Buyer conveyancing covers everything between finding a property and holding the keys: contract review, title and disclosure checks, condition deadlines, duty and PEXA settlement. We act for buyers of homes, units, rural land, vacant land and investment property in six states.
Why have the contract reviewed before you sign?
Because once you sign and any cooling-off period ends, the contract is binding on the terms written. A review before signing is the only point where you can ask for changes, add protective conditions or walk away for free.
We check the price, deposit, settlement date and inclusions, then read the vendor disclosure (a Form 1 in South Australia, a Section 32 statement in Victoria, the contract package in New South Wales, the seller disclosure statement in Queensland) against the title and flag anything missing or unusual.
Which special conditions should a buyer look for?
Special conditions change the standard terms of the contract, so they decide who carries the risk. Buyers usually want conditions for finance approval, a satisfactory building and pest inspection and, where relevant, the sale of an existing home.
Watch for seller conditions that shorten deadlines, make you accept the property as is, limit objections to title defects or penalise late settlement. Our guides on common special conditions and special condition traps explain the usual ones.
What due diligence is done when buying property?
Due diligence confirms you are getting what you are paying for. Typical checks include:
- Title search to confirm the registered owner, the land description and registered interests. See what a title search shows.
- Encumbrances such as mortgages, caveats, easements and restrictive covenants that limit how you can use the land.
- Council and planning records: zoning, approvals, notices and rates.
- Building and pest inspections arranged by you with a qualified inspector, ideally under a contract condition.
- Strata or community records: levies, reserve funds, minutes, by-laws and disputes.
Our guide to due diligence when buying goes through each check.
How does the cooling-off period work in each state?
A cooling-off period lets a buyer of residential property end the contract within a short window after signing, usually for a small cost. Whether you get one, and for how long, depends on the state.
- South Australia: two clear business days, starting when the contract is signed or the Form 1 is served, whichever is later.
- Victoria: three business days after signing.
- New South Wales and Queensland: five business days, with a termination cost set by legislation.
- Western Australia and Tasmania: generally no statutory cooling-off period, so conditions in the contract matter more.
Auction purchases. There is no cooling-off period when you buy at auction, and in some states the exclusion extends to sales made shortly before or after an auction. Have the contract reviewed before auction day.
Some states let buyers waive or shorten cooling-off. See our cooling-off guide.
What happens with finance approval?
If your contract is subject to finance, you must obtain formal approval, or end the contract as the condition allows, by the stated date. Miss it and you may be bound to settle without a loan. We track the deadline and work with your lender or broker on loan documents.
How are transfer duty and first home concessions handled?
Transfer duty (stamp duty) is paid by the buyer, usually through settlement. Each state sets its own rates, first home buyer concessions and eligibility rules, and these change often. The First Home Owner Grant is a separate payment and in most states is now limited to new homes.
We calculate the duty for your purchase and check eligibility against the current rules of RevenueSA, the State Revenue Office (Victoria), Revenue NSW, Queensland Revenue Office, RevenueWA or the State Revenue Office of Tasmania. Foreign buyers may also need Foreign Investment Review Board approval and may pay surcharge duty.
Should you do a pre-settlement inspection?
Yes. Most contracts allow the buyer to inspect shortly before settlement to check the property is in the same condition as when the contract was signed and that included items are still there. Problems are far easier to resolve before settlement. See why the pre-settlement inspection matters.
How does PEXA settlement work for buyers?
Both conveyancers and the banks complete settlement online in a PEXA workspace. Funds are paid, the seller’s mortgage is discharged, duty is paid and the transfer is lodged for registration in your name. We then tell the agent keys can be released.
What is different about auctions, strata and rural land?
Buying at auction
Auction contracts are unconditional, so finance, inspections and contract review must all be done beforehand. See buying at auction.
Strata and community title
You buy a lot plus a share of common property and become bound by the scheme’s by-laws and levies. Records can reveal planned special levies, building defects or disputes.
Rural and vacant land
Check access, boundaries, easements, water rights, zoning for a dwelling, services and any covenants or design guidelines limiting what you can build.
Common questions about buying property
Can I get out of a property contract after signing?
Possibly, depending on the state and the contract. If a statutory cooling-off period applies and has not expired, you can usually end the contract by written notice, at a cost set by law in some states. After that, you can only end it under a contract condition, such as finance or inspection, or for a breach by the seller.
What happens if my finance is not approved in time?
If the contract has a finance condition, you generally need to notify the seller before the deadline that approval has not been obtained, which lets you end the contract and usually recover your deposit. If the deadline passes without notice, the condition may be treated as satisfied and you could be required to settle. Tell your conveyancer early if approval looks uncertain.
Can I buy property in another state without travelling there?
Yes. Contracts can generally be signed electronically or by post, identity verification can be completed remotely, and settlement happens online through PEXA. Your conveyancer needs to be authorised to act in the state where the property is. We act for buyers purchasing interstate, including first home buyers, investors and international investors.
When do I pay stamp duty on a purchase?
Transfer duty is generally paid at or around settlement, and in most electronic settlements it is paid directly to the state revenue office as part of the PEXA settlement. The due date is set by each state’s duties legislation. We include the duty amount in your settlement figures so you know exactly what funds are needed.