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Offer to settlement
The period between "offer accepted" and "keys in hand" is arguably the most important window of your purchase. For a lot of buyers, this is uncharted territory. The rules are many and various depending on which state or jurisdiction the Property is located.
| Stage | Typical timing | What you do | Main risk |
|---|---|---|---|
| 1. Offer & acceptance | Before exchange | Make a written offer; negotiate price, terms and any special conditions | An offer isn't binding until contracts are exchanged |
| 2. Contract exchange / signing | Day 0 | Sign and pay the deposit (0.25% up to 10%, depending on the state and terms) | You're now bound; cooling-off varies by state and doesn't apply at auction |
| 3. Conditional period | First ~2 weeks | Satisfy finance, building & pest and any compliance conditions by their dates | Miss a deadline and you can lose that exit (in VIC, silence is deemed satisfaction) |
| 4. Pre-settlement | Weeks before settlement | Searches, the final inspection, transfer duty, and PEXA set-up | Adverse search results, or unpaid rates to adjust at settlement |
| 5. Settlement | About 4–6 weeks from contract | Funds transfer via PEXA, title is registered, you collect the keys | Penalty interest or default if either side can't settle on time |
State-by-state at a glance
| QLD | NSW | VIC | |
|---|---|---|---|
| Contract Date (when the parties are bound by the Contract) | The date both parties have signed the Contract | Exchange of Contracts | The date both parties have signed the Contract |
| Cooling-Off Period Length | 5 business days from the day the Buyer receives a fully signed Contract | 5 business days from the Contract Date | 3 business days from the day the Buyer signs the Contract |
| Common Settlement Period | 30 days | 42 days | 30 - 60 days |
| Common Template Contract | Template contract by the Real Estate Institute of Queensland (REIQ) | Template contract by the Law Society of NSW | Template contract by Real Estate Institue of Victoria (REIV) / Law Institute Victoria (LIV) or Template contract by Australian Institute of Conveyancers – Victorian Division (AICVIC) |
Both parties sign. The clock starts on every condition period. The Initial deposit is due within a day or two; the balance deposit (usually 5-10%) falls due once unconditional. Get the signed contract to your conveyancer within 24 hours.
QLD has a statutory 5 business day cooling-off period from the day you receive the signed Contract. Terminate by written notice and the Seller keeps 0.25% of the purchase price from the deposit paid. It's a safety net, not a substitute for proper conditions.
Finance (Clause 4.1). Standard 14 days. Broker submits the application, lender valuation, then unconditional approval. Pre-approval isn't formal approval — it can fall over at valuation. If finance will be late, request an extension in writing before 5pm on the finance date.
Building and pest (Clause 4.2). Typically 7 to 14 days. Book the inspection; by 5pm on the inspection date tell the seller whether you're satisfied, want to negotiate, or terminate.
Miss these condition dates and the Seller can terminate the Contract.
Once all the conditions have been satisfied, the contract goes unconditional. From here you can't walk away without losing your full deposit (and exposure if the seller resells for less). Balance deposit falls due.
| Activity | Days | Owner |
|---|---|---|
| Cooling-off | Day 1–5 | You |
| Finance | Day 1–14 | Broker / Lender |
| Building & pest | Day 1–7/14 | You + inspector |
| Searches | Day 14–25 | Conveyancer |
| Final loan docs | Day 21–28 | Lender |
| Pre-settlement inspection | Day 28–29 | You |
| 🎉 Settlement | Day 30 | PEXA/Conveyancer |
| Day | What happens |
|---|---|
| DAY 0 | Contract formed |
| DAY 14 | Unconditional |
| DAY 30 | Settlement |
Based on a standard 30-day REIQ contract. Condition periods are negotiable. Push back if dates look tight.
Standard QLD search pack:
Your conveyancer also prepares the transfer form and provides you the transfer-duty documents to sign.
The lender sends formal mortgage documents. Read them, then sign and return. Most QLD settlement delays come from the bank not being ready.
You can inspect within 5 business days before settlement — most buyers do it the day before to minimise the gap.
Check inclusions are present, appliances work, no new damage, and agreed repairs are done. You're entitled to the property in the same condition as signing (fair wear and tear allowed). If something's wrong, ring your conveyancer immediately — they can hold a retention or delay settlement.
QLD settlement is fully electronic since 20 February 2023, on PEXA. Your conveyancer, the Seller's, and both lenders meet in a virtual workspace — you don't attend. Loan releases, seller's mortgage discharges, stamp duty and registration fees are paid, transfer lodges with Titles Queensland, title moves into your name (usually within minutes). The agent releases keys after settlement completes.
Council, water and body corporate update their records. Your conveyancer sends a settlement letter with statements breaking down every dollar.
It is common that NSW sellers do not accept the contract being conditional on the buyers obtaining final loan approval and satisfactory building and pest inspection reports. Buyers, therefore, must utilise the Cooling-Off period for this. If further time required, buyers can negotiate for a longer Cooling-Off Period. It is best to do this before signing the Contract as the Seller is not obliged to agree to extend the Cooling-Off Period.
