Updated 3 November 2026
Contract for Sales - Seller’s Most Asked Questions #50: What should I do after selling my property?
What should I do immediately after selling my property?
After settlement is confirmed, check your sale proceeds and mortgage payout, complete the agreed handover, update personal accounts and retain the transaction records. Arrange tax advice and follow up any obligations that continue after completion. Signing a contract is an earlier stage: it does not mean settlement has already occurred.
- Obtain written confirmation of successful settlement from your lawyer or conveyancer.
- Reconcile the final statement with the money received.
- Release keys through the agreed process and complete any outstanding handover tasks.
- Diary tax, payment and contractual deadlines instead of treating the file as finished.
Should my mortgage already be discharged at settlement?
Mortgage payout and the documents needed to discharge the mortgage are ordinarily arranged for settlement, rather than left for the seller to organise afterwards. Your lawyer coordinates with the lender before completion. Afterwards, confirm the payout, loan balance and registration outcome, particularly if the loan also secured other properties or facilities.
The Law Society’s settlement guidance explains that the lender generally receives its payment from settlement funds. Keep the lender’s final statement and ask about any remaining account or guarantee. A loan balance reaching zero and registration of a mortgage discharge are distinct matters; obtain confirmation of both where applicable.
How do I confirm the transfer and sale proceeds are correct?
Ask for your final settlement statement and confirmation that the transaction completed. Electronic settlement distributes funds and lodges documents for examination and registration; these are related but distinct steps. Query any outstanding registration request promptly and compare your net proceeds with the agreed payment directions, deductions and agent’s final account.
NSW Government settlement guidance explains the electronic process. Check the deposit, commission, mortgage payout and other deductions without counting the deposit twice. Independently verify any changed bank details using a trusted telephone number. Scamwatch warns that convincing emails, including existing message threads, can contain fraudulent payment instructions.
When should I hand over keys and leave the property?
Arrange release of keys after your representative confirms actual settlement, unless a properly documented agreement provides otherwise. If the contract requires vacant possession, occupants and belongings must be removed as required. A sale subject to an existing tenancy has different handover arrangements and does not itself bring the tenancy to an end.
Provide all keys, remotes and access devices through the agent or agreed recipient. Leave contractual inclusions in place and arrange transfer of relevant manuals and warranties. Deal separately with personal smart-device accounts. If you need to remain after settlement, obtain a written occupation agreement before completion, including insurance and payment arrangements.
How should I deal with rates, water bills and strata levies?
Check later bills against the settlement adjustments before paying them. Council rates, water charges and strata levies may already have been paid or apportioned between buyer and seller. Responsibility depends on the contract and the particular charge, so a bill arriving after settlement does not automatically mean it is yours to pay.
Send disputed or unexpected bills to your lawyer with the final statement. Sydney Water explains that conveyancing certificates identify outstanding charges and water usage is adjusted at settlement. Special levies and unusual charges need individual review. Keep evidence of payments so an account can be corrected without paying the same liability twice.
Who needs to be notified of the sale?
Arrange final readings and closure or transfer of electricity, gas, internet and other personal service accounts, and update your postal address. Confirm which ownership notices your representative has lodged. Property-related notifications do not automatically update every subscription, direct debit, bank record or government account that uses your former address.
Sydney Water normally transfers ownership records following NSW Land Registry Services notification and keeps services connected. Follow up any bill still addressed to you. Notify the strata manager or managing agent where relevant, redirect mail and update Revenue NSW land-tax details if the sale affects your account.
When can I cancel insurance on the property?
Keep appropriate insurance in place until completion is confirmed, and obtain advice before cancellation or early occupation arrangements. A scheduled settlement date is not proof that settlement happened. If completion is delayed, or you remain in the property afterwards, confirm the necessary cover with your insurer and lawyer.
Check building, contents, landlord and liability cover separately because they protect different risks. Strata building insurance does not necessarily cover your contents or personal liability. Ask whether the policy can be transferred or cancelled and whether a premium refund applies. Disclose any changed occupancy rather than assuming existing cover continues unchanged.
What tax should I consider after selling?
For an ordinary property sale under contract, the capital gains tax event generally occurs when the contract is entered into, rather than on settlement. Ask your accountant which return must include the sale and whether an exemption applies. Your taxable gain is not simply the cash remaining after mortgage repayment.
