Buying a House — The Conveyancing Process in Australia

What is Conveyancing?

Conveyancing is the legal process of transferring ownership of property from one person to another. It covers everything from the signing of the contract to the settlement (when you officially become the owner and get the keys).

In Australia, conveyancing is regulated and can be done by:

• A licensed conveyancer (specialist in property transfers)
• A solicitor (lawyer who also handles conveyancing)

DIY conveyancing is technically possible in some states but is strongly discouraged — the risks are significant.

The Conveyancing Process — Step by Step

1. Pre-purchase due diligence
Before signing anything, consider:

• Building and pest inspection — essential for established properties
• Strata inspection report (for apartments/units) — reviews the body corporate finances and records
• Review the contract — your conveyancer reviews the contract for unusual conditions, encumbrances, or restrictions

2. Signing the Contract
The buyer and seller each sign their copy of the Contract for Sale. In most states, contracts are exchanged at the same time (physical or electronic exchange).

3. Cooling-Off Period
Most states provide a cooling-off period after signing:

• NSW: 5 business days
• VIC: 3 business days
• QLD: 5 business days
• SA: 2 business days
• ACT: 5 business days
• WA: No cooling-off period
• TAS: No cooling-off period
• NT: No cooling-off period

During cooling-off, you can withdraw from the contract but may forfeit a small percentage of the deposit (usually 0.25%).

Properties purchased at auction typically have no cooling-off period.

4. Deposit
The deposit (usually 10% of the purchase price) is paid on exchange, held in trust until settlement.

5. Finance Approval
If you have a finance condition, you must obtain formal loan approval from your lender within the specified timeframe (usually 14–21 days).

6. Pre-Settlement Inspections
You typically have the right to one or more pre-settlement inspections to ensure the property is in the same condition as when you contracted.

7. Settlement
On settlement day, your conveyancer:

• Arranges payment of the balance of the purchase price
• Arranges transfer of title (now mostly electronic in Australia via PEXA)
• Ensures all adjustments (rates, council, water) are calculated
• Registers the transfer with the land titles office

8. Keys
You get the keys on settlement day.

Common Issues and Pitfalls

• Finance falling through — ensure your finance clause is properly worded and your loan pre-approval is solid
• Building issues discovered after exchange — always get the inspection done before signing
• Strata issues — review the strata report carefully for pending special levies or major defects
• Title defects — your conveyancer searches for encumbrances, easements, and restrictions
• Settlement delays — be prepared for delays; ensure your finance allows for extension

Costs of Conveyancing

Conveyancing costs typically include:

• Professional fees: $800–$2,500 depending on complexity and state
• Search fees: $300–$800
• Registration fees: varies by state
• Stamp duty: varies significantly by state and purchase price — see our stamp duty guide