KEY TAKEAWAYS: Your lender or mortgage broker arranges finance, but they do not manage the legal side of settlement. A conveyancer is responsible for coordinating settlement, including contracts, adjustments, stamp duty, and title transfer. Many settlement delays occur due to legal or administrative issues, not loan approval. Engaging a conveyancer early helps avoid missed deadlines, penalties, and settlement stress. When buying or selling property, settlement day is the finish line everyone wants to reach smoothly. But many buyers enter the process with a common, and often risky, misconception: “My lender or mortgage broker will take care of everything at settlement.” While lenders and brokers play critical roles in the finance side of a property transaction, they are not responsible for many key tasks required to legally transfer ownership. Failing to understand this can lead to delays, extra costs, or even a failed settlement. Let’s break down what your lender or broker does do, what they don’t, and why your conveyancer remains essential throughout the process. What Your Lender or Broker Does Handle Lenders and brokers focus on one thing: arranging your home loan. Their responsibilities typically include: Assessing your borrowing capacity Submitting and managing your loan application Preparing loan documents for you to sign Organising the drawdown of funds for settlement (once instructed) Communicating with your conveyancer about payout figures or loan amounts In short, they provide the funds and confirm they are ready for settlement, but they don’t manage the legal or administrative elements that make the transfer possible. What Your Lender or Broker Does NOT Handle This is the part many buyers don’t realise. Your lender/broker does not: Review or advise you on the contract of sale Conduct title or property searches Organise stamp duty assessment or payment Prepare or verify settlement adjustments (rates, water, strata, land tax, etc.) Ensure all contract conditions are met (e.g., special conditions, building/pest, finance clauses) Communicate with the seller’s conveyancer Prepare transfer documents Lodge documents with the Land Registry Fix contract issues or negotiate with the seller Ensure you meet deadlines (other than those relating to your loan application) These functions sit squarely with your conveyancer. Where Delays Usually Happen Buyers often assume settlement can’t proceed simply because the lender isn’t ready. While this is sometimes true, delays also happen because of: Incorrect name details on the contract or loan Unpaid rates or outstanding adjustments Late stamp duty payments Miscommunication between parties Missing verification of identity (VOI) Unmet contract conditions And your lender cannot fix these issues for you, your conveyancer can. Why Your Conveyancer is the Real Coordinator of Settlement Think of your conveyancer as the project manager of your property transaction. They are responsible for: Reviewing your contract and explaining your rights Advising on legal risks and obligations Managing crucial timelines Preparing and lodging legal documents Completing settlement adjustments Coordinating with all parties (including your lender) Ensuring funds, documents, and certifications all line up correctly Lodging the transfer so the property legally becomes yours Your conveyancer makes settlement happen, not your lender. Why This Misconception Matters Believing “the lender will take care of it” causes many buyers to: Delay hiring a conveyancer Miss key contract dates Fail to understand their obligations Overlook important documents Ignore emails from their conveyancer because they think the lender is handling things This misunderstanding can create stress, financial penalties, or even a breach of contract. So, What Should Buyers Do? To avoid confusion and ensure a smooth settlement: ✔ Hire a conveyancer early, ideally before signing the contract ✔ Keep communication clear between your conveyancer, lender, and broker ✔ Complete requested documents quickly ✔ Ask questions when unsure ✔ Understand your responsibilities, not just your lender’s Final Thoughts Your lender or broker is an important part of the settlement puzzle, but they’re not the whole picture. They handle the financing. Your conveyancer handles everything else needed to legally transfer the property into your name. Understanding the difference helps avoid settlement stress and ensures you’re fully prepared when the big day arrives. Buying or selling property and want a smooth settlement? The experienced Conveyancing team at Coutts Lawyers & Conveyancers can guide you from contract review through to settlement, ensuring deadlines are met and issues are resolved before they become costly problems. 📞 Contact us on 1300 COUTTS to speak with a property law expert today. ABOUT CHRISTINE BASSETT: Christine is a Licensed Conveyancer and Justice of the Peace at Coutts’ Narellan office. Since joining Coutts Lawyers & Conveyancers in 2013, Christine quickly immersed her interest in the property and has since completed studies of Conveyancing Law and Practice at Macquarie University; and is accredited with the Australian Institute of Conveyancers NSW. For further information please don’t hesitate to contact: Christine Bassett Licensed Conveyancer & JP info@couttslegal.com.au 1300 268 887 Contact Coutts today. This blog is merely general and non specific information on the subject matter and is not and should not be considered or relied on as legal advice. Coutts is not responsible for any cost, expense, loss or liability whatsoever in relation to this blog, including all or any reliance on this blog or use or application of this blog by you. Contact Us