Pre-settlement inspections
Make sure you always make a final inspection of the property you are purchasing prior to settlement. With the contract in hand, go over the the property closely to make sure any agreements made during negotiation have been met. This should be done regardless if you are purchashing a pre-existing home or a new home from a builder, and don't be afraid to ask as many questions as you need. Anything that hasn't been done may be your responsibility after settlement!

Settlement
Settlement is the process of the transfer of money and title between the seller and buyer (or, more likely, the buyer's bank- and then the mortgage payments begin). The buyer will recieve the keys to the house and the seller receives payment. This is also the time where deeds, loan papers, and other documentation as required is signed and completed.

It can also be a very costly time, with fees and costs including everything from stamp duty, insurance (for the property and mortgage), bank and establishment fees, valuation fees, title registration and fees involved with the use of a solictor and/or a conveyancer. These should be researched and  budgeted for accordingly.

It is very common for settlement to be delayed, for reasons that are sometimes unavoidable. It is worth having a backup plan for alternate accomodation and if it is extremely important you are in the property by a certain date discuss this during negotiation and allow for possible delays when deciding a date for settlement.