Buying or Selling a House: Understanding the Conveyancing Process in NSW

Mar 7, 2025 | Blog

Buying or selling a property is one of the biggest financial decisions most people make. Whether it’s your family home or an investment, it’s crucial to understand the conveyancing process in NSW to protect your legal rights and ensure a smooth transaction.

At MCB Lawyers, we provide clear, professional, and stress-free conveyancing services across Manly and the Northern Beaches, Parramatta, and Wollongong.

Step 1 – Pre-Exchange of Contracts

For Sellers (Vendors):

  • The vendor appoints a real estate agent and instructs a solicitor to prepare the Contract for Sale of Land.
  • Under NSW law, a residential property cannot be marketed without a prepared contract.

🔗 See the NSW Fair Trading guide to selling property for more.

For Buyers (Purchasers):

  • Buyers should begin arranging home loan pre-approval and speak with a solicitor to review the contract.
  • Never sign or make an offer on a property without understanding the contract’s terms.

📘 Learn more about our Property Law services

Step 2 – Exchange of Contracts

Once a buyer is found, the sale progresses to the next stage:

  • Contract terms are negotiated and finalised.
  • The buyer pays the deposit (typically 10%) to the agent.
  • Contracts are formally exchanged, creating a legally binding agreement.
  • Buyers should only sign once finance is formally approved.

Step 3 – Post-Exchange and Due Diligence

After exchange:

  • Both parties’ solicitors conduct legal due diligence to confirm there are no encumbrances or issues with the property.
  • A PEXA (Property Exchange Australia) workspace is created, allowing all parties to collaborate online for settlement.
  • Buyers should also arrange for building and pest inspections, if not completed earlier.

 

At MCB Lawyers, we manage every detail to minimise risk and keep you informed throughout the process.

Step 4 – Settlement and Final Steps

Settlement usually occurs six weeks from the date of exchange, unless otherwise negotiated.

Before settlement:

  • Buyers conduct a final inspection to ensure the property is in the agreed condition.

At settlement (via PEXA):

  • Funds are transferred, loans are paid, and the title is transferred to the buyer.
  • The agent is notified and the deposit is released to the seller.
  • Buyers receive the keys and access to their new property.

📘 Explore our Conveyancing Services

Need Help Buying or Selling a Property in NSW?

Whether you’re a first home buyer, investor, or downsizing, MCB Lawyers offers reliable and efficient conveyancing services across New South Wales.

📞 Contact our team or call us on (02) 9977 1133 to book a consultation.

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