland?

In Queensland, the settlement period, the time between signing the contract and settlement, is negotiated between the parties and written into the contract. The most common period for residential property is 30 to 45 days. Auction contracts tend to be 30 days. Off-the-plan purchases may have settlement periods of 12 months or more.

What happens during the settlement period?

Between signing and settlement, your solicitor or conveyancer will conduct a title search to verify the seller is the registered owner and there are no undisclosed encumbrances, prepare the transfer documents, liaise with your lender to arrange mortgage documents and calculate adjustments for rates, water and body corporate levies that are apportioned between buyer and seller at settlement.