Settlement Preparation Quiz

What Happens Between Offer Acceptance and Settlement

Once your offer is accepted, several key steps happen before you officially own the property:

• Lawyer – Reviews the sale and purchase agreement, prepares settlement documents, and coordinates with all parties.

• Lender – Finalises mortgage approval, arranges funds transfer, and may perform a valuation of the property.

• Insurance – Ensures your new home is covered from settlement day; some lenders require proof of insurance before releasing funds.

• Other tasks – Organising utilities, confirming council rates, and scheduling movers.

Settlement Day Checklist

Use this checklist to make sure everything is ready before settlement day:

• Funds transferred and confirmed with your lawyer/lender.

• Final property inspection completed.

• Insurance in place for building and contents.

• Utilities arranged or ready to transfer.

• Key handover confirmed with the seller or agent.

NZ Settlement Timeline Explained

• Standard settlement period: Usually 20–30 working days after unconditional acceptance, but can vary.

• Key deadlines:

  • Condition removal (if applicable)

  • Finance approval finalisation

  • Final inspection

  • Transfer of title

• Knowing the timeline helps avoid delays and stress.

Avoid These Last-Minute Surprises

• Insurance not active on settlement day – lender may not release funds.

• Utilities not arranged – no power, water, or internet on move-in day.

• Outstanding rates or council charges – may delay settlement.

• Missing documentation – double-check your lawyer has everything they need.