Settlement is the day the house becomes yours: the money moves, the title transfers and you get the keys. Most of the work happens in the weeks before, but the first month afterwards has its own list of things that are easy to forget. Utilities don't switch themselves over, insurance has to start on the right day, and the final inspection is the last chance to check the house is as agreed.

The timings below are typical. Your agreement, your lawyer and your lender set the actual dates, so treat this as a starting point.

Two to three weeks before settlement

  • Confirm the settlement date and time with your lawyer, and find out how the funds will be paid and where.
  • Arrange building and contents insurance to start from the settlement date, not later. Ask the insurer whether the cover needs the building report, a valuation or a particular sum insured.
  • Book movers for a time after the keys are handed over, and check their access arrangements if the building is unit-titled or has a lift.
  • Ask the seller for the utility readings on the day you settle, or ask your lawyer to arrange it. Water, power, gas and the phone or broadband all need their own readings and transfers.
  • Plan the final inspection. Most agreements allow a walk-through in the 24 to 48 hours before settlement. Use it to check that the house is in the same condition as when you signed, and that anything agreed (such as repairs or appliances staying) is done.

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The week of settlement

  • Do the final walk-through. Check the things agreed in the contract, including the appliances, light fittings and any fixtures that were meant to stay. Photograph anything that's damaged or missing before you settle, and tell your lawyer straight away.
  • Confirm your lender has the funds in place and that the mortgage documents are signed.
  • Check the keys and access. Ask how many sets there are, and whether there are garage remotes, alarm codes, gate codes or a letterbox key to collect.
  • Find the meter and the valve locations. Know where the water main, the power switch and the gas shut-off are before you need them.

Settlement day

Your lawyer will usually confirm when the funds have been received and the title has transferred, and the keys are released to you after that. It can take a few hours, so don't book the movers for the first available slot unless you've checked when you'll actually have the keys.

The first week

  • Transfer the utilities into your name and take the meter readings on the day. Keep a note of the readings in case there's a dispute later.
  • Update your address with your bank, your employer, IRD, your insurer and the post office if you're redirecting mail.
  • Change the locks if you don't know who has keys to the house. Your lawyer can tell you how many sets the seller handed over.
  • Check the rates account with your lawyer, so the rates are split correctly from settlement and you know who to pay.
  • Check the smoke alarms and the batteries. Replace any that are missing or old, and check you know how to test them.
  • Walk round the outside with your phone and take photos. A record of the roof, the gutters, the fences and the driveway helps if you need to claim on insurance later.

The first month

  • Get the warranties and manuals together. Find the appliance manuals, the warranty cards and any builder or roofing guarantees the seller left behind.
  • Check any building consents and compliance certificates that were on the LIM, and keep copies with the rest of the paperwork.
  • Find out about the local rubbish, recycling and green-waste collections and their days.
  • Book the first service for anything that matters: the heating system, the hot water cylinder, the roof, or the chimney if the house has a fire.
  • Set up a maintenance log, even a simple note on your phone. Date the work, who did it and what it cost. You'll need it at resale.

Keep the paperwork

Keep the signed agreement, the LIM, the building report, the title, your loan documents and the settlement statement together, in a digital folder and a paper copy if you can. You'll need them for insurance, for any future sale and for any dispute about the house.

OurHouse has a settlement checklist on each watchlist item. Once you enter your settlement date, each task is scheduled relative to it: giving notice on a rental about four weeks before, booking movers three weeks before, house insurance starting on the day, and the address update a week after. You can tick them off as you go and see what's still open in the final week.