Knowing what to expect during each phase can help you stay informed, avoid delays and work more efficiently with your conveyancer. Whether you’re a first-time buyer or an experienced investor, understanding the timeline of the conveyancing process will give you more confidence in your property dealings.
What Is Conveyancing?
Conveyancing refers to the legal process of transferring ownership of property from one party to another. It starts when an offer is accepted and ends at settlement, when the buyer officially becomes the new owner.
A licensed conveyancer or solicitor typically manages the process. Their job is to ensure that all legal requirements are met, contracts are reviewed properly, and all funds are transferred securely. In Australia, the timeline and procedures may vary slightly between states, but the core steps remain consistent.
Pre-Contract Stage
The conveyancing process begins as soon as a buyer makes a successful offer on a property. At this point, the seller’s conveyancer prepares the Contract of Sale and Vendor Statement (also known as Section 32 in Victoria), which provides key information about the property, including title details, zoning, rates and any existing issues.
Meanwhile, the buyer’s conveyancer begins checking these documents for accuracy and risk. They will advise on any unusual terms or red flags and conduct searches on the property to confirm that it is free of encumbrances like caveats or easements. This stage typically takes one to two weeks, depending on how quickly the documents are prepared and reviewed.
Contract Exchange
Once both parties are satisfied with the terms, the contracts are signed and exchanged. At this point, the buyer usually pays a deposit (commonly 10 percent of the purchase price).
In some states, there is a cooling-off period after signing, during which the buyer can withdraw from the contract with minimal penalty. However, this does not apply to all sales, such as auctions, so it is important to confirm your rights based on local laws.
After contracts are exchanged, the sale becomes legally binding, and both parties begin preparing for settlement.
Pre-Settlement Checks and Arrangements
This stage involves various administrative and financial tasks. The buyer’s conveyancer will liaise with the mortgage lender to confirm finance approval and prepare necessary documentation.
Additional property searches may be conducted to confirm final rates, water usage and land tax details. These ensure there are no unpaid debts that could transfer with ownership.
At the same time, the seller’s conveyancer prepares for the discharge of the mortgage (if applicable) and ensures all obligations in the contract are met before settlement.
Both conveyancers will agree on a settlement date, typically four to six weeks after contract exchange. This timeline may vary depending on the complexity of the sale or the availability of finance.
Settlement Day
Settlement is the day when the property officially changes hands. The buyer’s conveyancer arranges payment of the remaining funds, and the seller receives the balance of the sale price.
At settlement, all legal documents are lodged with the relevant state authority to update the property title. This is usually done electronically through platforms such as PEXA, making the process faster and more secure.
Once the settlement is complete, the buyer can collect the keys and take possession of the property. Utilities and council rates will be transferred into the buyer’s name, and any adjustments for prepaid or outstanding charges are finalised.
Post-Settlement Wrap-Up
After settlement, the buyer’s conveyancer ensures that the transfer of title is recorded and that the mortgage (if applicable) is registered with the correct authority.
The seller’s conveyancer will confirm that the mortgage is discharged and that any remaining obligations from the contract have been met. Both parties receive final settlement statements for their records.
Although most of the legal work is complete by now, some follow-up may be needed to close out tasks like updating land registry details or confirming stamp duty payment with the relevant state revenue office.
How Long Does It All Take?
The total timeline for conveyancing typically ranges from six to eight weeks, depending on the property type, finance approval, and how efficiently documents are prepared and reviewed.
Delays can happen if there are problems with the title, issues uncovered in property searches or complications with finance. Working with an experienced conveyancer who communicates clearly and stays on top of deadlines can help keep the process on track.
Conveyancing is a detailed and legally important part of buying or selling property in Australia. From the initial offer to settlement day, the process involves contract review, risk management and coordination between multiple parties.
Understanding the timeline of a conveyancing process allows you to make informed decisions, respond to requests quickly and avoid unnecessary delays. With a qualified professional guiding you at each step, you can move through the process with greater ease and confidence.
Whether you are purchasing your dream home or selling an investment property, having a clear picture of the conveyancing process ensures a smoother and more successful transaction.
