Settlement Prior to the settlement, the buyer may wish to inspect the condition of the property at any reasonable time before the settlement date. Make appropriate arrangements for this to happen as it is a way of confirming that the property is in the same condition as it was when the contract was signed. This is usually a condition of sale. On the day of settlement the balance of the purchase price is paid in exchange for the title to the property. And, unless otherwise agreed, the buyer will take possession of the property on the day of settlement.