What Happens After Settlement? Your Obligations and What to Expect in Victoria

/

Congratulations—Settlement Is Complete. Now What?

Settlement is the moment your purchase becomes final—but it’s not the end of the process. At Victorian Property Settlements, we ensure the transaction is completed properly, but there are a few final things every buyer should be aware of after the big day.

Here’s what happens after settlement—and what you’re responsible for next.

1. Title Transfer and Registration

Once settlement occurs:

  • The transfer of land is lodged with Land Use Victoria (or through PEXA electronically)

  • You (or your lender, if there’s a mortgage) are registered as the new owner

  • A Notice of Acquisition is automatically sent to relevant authorities:

    • Council

    • Water authority

    • State Revenue Office

There’s nothing more you need to do unless you later change your postal address.

2. You Now Have Access to the Property

You’re entitled to the keys and physical possession immediately after settlement.

  • If the property was sold with vacant possession, the vendor must be gone

  • If the property is tenanted, you assume the role of landlord

We strongly recommend a final inspection on the morning of settlement. If anything’s left behind, damaged, or not as expected, contact us before settlement is completed.

3. Final Adjustments and Utilities

Your Statement of Adjustments ensures you’re paying only your share of:

  • Council rates

  • Water usage and service charges

  • Owners corporation fees (if applicable)

These are calculated to the day of settlement. The vendor pays for their share; you pick up from there.

You will need to:

  • Open new utility accounts in your name (electricity, gas, internet)

  • Check meter readings if they are not automatic

  • Ensure mail redirection is set up if required

4. Insurance Is Now Your Responsibility

If you’re buying a house, we recommend you:

  • Have building insurance in place before settlement

  • Check your policy now that the property is officially yours

For apartments and units, the owners corporation policy usually covers the structure—but you’ll still need contents insurance.

5. Land Tax and Other Notices

While most residential buyers won’t need to worry about land tax (especially under recent law changes prohibiting most adjustments), any notice issued after settlement will be sent to you directly.

Your Notice of Acquisition ensures the SRO and council know where to send future rates and notices.

6. What If You Discover an Issue After Settlement?

If something goes wrong after settlement (e.g., damage not seen at final inspection, unauthorised works, or outstanding vendor obligations), notify us immediately.

Options may include:

  • Holding funds if applicable (e.g., for delayed vacant possession)

  • Correspondence to the vendor’s representative

  • Further action depending on what the contract provided for

But once settlement is final, recovery becomes more difficult—so early inspections and documentation are key.

7. How We Finalise the File at Victorian Property Settlements

After settlement, we:

  • Confirm registration of title has occurred

  • Close the file securely after reconciling trust funds

  • Provide you with a final letter and documents for your records

We retain your records under regulatory requirements, and you’re always welcome to reach out if you need a copy in the future.

David Dawn’s Advice on What Happens Next

“Most people think it’s all over at settlement—but the next 30 days are critical. From insurance and rates to final inspections and title registration, don’t drop the ball now.”

At Victorian Property Settlements, we walk you through to the finish line—and beyond. We don’t disappear after the handshake.

Need Trusted Post-Settlement Support?

Victorian Property Settlements – Trusted for over 25 years by Victorian buyers and sellers.
📍 Frankston | 📞 03 9783 0111 | ✉️ david@quick32.com
🌐 www.victorianpropertysettlements.com.au