The settlement process involves the legal and financial processes for transferring property ownership from the seller to the buyer. This usually takes place six weeks (or 42 days) after the contract has been signed, but the time frame can vary based on the terms of the contract. During the settlement process, your conveyancer will ensure the following: All charges on the property have been cleared. Any outstanding rates or taxes have been paid. The balance of the purchase price is paid to the seller.