Settlement refers to the date upon which the transferral of all monies and documents pertaining to the property are transferred, including the title and thus the ownership of the property to that of the purchaser.

Do I have to attend settlement?

The settlement date is agreed upon by all parties involved, and the time of settlement will usually be stipulated in the Contract of Sale. Neither vendors nor purchasers need attend the actual settlement itself, as that will be attended to by their conveyancers and a representative of their bank or other lending institution. The vendors and purchasers will be informed once settlement has occurred.