The settlement date is the date when the balance of purchase monies is paid to the Vendor and the Purchaser takes possession of the property. The settlement date, or a method to calculate the settlement date, is set out in the Contract of Sale. If the settlement date falls on a weekend or public holiday settlement will be due on the first business day after that date. On the settlement date the Vendor’s and Purchaser’s representatives, together with any incoming and outgoing mortgagees, arrange to meet at a convenient time and location. The purchase monies are handed to the Purchaser’s representative by way of bank cheques and the documents required to transfer the property from the Vendor to the Purchaser are handed to the Purchaser’s representative and then to the Purchaser’s mortgagee (if applicable). Once all parties are satisfied with the cheques and the documentation and good title has been established, settlement is deemed to have been effected. The Vendor and Purchaser and the selling agent are notified that settlement has taken place and the keys can then be released to the purchaser.