What is the conveyancing process for buying a property?

Buying a commercial or residential property in NSW follows a clear legal process designed to protect the purchaser. It tends to follow the below steps:

1. Reviewing the contract of sale: Once you receive the contract, your conveyancing lawyer reviews it in detail and explains the terms, conditions, and any issues that could affect how you use the property, such as zoning rules, development limits, or unauthorised works.
2. Property searches: Your lawyer carries out a range of searches to uncover potential issues, including planning restrictions, land tax liabilities, heritage listings, or title concerns that may impact the property’s value or future use.
3. Obtaining finance: If you are buying with a mortgage, your lawyer works alongside your lender or broker to coordinate loan documents and ensure finance is in place ahead of settlement.
4. Exchange of contracts: Contracts are signed by both parties and exchanged, and the buyer pays a deposit. In most residential private treaty sales in NSW, a five-business-day cooling-off period applies.
5. Settlement: Settlement generally takes place around six weeks after exchange. At this point, the balance of the purchase price is paid, the title is transferred into your name, and you receive the keys to your new property.