KEY TAKE-OUTS Settlement in a NSW property transaction commonly occurs around six weeks (42 days) after contracts are exchanged, although a different timeframe can be agreed between the parties. Where there is a mortgage over the property being sold, the vendor will generally need to arrange for the mortgage to be discharged and, where required, provide vacant possession in order to be ready for settlement. The purchaser will generally need to obtain advice on the Contract for Sale, finalise finance where required, complete relevant searches and certificates, arrange transfer duty and complete a final inspection before settlement. Reviewed: 20 August 2026 How long a conveyancing transaction takes depends on several factors. In a typical NSW property transaction, settlement occurs around six weeks after contracts are exchanged, although the timeframe can be shorter or longer depending on the Contract for Sale and what the parties agree. Whether you are buying a property or selling a property, there are a number of steps that need to be completed between exchange of contracts and settlement. How long does settlement usually take in NSW? The front page of the Contract for Sale will show the “date for completion”, which is the date on which settlement is scheduled to occur. Settlement in a typical NSW residential property transaction commonly occurs around six weeks (42 days) after contracts are exchanged. However, the Contract for Sale can specify a different settlement period. The proposed completion date can also be negotiated before exchange. After contracts have been exchanged, the parties may agree to vary the settlement date depending on the circumstances of the transaction. What does a vendor need to do before settlement? What needs to happen prior to settlement depends on the individual circumstances of the vendor. If there is a mortgage over the property, the vendor will generally need to arrange for the mortgage to be discharged at settlement so that the property can be transferred to the purchaser free of the vendor’s mortgage. Processing requirements and timeframes vary between lenders and may take longer where, for example, the mortgage is guaranteed or other properties are being used as security. The sale can only settle once the lender is ready to discharge the mortgage. This is why it is important to complete and submit the lender’s Discharge Authority or equivalent request as soon as possible after contracts are exchanged so that the lender has sufficient time to prepare for settlement. If the vendor is occupying the property and the Contract requires vacant possession, they will also need to arrange to move out by settlement. If the vendor is simultaneously purchasing another property to move into and their purchase settlement is delayed, this may also affect the timing of the sale settlement. If the property is tenanted and the Contract requires vacant possession at settlement, any issues with obtaining vacant possession may also affect or delay settlement. Where the property is not occupied, there is no mortgage that needs to be discharged and there are no other issues affecting completion, the transaction may be capable of settling sooner if the purchaser is also ready. What does a purchaser need to do before settlement? Again, what needs to happen prior to settlement will depend on the individual circumstances of the purchaser. The purchaser, if they have not already done so, should obtain legal advice in relation to the Contract for Sale. An experienced Sydney conveyancer can review the Contract, explain important terms and conditions and assist with the conveyancing process through to settlement. If finance is required, the purchaser will need to obtain formal loan approval and complete and return the required loan documentation to their selected bank, broker or financial institution. Processing timeframes vary between lenders and can take longer where, for example, the purchaser is a company or trust, other properties are being used as security or a guarantor is involved. The lender may also require a valuation of the property being purchased. The time required for this can vary depending on the property and lender requirements, so purchasers should provide requested information and documentation as early as possible. The lender must be ready to provide the required loan funds by settlement for the purchase to complete. A purchaser may also need to obtain relevant certificates, searches and information from authorities such as council, water providers or a strata scheme. The documents required and processing times will depend on the property and the particular transaction. The purchaser must also ensure any applicable transfer duty is paid by the required date. Where a property transfer is being completed, settlement cannot take place until the applicable transfer duty requirements have been satisfied. A purchaser should also complete a final inspection of the property shortly before settlement to ensure that the property is in the expected condition and, where applicable, that the requirements of the Contract for Sale have been met. Property settlements in NSW are generally completed electronically. Your solicitor or licensed conveyancer will prepare the relevant electronic documents and financial information, coordinate with the lender and other parties where required, and manage the electronic settlement and lodgment process on your behalf. Even where a purchaser is paying cash and does not require a mortgage, there are still conveyancing requirements to complete before settlement, including relevant searches and certificates, transfer duty, settlement documentation, financial adjustments and any final inspection. If neither the vendor nor purchaser requires a lender to participate in settlement, there are no occupancy issues and there are no other factors affecting completion, settlement may be able to occur relatively quickly if both parties agree. ABOUT KAY VITOGIANNIS: Kay joined the Coutts team in May 2021 working as a Licensed Conveyancer within our Property & Conveyancing team Narellan. Kay has over 20 years of experience in the Legal industry. She began her journey in CBD Conveyancing firms as a secretary and attained her Advanced Diploma in Conveyancing in December 2010. For further information please don’t hesitate to contact: Kay Vitogiannis Licensed Conveyancer info@couttslegal.com.au 1300 268 887 Contact Coutts today. This blog is merely general and non specific information on the subject matter and is not and should not be considered or relied on as legal advice. Coutts is not responsible for any cost, expense, loss or liability whatsoever in relation to this blog, including all or any reliance on this blog or use or application of this blog by you. Contact Us