Contract Preparation Through to Settlement
All property transactions are unique. The most important consideration is that the draft contract is prepared completely and accurately.
Just one missing document can result in a future purchaser being able just walk away from a binding contract.
Our expertise ensures that this will never happen.
Step 1: Contract Preparation
In New South Wales it is a legal requirement that a contract is prepared before a property can be offered for sale.
We will obtain all necessary certificates for inclusion as well as drafting any specific clauses that may be required for your sale.
A copy of the draft contract will then be provided to you & your agent so that marketing can begin.
Step 2: Contract Negotiations
Our draft contracts are prepared without contentious provisions which only lead to unnecessary delays once a buyer is found.
We will promptly assist with the final contract negotiations and proceed to the exchange of contracts.
Step 3: Exchange of Contracts
At this stage, a final contract will be produced for signing. The purchaser will pay the deposit – typically 5% – 10%.
This is the time contracts become binding and settlement preparations can begin.
Step 4: Settlement
Once contracts have exchanged, we’ll continue to guide you through to settlement.
We will liaise with your real estate agent, purchaser’s conveyancer and your current lender to make the necessary arrangements.
Settlement will typically occur around 6 weeks after exchange. This is the day you will receive the full sale proceeds and possession of the property is handed over.
Frequently Asked Selling Questions?
When is the best time to engage a conveyancer when selling?
Engage us before your property is listed, ideally as soon as you’ve decided to sell. We’ll prepare a compliant contract and assemble all required documentation upfront, allowing buyers to exchange without delay and helping you avoid costly mistakes like gazumping.
What are “prescribed documents,” and why are they important?
These include zoning certificates, title searches, sewer diagrams, compliance certificates, and other legal disclosures. By law, contracts must include all applicable prescribed documents. If any are missing, buyers may rescind the contract within 14 days, even after exchange. We make sure your contract is fully compliant from the start.
Can I include special conditions in my contract?
Absolutely. If you have unique circumstances, such as tenants in place, fixtures you intend to keep, or special settlement timing, these can be built into the contract. We work with you to craft terms that protect your interests and reduce the risk of disputes later on.
How long does settlement usually take?
In New South Wales, settlement typically occurs about six weeks after exchange, unless special conditions apply. During this time, we coordinate with the buyer’s team and your lender (if applicable) to ensure access is arranged and key dates are met smoothly.
What if the buyer fails to settle on time?
If the buyer misses the settlement date, we can issue a Notice to Complete, giving them 14 days to settle. If they fail to do so, you can terminate the contract, potentially retain the deposit, and seek damages if applicable. We guide you through these steps with clarity and support.
Do I need insurance during the settlement period?
Yes. The property remains your responsibility, and at your risk, until settlement. You should keep your building insurance in place until settlement is complete, then we can help you claim a rebate for any unused portion of the premium.
How are strata levies and fees managed at settlement?
If your property is part of a strata scheme, both regular and any special levies must be apportioned between you and the buyer. We calculate accurate adjustments so each party pays their fair share based on the settlement date.
What should I do if my property is tenanted?
If it’s a rented property, ensure the lease ends before settlement. We assist in correctly serving the 30-day vacate notice (or negotiating end-of-lease terms), so you hand over a vacant property and avoid potential complications.
Can I offset capital gains tax (CGT) responsibilities if applicable?
If you’re selling an investment or non-primary residence, CGT may apply, sometimes with obligations that fall on the buyer. We work closely with your tax advisor to ensure required disclosures are made and you’re fully compliant.
How do cooling-off and rescission rights affect sellers?
In private treaty sales, buyers have a five-business-day cooling-off window and, if prescribed documents are missing, a 14-day rescission right (even after exchange). We help you structure timing and communications to protect your position while remaining transparent and fair.