Funds transfer, title registers in your name, you collect the keys.
What happens at this step
On settlement day, the buyer's lawyer combines the loan funds, the deposit (released from the trust account), and any buyer contribution. The total is paid to the seller's lawyer via Landonline. The seller's lawyer confirms cleared funds, releases the title transfer, and the buyer becomes the registered owner. The agent hands over the keys. Most settlements complete late morning or early afternoon.
What NZ Legal does
We run settlement end to end. We pay the funds, register the transfer, register your new mortgage, confirm the seller's mortgage discharge. We send you the final statement. We confirm to the agent that keys can be released.
What you do
Be ready to collect the keys from the agent in the early afternoon. Move in. Sign up to the relevant utilities (power, internet) and update your address. Keep our settlement statement for your tax adviser.
Common pitfalls
- Booking the moving truck for settlement morning. Keys are usually only available early afternoon.
- Not confirming utilities are connected. NZ retailers need a few days notice.
- Forgetting to celebrate. You just bought a house.