In a competitive market, the Seller might even require the Cooling-Off Period be waived. This means before signing the Contract, the more of the below items you tick off, the better:
The common convention is the Buyer and Seller each signs a contract counterpart. The contract counterparts are then compared by the conveyancer to ensure the parties sign identical counterparts, then "swapped" and dated. The Buyer holds the Seller's signed Contract and the Seller holds the Buyer's signed Contract.
The NSW "gazumping" risk. Until exchange, the Seller is not legally bound to contract with you and can still accept a higher offer from another buyer. Move fast on contract review, finance and due diligence so that you are ready to sign the Contract when the Seller accepts your price offer.
The deposit must be paid on contract exchange. The conveyancer or agent do not usually effect exchange until the deposit has been received in the trust account of the deposit holder - usually the agent, but can be the Seller's conveyancer if preferred by the parties or no Agent is involved. The deposit in NSW is usually 10% of the purchase price. If requested, sellers commonly allow the deposit to be paid by installments:
If the Cooling-Off Period applies, the Seller can accept 0.25% of the price on exchange and the balance on expiry of the Cooling-Off Period.
The clock for the Cooling-Off Period and any conditions starts the next business day.
The Cooling-off Period starts from the day after Contract Date and ends at 5pm on the fifth business day. The Cooling-off Period does not apply if you bought at auction, or exchanged on the same day as a passed-in auction. The Cooling-off Period can be waived by providing to the Agent or Seller's solicitor a "Section 66W" certificate signed by your solicitor or licensed conveyancer — Sellers often demand this in a competitive market, in which case it's important to obtain finance and do inspections pre-exchange.
The Buyer can rescind the Contract for any reason, including changing of mind, rejected loan application, issues with the Building and Pest report or strata issues. Upon rescission, 0.25% of the purchase price is forfeited to the Seller and any deposit paid is refunded to the Buyer.
In a competitive market, sellers might demand buyers to waive the Cooling-Off Period as condition of accepting the buyer's offer. If accepted, it's best that the Buyer secures finance approval and do all due diligence pre-exchange. The Cooling-off Period can be waived by providing to the Agent or Seller's solicitor a "Section 66W" certificate signed by your solicitor/licensed conveyance.
You sign the loan documents, complete forms and provide required documents for transfer duty assessment. Your conveyancer sets about their tasks to get everything ready for setltement:
You can then transfer settlement funds to the required account.
Most NSW settlements take place on an electronic platform, most commonly PEXA. Your conveyancer, the seller's, your and the seller's banks prepare settlement documents and direct funds disbursements in an electronic workspace. Once everything is ready and the settlement time ticks over, funds are disbursed and title to the Property is transferred to you. Electronic settlement usually is completed between 30 - 60 minutes. Keys are released by the agent once settlement is confirmed.
Victoria sits between QLD and NSW. You're bound on signing (like QLD), cooling-off is shorter, and there's a unique pre-contract disclosure document the vendor must give you before you sign.
Before you sign — Section 32 Vendor Statement. Victorian law requires the seller to give you a Section 32 Vendor Statement before you sign the contract of sale. It discloses title details, mortgages, easements, planning and zoning information, rates, owners corporation details (for units/apartments), and known defects. Your conveyancer/lawyer reviews the Section 32 alongside the contract — issues found here can be a basis to renegotiate or walk away before you're bound.
Day 0 — Contract signed. Both parties sign the LIV/REIV contract of sale. Deposit (typically 10%) is paid, usually held in the agent's trust account until settlement.
Days 1–3 — Cooling-off.3 clear business days from the day you sign. You can withdraw by written notice and forfeit $100 or 0.2% of the purchase price, whichever is greater. Cooling-off does NOT apply if:
Days 1–30/60 — Conditions, searches, finance, loan docs. Standard VIC settlement is 30 to 60 days (commonly 60), negotiable in the contract. Your conveyancer/lawyer orders the standard searches (title, council, water, owners corporation, land tax). Your broker progresses formal approval.
Settlement. VIC settlements run on PEXA. Same mechanics as QLD and NSW — electronic, simultaneous, keys released through the agent once settlement is confirmed.
The VIC Section 32 trap. If the Section 32 is missing required information or is materially misleading, you may have rights to rescind even after signing. Don't sign without giving the Section 32 to your conveyancer or lawyer first.
