Also known as completion, means the conclusion of the conveyance which normally occurs at a particular venue, on a particular date (normally the completion date specified on the contract for sale) and at a pre-booked time. Please note, physical settlement at a particular venue is not applicable under the new electronic conveyancing system which has recently been introduced in New South Wales. However, manual conveyancing or physical settlement is still available. For physical settlement, normally representatives or agents of both parties and their mortgagees, if any, attend the pre-booked venue to finalise the transaction mainly by the purchaser’s rep or agent handing over the cheques totalling the balance of the purchase price and the vendor’s rep or agent handing over the documents required by the purchaser to become the registered owner of the property. Please note, normally the purchaser collects the property keys from the vendor’s real estate agent after settlement.