The Conveyancing Timeline: What Actually Happens Between Signing and Settlement

"So what actually happens now?" The contract is signed. The excitement is real. Then, for the next six weeks, it can feel like nothing is happening while actually quite a lot is.

"Most people only see the beginning and the end. They sign the contract and they get the keys. Everything in the middle is largely invisible to them. That middle part is where a solicitor earns their fee."

Here is what that middle part actually looks like, starting with where the contract comes from in the first place.

Who Prepares the Contract?

Before any of this begins, someone has to prepare the contract for sale, and that falls to the vendor's side, the vendor being the person selling the property. A real estate agent is not permitted to list a residential property for sale until that contract is in place, with all of the prescribed documents attached.

Once the property is on the market, a prospective buyer receives the contract from the agent, makes their initial due diligence enquiries, and then brings it to their solicitor to review before exchange.

People often assume the contract simply appears, but it has to be prepared properly before a property can even be advertised. By the time a buyer is looking at it, a lot of groundwork has already been done, and the buyer's job, with their solicitor, is to understand exactly what is in it before they commit.

Before You Even Exchange

A significant amount of work happens before contracts are formally exchanged, and this is the stage where having a solicitor review the contract can make a genuine difference.

Before exchange, your solicitor will review the contract in full, explain what you are actually agreeing to, identify any unusual conditions or risks, and negotiate changes where needed. They will also advise you on your cooling-off rights and make sure the timing aligns with your finance approval.

It is common, and completely understandable, for buyers to tell the agent they want to proceed before a solicitor has looked at the contract. The better approach is to have the contract reviewed before you commit, even informally, so you know exactly what you are agreeing to.

Exchange of Contracts

Exchange is the moment the transaction becomes legally binding. The vendor signs one copy, the buyer signs another, and the two are formally exchanged and dated.

From that point, the deposit is payable and both parties are committed to completing the transaction. In most residential purchases in NSW, buyers have a five-business-day cooling-off period, unless it is waived. If you are buying at auction, there is no cooling-off period at all.

The date of exchange sets every subsequent deadline, including the settlement date.

Property Searches

Once contracts are exchanged, your solicitor conducts a series of searches through government and council records. These cover zoning certificates, title searches, drainage diagrams, land tax clearance and outstanding rates.

The purpose is to make sure nothing unexpected affects the property (easements, restrictions on use, outstanding charges) before settlement locks everything in.

Search results are not exciting reading, but they are how we make sure there are no surprises waiting for you after you own the property.

The Six Weeks Between Exchange and Settlement

The standard settlement period in NSW is 42 days from exchange, though this can be negotiated. During this time, both solicitors are working behind the scenes: liaising with lenders, preparing transfer documents, confirming financial adjustments for rates and outgoings, and coordinating the logistics of settlement.

This is also when your bank finalises the mortgage documentation. There is a lot of interdependency between the various parties, which is why managing the timeline matters.

Settlement Day

Settlement is the final legal act. The balance of the purchase price is paid, title transfers from the vendor to the buyer, and ownership is officially recorded with NSW Land Registry Services.

In NSW, settlements are now conducted electronically through secure online platforms. This has made the process faster and more reliable, but it still requires careful preparation and coordination to ensure everything is in order on the day.

"Settlement day is usually anticlimactic for our clients," Jamie-Lee says. "Which is exactly how it should be. If we have done our job well, it just happens."

After settlement, your solicitor ensures the transfer is registered and you are formally recorded as the new owner. Then you get the keys.

Dawson Pouwhare Legal & Conveyancing assists buyers and sellers across Lake Macquarie and the Hunter from offices in Cardiff and Morisset. To speak with our team before signing a contract, contact us on (02) 4954 8666.