The ATO property guide explains the relevant records and calculations. A main-residence exemption may be affected by rental or business use, absences, land area and tax residency. Existing residential premises are generally input taxed for GST; development, new residential premises and commercial sales require separate assessment. Reserve funds for any expected tax.
What if tax was withheld from my sale proceeds?
For contracts entered from 1 January 2025, foreign-resident capital gains withholding generally applies at 15% with no property-value threshold. Each Australian tax-resident seller needs their own valid ATO clearance certificate at or before settlement to avoid withholding on their interest. The requirement can apply even when selling a family home.
If money was withheld, retain the payment information and ask your accountant about claiming the credit through the relevant tax return. It is not the final tax bill or an automatic immediate refund. The ATO withholding guidance is separate from NSW land-tax clearance; one certificate does not replace the other.
Does selling end my NSW land-tax obligations?
Selling during a year does not automatically reduce NSW land tax for that year on a daily basis. Liability generally follows taxable ownership at midnight on 31 December for the following year. Review any outstanding assessment, settlement payment and contractual adjustment, and update Revenue NSW rather than assuming registration resolves every tax issue.
Revenue NSW explains the calculation rules. Any agreement that the buyer contributes towards land tax is distinct from your liability to Revenue NSW. A land-tax charge on title should be addressed before or at settlement. If a notice arrives afterwards, check what was paid and obtain advice before ignoring it.
What records and continuing obligations should I keep track of?
Keep the contract, variations, settlement statements, lender records, invoices, valuations and relevant correspondence. Tax records generally need to be retained for at least five years after disposal, and sometimes longer. Preserve evidence relating to unresolved claims, retained funds or promises that continue after settlement, rather than deleting everything once payment arrives.
Under the 2026 standard contract, specified rights continue after completion and parties must take necessary steps to fulfil their contractual obligations. Your actual contract and special conditions control. Diary repair commitments and retention-release conditions. Refer buyer complaints promptly for advice; a complaint alone does not establish liability or the amount payable.
What does a real case show about claims after completion?
In 85 Princess Pty Ltd v Fleming [2025] NSWCA 261, the NSW Court of Appeal considered claims arising after an ACT industrial property sale. The vendor company’s director had given personal warranties about building work. The case demonstrates that agreed warranties can remain relevant after completion, while compensation still requires proper supporting evidence.
The buyer’s claim exceeding $5.3 million to replace a concrete slab failed. The Court dismissed the appeal against $100 nominal damages because replacement was unreasonable in the circumstances and the appropriate alternative loss had not been proved. This concerned specific commercial warranties, not a general obligation for every residential seller to repair defects after settlement.
Should I review my will and plans for the proceeds?
Review your estate plan when a property sale materially changes your assets, especially if your will specifically identifies that property. Ask how the sale affects the intended gift and whether an update is needed. Before committing the proceeds elsewhere, allow for remaining tax, contractual commitments and the costs of your next home.
Keep a secure copy of the sale file and tell your lawyer where continuing obligations stand. Obtain financial advice suited to your plans where needed. Contact Christine Manolakos and CM Lawyers to review your sale documents, resolve outstanding legal issues and check whether your will still reflects your intentions.
General information only, current at 3 November 2026. Have a lawyer check your circumstances, transaction documents and proposed action before relying on this guide.
Key resources
NSW Government settlement guidance — electronic settlement, lodgment and confirmation.
Law Society guidance on finalising a sale — mortgage payout and settlement adjustments.
2026 standard contract sample — contractual obligations, including rights continuing after completion.
Sydney Water guidance for sellers — account transfer, usage adjustments and later bills.
ATO property and CGT guide and main-residence guide — tax timing, exemptions and records.
ATO withholding guidance — clearance certificates, withholding and tax-return credits.
Revenue NSW land-tax clearance, calculation and account updates — distinguish settlement clearance from ongoing tax administration.
85 Princess Pty Ltd v Fleming [2025] NSWCA 261 — warranties, proof of loss and remedies after a commercial sale.
Scamwatch payment-redirection guidance — verify changed payment details through an independent channel.
CM Lawyers — Selling a property — contract preparation and conveyancing for NSW sellers.
