By Julian & Renee (Australia) – with writing support from Alberto Aldana (Colombia)
The process of buying or selling property can often seem daunting. Understanding what to expect, particularly in auction environments, is important for both vendors and purchasers. At Flash Conveyancing, we have broken down the key stages of the property sales process to help you stay informed when buying or selling a home in New South Wales.
Phase One: The Contract and Marketing
- The vendor’s conveyancer must prepare the Contract for Sale before the property is listed on platforms such as Domain or Realestate.com.au. The contract includes essential prescribed documents, such as a Title Search, Zoning Certificate (Section 10.7), and a Drainage Diagram.
- From March 2026, a Cooling-Off Notice must also be attached, containing updated information. After 1 June 2026, vendors may lose the ability to rely on the outdated 2022 version, which could allow a purchaser additional time to withdraw if the incorrect notice is used.
- Once the contract is prepared, real estate agents can begin marketing the property and conducting open homes to attract potential buyers.
Phase Two: Offer and the Cooling-Off Period
- The contract is exchanged once the buyer and vendor agree on the price. The standard cooling-off period in NSW is five business days. However, in many Sydney transactions, this period is now being negotiated to ten business days due to slower bank valuation processes.
- During the cooling-off period, the buyer may carry out due diligence, including pest inspections, building reports, and final loan approval. It is important to note that the cooling-off period does not change the settlement date. For example, if the contract has a 42-day settlement period, the countdown begins from the date of exchange, not the end of the cooling-off period.
Phase Three: Becoming Unconditional
A contract becomes unconditional in three main situations:
- When the cooling-off period ends and the buyer does not withdraw.
- When a property is purchased at auction, where there is no cooling-off period.
- When a purchaser provides a Section 66W Certificate, which waives their right to a cooling-off period.
Once the contract becomes unconditional, it is legally binding on both parties and the vendor or the purchaser cannot withdraw from the agreement.
Phase Four: The “Quiet Period”
- After the contract becomes unconditional, there is often a quiet period while conveyancers complete the necessary preparation for settlement.
- At Flash Conveyancing, Julian and Renee ensure that all documentation is in order. This includes confirming that the deposit has been placed in the agent’s trust account, preparing settlement statements with adjustments for council rates and water charges, and setting up the PEXA workspace for settlement.
Phase Five: Countdown to Settlement
- As settlement day approaches, the purchaser usually carries out a final inspection of the property to confirm it is in the same condition as when the contract was signed and that all inclusions listed in the contract (such as appliances) remain in place.
- During this stage, the final settlement amount is confirmed and arrangements for settlement are completed.
Phase Six: Settlement Day
- Settlement usually takes place between midday and 3:00 pm through the PEXA electronic settlement platform.
- If the contract requires “vacant possession,” the vendor must ensure the property is empty and ready for the purchaser by the agreed time, typically with all furniture and belongings removed.
- Once settlement is completed in PEXA, the conveyancer provides the necessary confirmation to the real estate agent so that keys can be released to the purchaser and sale funds distributed to the vendor.
Regional Exchange vs the Sydney Exchange Method
- In Sydney, contract exchange is often handled quickly by real estate agents. Once the parties agree on the price, the agent may organise the exchange and remove the property from the market.
- In regional areas, the process can be slightly different. Agents often send a Sales Advice to the conveyancers, and contracts may be exchanged between legal offices. This process can take two to four days, during which time the property may technically remain on the market.
The Flash Conveyancing Approach
At Flash Conveyancing, we understand how important speed and efficiency are in the NSW property market. Whether the exchange occurs through an agent in Sydney or through legal offices in regional areas, our goal is to ensure the process moves forward without unnecessary delays. We assist clients through every stage of the transaction, including contract preparation, exchange, and settlement, helping ensure the process runs smoothly.
Julian and Renee specialise in property transactions across New South Wales and have extensive experience working with local councils including Blacktown, Hawkesbury, Blue Mountains, The Hills, Hornsby, and Parramatta. Whether you are buying, selling, or reviewing your investment strategy, Flash Conveyancing helps ensure you are well prepared for every stage of the property process.
Our team has a proven track record of working seamlessly with the Blacktown, Hawkesbury, Blue Mountains, The Hills Shire, Hornsby, and Parramatta councils.
North-West Growth Corridor: Marsden Park, Box Hill, Schofields, Tallawong, Riverstone, Gables, Melonba, Grantham Farm, and Angus.
The Hills District & Surrounds: Castle Hill, Kellyville, North Kellyville, Bella Vista, Baulkham Hills, Beaumont Hills, Norwest, Rouse Hill, Winston Hills, and Westmead.
Blacktown City & Established West: Blacktown, Seven Hills, Glendenning, Glenwood, Stanhope Gardens, The Ponds, Quakers Hill, Kings Langley, Parklea, Acacia Gardens, Arndell Park, Rooty Hill, and Doonside.
Hawkesbury & Lifestyle Estates: Dural, Middle Dural, Kenthurst, Glenhaven, Galston, Glenorie, Annangrove, Nelson, Cattai, Maraylya, Vineyard, and Windsor.
Parramatta & Emerging Hubs: Parramatta, Northmead, North Rocks, North Parramatta, Wentworthville, and St Marys.