Between unconditional and settlement day
Once all conditions are satisfied and the agreement is unconditional, your lawyer finalises the legal and financial groundwork, confirming your finance is ready to draw down, preparing the transfer documents, and organising for the purchase price to be ready in trust. It’s worth arranging insurance to start from settlement day, and doing a final walk-through shortly before settlement to check the property’s condition matches what you agreed to buy.
What actually happens on settlement day
Your lawyer and the seller’s lawyer exchange funds and the transfer of title through their trust accounts. Once your lawyer confirms the seller’s lawyer has received the funds, you’re generally cleared to collect the keys, often through the real estate agent. Settlement can sometimes run later in the day than people expect, particularly if there are multiple settlements happening in a chain, so it’s sensible not to book removalists for the very first available slot.
Moving in
Practical basics: redirect your mail, transfer or set up power, water and internet from settlement day, update your address with your bank, IRD and anywhere else that needs it, and check the property against the chattels list in your agreement as you unpack.
If something’s wrong when you get the keys
If the property isn’t left in the condition agreed, or agreed chattels are missing, talk to your lawyer first, they can raise it directly with the seller’s lawyer, often resolved through the settlement funds if it’s a genuine, provable issue. For concerns about how an agent conducted the sale, the Real Estate Authority and its Complaints Assessment Committees are the relevant body.