Settlement is the day that you pay for the property and, normally, take possession. Prior to settlement, you need to do a pre-settlement inspection to check that the property is still in the same condition as it was when you first inspected and that there are no missing or damaged chattels.
You also need to provide your lawyer with your cash contribution to the purchase (if there is one).
On settlement day, your lawyer will collect any mortgage advance from your lender and, provided the seller’s lawyer is ready to settle, pay over the amount required to settle and finalise transfer of the title to you.
If the sale is through a real estate agent, the keys will be made available from the real estate agent for you to collect as soon as settlement is completed. As everything is normally organised before the settlement day you normally won’t need to see your lawyer on that day. You’ll be busy enough just moving!