Settlement Date is the date the Purchaser takes possession of the Property and a specific date is usually referred to in the Contract of Sale.
A convenient time of day is agreed to by all parties involved in the matter (Purchasers representative, Vendors representative, incoming Mortgagee and Discharging Mortgagee) who will attend a nominated location (usually the bank of the discharging Mortgagee) at a specific time to effect settlement.
It is not usual for a Purchaser or Vendor to attend their own settlement.
At settlement, funds by way of Bank Cheques are handed to the Vendors representative for inspection. The direction of these cheques and the amounts will have already been advised to the Purchasers representative in writing.
Documents required to Transfer the property out of the Vendors name and into the Purchasers name are handed to the Purchasers representative and incoming Mortgagee for inspection.
Once good title has been established and all parties are satisfied, settlement is deemed to have been effected. Both the Vendor and Purchaser will then be contacted by telephone to be advised settlement has occurred.