Property experts have identified the busiest day for settlements, with more than 70 per cent of conveyancing professionals stating the last day of the working week attracts the largest number of transactions.

GlobalX’s annual Law Technology Survey found Monday was second on the list, with 12.5 per cent of respondents nominating it as their busiest day, with Wednesday the quietest of the week.

GlobalX CEO Peter Maloney said buyer preferences to move on a weekend often drove the high volume of Friday settlements, with families, couples and new owners picking up the house keys on a Friday and moving the following day.

“Savvy buyers should plan carefully and make informed decisions to negate potential risk,” Mr Maloney said.

“In my experience, settlement errors often come down to small details, so minimising unnecessary risks by utilising available technologies such as electronic conveyancing (PEXA) will ensure everything goes to plan.”

Buyers can face many challenges on settlement day, including incomplete documents, banking complications and issues with final inspections.

Melbourne architect Lachlan McArdle, whose South Yarra property settlement fell over at the last minute due an issue with the bank, knows the frustration of delay.

“We were scheduled to settle on the Friday and move the following day, so not only was it stressful when we were told there was an issue, we had to renegotiate our moving dates with the sellers and wait over the weekend for an update on the settlement,” he said.

“Had we have known the risks, we’d have requested our settlement be earlier in the week – like Tuesday – so that should anything go wrong, like it did, we would have some wiggle room to resolve any issues before the weekend.”

Currently, one in five settlements are delayed due to human error.

“Traditional paper processes have flaws – a missing signature can derail a settlement – so the move to digital conveyancing guarantees a smooth handover and peace of mind for both parties,” Mr Maloney said.

“For those still preferring traditional conveyancing processes, consider settling on a quieter day, so if a mistake does occur, issues can be resolved on the day to prevent further delays.”

Mr Maloney said the biggest issue with the current process was that it required lots of unnecessary paperwork, making it easy to misplace a crucial document. He said a lack of understanding of digital alternatives meant most buyers were hesitant to opt for a newer system they did not know.

“Digital solutions – such as electronic conveyancing (PEXA) – simplify the process for property professionals and consumers alike, yet not all conveyancers are using this technology or recommending it to their clients,” he said.

“The sooner we move to a streamlined, digitised system, the less processing errors will occur. But, in the meantime, people should be totally prepared for Friday settlements where possible to avoid unnecessary stress.”