| Actor | QLD: Tasks across 30 days | NSW: Tasks across 42 days | VIC: Tasks across 30 - 60 days |
|---|---|---|---|
| You | Sign + deposit (Day 1) · Book Building & Pest (Day 1–7) · Walk-through property (Day 28–29) | Before Day 0 - Before Contract Signing: • Inspect the Property • Get the Contract reviewed by your conveyancer • Apply for loan pre-approval (if you don't have a broker) • Order and review Building and Pest Inspection Report (house) or Strata/ Community Inspection Report (unit or property in a strata/community scheme) • Make other due diligence if required Day 0 - Contract Signing Date: • Sign the Contract • Pay the deposit Day 1 - 5 - Cooling-Off Period: • Instruct your conveyancer if you want to rescind under the Cooling-Off Period • Get loan final approval (if you don't have a broker) Day 5 - 42 - Settlement Prep: • Sign loan documents • Complete transfer duty form/s and exemption/concession applications, provide required documents • Send settlement funds into the required account in readiness for settlement Day 42: • If the Property is vacant: collect keys from Agent once settlement has taken place | Before Day 0: • Review the Section 32 Vendor Statement + contract with your conveyancer • Inspect the property; line up finance Day 0 — signing: • Sign the contract • Pay the deposit (usually 10%) Days 1–3 — cooling-off (3 clear business days): • Instruct your conveyancer if you want to withdraw Days 1–30/60 — settlement prep: • Sign loan documents; complete transfer duty forms • Send settlement funds to the required account Settlement: • Collect keys from the agent once settlement has taken place |
| Broker | Finance application + approval (Day 1–14) | Before Day 0 • Apply for loan pre-approval Day 1- 5: • Get loan final approval Day 6 - 42: • Ensure loan documents are issued timely to you and signed by you | Before Day 0: • Apply for loan pre-approval Days 1–30/60: • Progress formal approval • Ensure loan documents issue and are signed in time for settlement |
| Conveyancer | Contract review (Day 0–5) · Searches + condition mgmt (Day 1 -14) · settlement preparation (Day 15 - 29) · PEXA (Day 30) | Before Day 0: • Review Contract • Negotiate Contract terms (if required) • Order due diligence seach/es (if instructed) • Organise contract signing and exchange (if instructed) Day 0 - 1: • Advise you Contract Date, Settlement Date, and other relevant key dates Day 1 - 5: • Communicate with you and Seller's conveyancer regarding Contract conditions and anything else as required Day 6 - 42: • Prepare for settlement • Submit transfer duty assessment Day 42: • Attend to settlement • Inform you and relevant parties when settlement has taken place | Before Day 0: • Review the Section 32 + contract; negotiate terms Day 0–3: • Advise key dates; manage the cooling-off period Days 1–30/60: • Order searches (title, council, water, owners corporation, land tax) • Submit transfer duty; finalise settlement figures Settlement: • Attend the PEXA settlement and confirm completion |
| Lender | Valuation (Day 3–10) · Loan docs (Day 21–28) | Day 1 - 5: • Valuation (if required) • Issue final loan approval Day 6 - 41: • Issue loan document • Processed signed loan document • Prepare the mortgage document for lodgement • Confirm loan proceeds available for settlement Day 42: • Sign off loan proceeds in readiness for settlement | Days 1–30/60: • Valuation • Issue formal approval • Issue and process loan documents • Confirm loan proceeds are available for settlement |
| Seller's side | Form 2, certificates, mortgage discharge | Before Day 0: • Provide the draft Contract and disclosure statement • Respond to Buyer's negotiation request and queries (if requested) Day 0: • Sign Contract Day 1 - 42 • Provide required documents to your conveyancer • Organise discharge of mortgage (if applicable) | Before Day 0: • Provide the Section 32 Vendor Statement before you sign Day 0: • Sign the contract Days 1–30/60: • Provide required documents to your conveyancer • Arrange discharge of mortgage (if applicable) |
Who do I call when…
- Finance is late? Ring your broker or lender.
- A search flagged something? Conveyancer handles it.
- Loan docs not received 2-3 weeks before settlement? Follow up the broker or lender.
- Damage or changes found at pre-settlement inspection? Speak to the Agent for rectification and notify Conveyancer (immediately).
Your job. Respond fast when your conveyancer reaches out. Deadlines might be missed or settlement delayed when conveyancers can't get instructions from you.
The above suggestions are general advice for common contracts in the specific states only. Each transaction is unique depending on the Contract and the parties' circumstances so ensure you get the appropriate legal advice for your purchase. Our team at Zettle will be happy to assist you with your purchase. Visit our website to get a quote and/or get in touch.
| When | What goes wrong | Fix |
|---|---|---|
| Day ~7 | Low valuation | Top up from savings, renegotiate price, or terminate under the finance clause before the finance date. |
| Day 7–14 | B&P flags serious issue | Terminate, negotiate a reduction, or seller fixes. Decided by 5pm on the inspection date. |
| Day ~14 | Finance delayed | Conveyancer requests a written extension before the finance date. Sellers may agree to the extension request. |
| Day 18–25 | Search turns up a problem | If you instruct your conveyancer to undertake specific additional searches, your conveyancer will report back to you as to its outcome, discuss with you any ramifications and recommend you seek further advice if applicable. |
| Day 30 | Lender not ready | Contract allows a few business days' grace. Beyond that, penalties can apply. Push the lender hard. |
Many situations in the list can be resolved by settlement if it's caught early. Your conveyancer steers the boat. Respond fast when they reach out.
Lock in a conveyancer if you're looking to buy! Get a quote from Zettle and we'll be on stand by to review your contract and assist you with your purchase journey as soon as you find the right property.
General information only — not legal advice. Conveyancing law and timeframes vary by state; confirm your situation with a licensed conveyancer or solicitor.