The moment your contract goes unconditional is the point of no return: the deal is binding, your conditions are satisfied or waived, and the property is as good as yours. But it is not yours yet. The period between going unconditional and settlement is a busy, deadline-driven stretch where several things have to come together, and knowing what happens protects you from a last-minute problem.
What going unconditional actually means
A contract goes unconditional once all its conditions, typically finance and building and pest, have been met or removed, leaving an unconditional obligation on both sides to complete the sale. From this point you cannot walk away without serious consequences; your deposit and more are at risk if you fail to settle.
Your finance moves to the final stage
With the contract unconditional, your lender completes the final steps to have the loan ready for settlement. Even where finance was approved, the bank finalises its formal loan documents, you sign and return your mortgage paperwork, and the lender prepares to advance the funds on settlement day. Sign and return your loan documents promptly, because a delay here can hold up the whole settlement.
The final inspection
Shortly before settlement, usually in the days just before, you have the right to a final inspection of the property. The purpose is to confirm the property is in the same condition it was when you signed, that any items included in the sale are still there, and that nothing has been damaged or removed. This is your last chance to raise an issue before the money changes hands.
Settlement day
Settlement is the day it all completes. The balance of the purchase price is paid, the loan funds are advanced, ownership transfers to you, and you receive the keys. Most settlements now happen electronically, with your conveyancer, the seller's representative and both banks completing the transfer through an online platform at the agreed time.
JSC Property Investments manages the process from offer to keys, so nothing slips through the cracks. Book a Kickoff Call with our team and buy with someone in your corner the whole way through.