pays the balance of the selling price. Adjustments are made for water and council rates, strata levies for units and any outstanding mortgages are paid out by the seller from the purchase price. The buyer becomes the legal owner of the property after settlement. The period between the exchange of contracts and settlement is usually four to six weeks, although either party may ask for a longer or shorter settlement period prior to exchange. Make sure the settlement period suits your needs. This will affect your move and the sale of your own property if you have one. Organizing a move into the property on the settlement day can sometimes be difficult, as there can be last minute issues that may delay settlement by hours or days. Ideally do not plan to move in on day of settlement. Case study Joe and Claire decided it was time to buy a home. They have two small children and their rental flat was now too small. Joe and Claire set aside time to discuss what they wanted and what was necessary and what would be great to have but not essential. They decided that they needed three bedrooms, two bathrooms and a level backyard. They wrote up a list of their requirements and then started checking newspapers ads, looked at some properties and the Internet to find out how much they could expect to pay for the home they wanted. When they had an idea of their price range they approached several