Settlement is the day & time where the balance of the purchase price is paid to the vendor and the purchaser receives keys and title to the property.
In SA, it is usually four to six weeks from the signing of the contract that settlement takes place. The date can be negotiated between the vendor and purchaser and this date is then stated in the contract.
All settlement transactions in SA are now conducted online through an Electronic Conveyancing Platform known as PEXA.
The process is completed online by both the Vendor & Purchasers Conveyancers and the banks associated with each.
Settlement proceeds exchange hands and all necessary documents are lodged with the Land Titles Office.
Your Conveyancer will notify you as settlement is complete and provide you with a final settlement statement listing all fees, rate adjustments, incoming monies and deposits paid at settlement.