The lead-up
Planning for settlement day
- Money: your lawyer will send you a settlement statement — confirm with your bank that loan drawdown and your contribution will land in your lawyer's trust account the day before settlement.
- Insurance: your house insurance must start from settlement day (your lender will insist on it — get the certificate of insurance to them early).
- Services: arrange power, internet and water for the new address from settlement day, and book the movers.
- Admin: redirect mail, update your address with the bank, IRD, NZTA, doctor and school.
The pre-settlement inspection
You're entitled to inspect shortly before settlement — use it. Check the place is in the same condition as when you signed:
- Agreed chattels present and working — run the dishwasher, test the heat pump and garage remote.
- No new damage from the vendor's move-out.
- Anything they agreed to fix or remove has been done.
- Keys, alarm codes and manuals accounted for.
Found a problem? Tell your lawyer immediately — before settlement, not after. They can negotiate a fix, a retention or compensation while you still have leverage. Once you've settled, sorting issues gets much harder.
Settlement day
Settlement happens between the lawyers. Yours pays the balance, ownership transfers on the title, and the agent releases the keys — usually by early-to-mid afternoon, though delays happen, so don't book the movers for 9am sharp.
- Possession is usually settlement day itself, unless the agreement says otherwise.
- If the other side delays, the agreement provides remedies — your lawyer handles that.
- Once you're in: check smoke alarms, find the toby and switchboard, change the alarm codes — and consider re-keying the locks.
This guide is general information, not legal or financial advice — always get independent advice from your lawyer. See also the Real Estate Authority's settled.govt.nz.