Exchange occurs when the buyer and seller exchange signed contracts. This legally completes the process of sale, and the agreement becomes binding. At the time of exchange, the buyer will be required to pay a deposit. Settlement is the date on which the title is transferred from seller to buyer. The buyer’s lawyer or conveyancer will meet with the seller’s lawyer or conveyancer and representatives from the buyer’s and seller’s banks. The remainder of the sale price must be paid, documents for title property are transferred and the buyer becomes the legal owner of the property.