What is the conveyancing process for selling a property?

Selling a property in NSW involves a series of legal steps that start before your home is even listed and continue through to settlement, when the sale is finalised, and ownership is transferred to the buyer.

General stages include:

1. Prepare the contract of sale: Your lawyer prepares legal documents such as the contract of sale and required disclosures so that everything is ready before buyers start inspecting the property.
2. Negotiating with buyers: When a buyer shows interest, your lawyer handles any questions or proposed changes to the contract, helping avoid misunderstandings or last-minute surprises.
3. Exchange of contracts: Once both parties sign and exchange contracts, the property sale becomes legally binding, and the buyer pays their deposit. At this stage, you are committed to the sale.
4. Clearing existing liabilities: On settlement, your lawyer takes care of paying out any existing mortgage or encumbrances on the property so the title can transfer cleanly.
5. Settlement: On settlement day, the remaining funds are received, property ownership is transferred to the buyer, and the sale is officially complete.