What is settlement?

The short version

Signing the contract makes you legally obligated to buy. Settlement is the day the buying actually happens, all the money moves at once, the title changes hands at the Lands Titles Office, and the keys are released to you.

Almost all SA settlements are now electronic via PEXA (Property Exchange Australia). No-one physically attends. Your conveyancer logs into PEXA at the agreed time, the seller's conveyancer does the same, funds move between bank accounts, and the title transfer is lodged with the Lands Titles Office, often inside 10 minutes.

The settlement timeline

Day	What happens
Day 0	You sign the contract. Cooling-off begins (2 business days, no cooling-off if you bought at auction)
Day 1–3	Pay the deposit (typically 10%). Your conveyancer reviews the Form 1.
Day 7–14	Finance approval. Loan formally approved by your lender.
Day 14–28	Building and pest inspections, valuation by the bank's valuer.
Day 28–60	Conveyancer runs title searches, calculates adjustments, prepares transfer documents.
Day 30 / 60 / 90	Settlement day. Funds released, title transfers, keys released to you.

What happens on settlement day

1. Pre-settlement inspection, you visit the property in the morning to confirm it's in the same condition as when you signed and any inclusions (dishwasher, fixtures) are still there
2. Funds aggregation, your lender prepares the loan funds, your conveyancer prepares your cash contribution
3. PEXA workspace, both conveyancers sign off in the PEXA platform at the agreed time
4. Settlement completion, funds move, title transfer is lodged, you become the registered owner
5. Keys released, the selling agent calls you to collect the keys, usually within an hour

What can go wrong

• Bank delay, funds not ready by settlement time. Triggers penalty interest, payable by the party at fault, often 7–10% per annum on the purchase price for each day late.
• Title issue surfaces late, an unexpected caveat, registered easement, or rate arrears. Settlement adjourns until resolved.
• Pre-settlement inspection issue, vendor removed an inclusion or damaged the property. Settlement can be delayed while adjustments are negotiated.
• Public holiday clash, settlement can't happen on a public holiday. Always check the calendar when picking a date.

Settlement vs exchange

In NSW and Victoria you'll hear "exchange of contracts" as a separate step. In SA contracts are signed and binding from the moment both parties sign, there's no separate exchange day. Cooling-off, deposit, and settlement run from the day you sign.

How to plan your settlement date

1. Open the SA Settlement Calendar
2. Enter the contract date and the settlement period (30, 60, or 90 days are common)
3. The tool flags weekends, public holidays, and the cooling-off deadline so you don't end up scheduled on a Saturday

Read more

• What does a conveyancer actually do?
• True cost of buying a house in Adelaide