Conveyancing Explained: What to Expect From Contract to Settlement

Whether you are buying your first home or selling an investment property, the legal process that transfers ownership from one party to another is called conveyancing. It can feel complex, but understanding the key stages helps you stay informed and avoid surprises along the way.

What is conveyancing?

Conveyancing is the legal process of transferring property ownership from a seller to a buyer. In Australia, this process is handled by a solicitor or licensed conveyancer who ensures all legal requirements are met, searches are completed and the transaction settles correctly. It covers everything from reviewing the contract of sale through to the final settlement where keys are handed over and funds are exchanged.

Stage 1: Contract review and exchange

Before you sign anything, your solicitor or conveyancer should review the contract of sale. They will check for unusual conditions, identify any risks (such as easements, zoning restrictions or outstanding orders) and explain your rights and obligations. Once both parties are satisfied, contracts are exchanged and the cooling-off period begins (in NSW, this is typically five business days for private treaty sales).

Stage 2: Searches and due diligence

Your conveyancer will conduct a series of searches to verify the property's legal status. These typically include title searches, council and water rate checks, planning certificates, drainage diagrams and strata reports (for units). These searches can reveal issues that may affect your decision to proceed or your negotiating position.

Stage 3: Finance and conditions

If your purchase is subject to finance approval, this is the period where your lender completes their assessment and issues formal approval. Your mortgage broker will coordinate with the lender to ensure everything is in order. Any other conditions in the contract (such as building and pest inspections) also need to be satisfied during this time.

Stage 4: Pre-settlement

In the days leading up to settlement, your conveyancer will prepare settlement statements, coordinate with the other party's legal team and ensure all financial adjustments (rates, water, strata levies) are calculated correctly. You will also have the opportunity to do a final inspection of the property to confirm it is in the agreed condition.

Stage 5: Settlement day

On settlement day, the legal representatives for both parties (and the lenders, if applicable) exchange documents and funds electronically through the PEXA platform. Once settlement is confirmed, the buyer receives the keys and the property officially changes hands. Your conveyancer will notify you as soon as settlement is complete.

How long does it take?

In NSW, the standard settlement period is six weeks (42 days) from exchange of contracts, although this can be negotiated. Some transactions settle in as little as 21 days, while others may take longer depending on the complexity of the deal. Your conveyancer and mortgage broker will work together to ensure everything aligns with the agreed timeline.

Why professional legal support matters

Property transactions involve significant sums of money and complex legal obligations. Having an experienced solicitor or conveyancer on your side protects your interests, ensures compliance with all legal requirements and gives you confidence that the process is being handled correctly. At New Vision Legal, we work closely with the finance and real estate teams across the New Vision Group to deliver a coordinated, seamless experience for every client.