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There are two important dates in the house buying process: the contract date and the settlement date. Contract date is the date when the vendor have signed a contract of sale or a contract note. In most contracts the house price is split in 2 parts, first the buyer pays the deposit (5 - 10 percent of the house price) and the remaining amount is paid on the settlement date. Settlement date is the day when buyer, having paid the rest of the house price, receives the keys to his home. It sounds simple, but many things need to be arranged in advance to make sure settlement goes through smoothly. Let’s start with how the buyer pays the money. Most people hire a conveyancer to handle the transfer of property from seller to buyer and the conveyancer does most of the job - but it helps if the buyer understands the whole process in details.A day or two before the settlement date buyer’s conveyancer receives from the vendor’s conveyancer details of how the money will be paid - how many cheques buyer should prepare, the amounts and names on the cheques.