The period between "offer accepted" and "keys in hand" is arguably the most important window of your purchase. For a lot of buyers, it's uncharted territory. The rules vary by state — when you become legally bound, how long cooling-off runs, what disclosure documents apply, and the standard settlement window all differ. Below we walk through QLD, NSW and VIC in turn.

State-by-state at a glance

	🟧 Queensland	🟦 New South Wales	🟪 Victoria
When you're legally bound	Date both parties have signed	Exchange of Contracts	Date both parties have signed
Cooling-off period	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
Common settlement period	30 days	42 days	30–60 days
Common template contract	REIQ	Law Society of NSW	REIV/LIV — or AIC Vic

Quick links

🟧 QLD

• Queensland Law Handbook: The REIQ Contract for Buying a Home
• PEXA Exchange: how electronic settlement works
• Titles Queensland: eConveyancing
• Queensland Revenue Office: First home concession
• Queensland Revenue Office: First home owner grant

🟦 NSW

• NSW Fair Trading: Contracts and deposits when buying property
• NSW Government: Conveyancing for property buyers and sellers
• Law Society of NSW: Buying a home

🟪 VIC

• Consumer Affairs Victoria: Buying property by private sale
• Consumer Affairs Victoria: Conveyancing and contracts for sellers
• Australian Institute of Conveyancers (Victorian Division)

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🟧 Queensland

Day 1: Contract formed

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.

Days 2–5: Cooling-off period

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 any deposit paid. It's a safety net, not a substitute for proper conditions.

Days 1–14: 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.

Day 14: Going unconditional

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). The balance deposit falls due.

Days 14–28: Your conveyancer's searches

Standard QLD search pack:

• Title. Ownership, mortgages, caveats, easements.
• Council / rates. Outstanding rates.
• Water. Outstanding charges.
• Body corporate (units/townhouses): levies, special levies.
• Land tax. Outstanding land tax liability.
• Optional extras. Transport and Main Roads, environmental, plan searches.

Your conveyancer also prepares the transfer form and provides you the transfer-duty documents to sign.

Days 15–17: Final loan documents

The lender sends formal mortgage documents. Read them, then sign and return. Most QLD settlement delays come from the bank not being ready.

1–2 days before: Pre-settlement inspection

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.

Settlement day

QLD settlement has been 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, the seller's mortgage discharge, stamp duty and registration fees are paid, the transfer lodges with Titles Queensland, and title moves into your name (usually within minutes). The agent releases keys after settlement completes.

After settlement

Council, water and body corporate update their records. Your conveyancer sends a settlement letter with statements breaking down every dollar.

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🟦 New South Wales

NSW runs on a different rhythm to QLD. The biggest mental shift: you're not legally bound when the seller "accepts" your offer. You're bound at exchange of contracts, when both signed counterparts are swapped.

Before Day 0 — Pre-exchange

It's common for NSW sellers not to accept the contract being conditional on the buyer obtaining final loan approval and satisfactory building and pest reports. Buyers, therefore, must utilise the Cooling-Off Period for that work — and if more time is required, negotiate a longer cooling-off before signing. The seller is not obliged to agree to extend it later.

In a competitive market, sellers may even require the cooling-off period to be waived. The more of the items below you tick off pre-exchange, the better:

• Get the contract reviewed and negotiated by your conveyancer.
• Obtain finance approval.
• Order and review inspection reports:
  • Building and pest reports (houses).
  • Strata or community-title inspection report (units, townhouses, villas, duplexes, houses within a community/neighbourhood/precinct scheme).
• Make enquiries about anything flagged by your conveyancer (or by you).
• Get your funds ready to pay the deposit — banks have daily transfer limits that can be lower than the deposit amount, so plan a suitable method that pays the deposit on time.

Day 0: Exchange

The common convention is that the buyer and seller each sign a contract counterpart. The conveyancers compare the counterparts to confirm the parties signed identical copies, then they're "swapped" and dated. The buyer holds the seller's signed contract and the seller holds the buyer's signed contract.

Deposit. The deposit must be paid on contract exchange. The conveyancer or agent usually won't effect exchange until the deposit has been received in the deposit holder's trust account — usually the agent's, but it can be the seller's conveyancer if the parties prefer (or no agent is involved). The NSW deposit is usually 10% of the purchase price. If requested, sellers commonly allow it to be paid by instalments:

• 5% on contract exchange; and
• 5% on settlement (together with the balance purchase price).

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.

Days 1–5: Cooling-off

The cooling-off period starts the next business day after the contract date and ends at 5pm on the fifth business day.

Cooling-off does not apply if you bought at auction, or exchanged on the same day as a passed-in auction. It can also be waived by providing 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.

The buyer can rescind the contract for any reason within the cooling-off period — change of mind, rejected loan, B&P issues, strata issues. On 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 may require buyers to waive cooling-off as a condition of accepting the offer. If you accept that condition, secure finance approval and complete all due diligence pre-exchange — and provide the section 66W certificate at exchange.

Days 6–42: Settlement preparation

You sign the loan documents, complete forms and provide required documents for transfer duty assessment. Your conveyancer:

• Orders and reviews required searches (council and water rates certificates, etc).
• Prepares and submits the transfer duty assessment.
• Reviews documents and certificates provided by the seller's conveyancer.
• Calculates settlement figures and finalises them with the seller's conveyancer.
• Advises you of the funds required for settlement.

You then transfer the settlement funds to the required account.

Day 42: Settlement

Most NSW settlements take place on an electronic platform — most commonly PEXA. Your conveyancer, the seller's conveyancer, your bank and the seller's bank 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 is transferred to you. Electronic settlement usually completes within 30 to 60 minutes. Keys are released by the agent once settlement is confirmed.

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🟪 Victoria

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 or lawyer reviews the Section 32 alongside the contract — issues found here can be a basis to renegotiate or walk away before you're bound.

📄 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.

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:

• you bought at public auction (or within 3 clear business days before or after a public auction of the property);
• the property is over $750,000 and used for industrial or commercial purposes;
• the property is more than 20 hectares and used primarily for farming; or
• you've already signed a contract for the same property with substantially the same terms.

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 or 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.

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What could go wrong (and possible resolutions)

• Low valuation.
  • QLD & VIC: renegotiate the price, or terminate under the finance clause before the finance date.
  • NSW: if you haven't signed the contract, renegotiate; if the contract is in the cooling-off period, rescind the contract.
• Finance delayed. Your conveyancer requests a written extension to the finance date (QLD & VIC) or cooling-off period (NSW). This must be done before the finance date or cooling-off expiry. Sellers usually agree, although they're not obligated to.
• Building and pest flags something serious. End the contract, negotiate an adjustment (the seller allows an amount in your favour on settlement), or ask the seller to fix it — decided by 5pm on the condition date (QLD & VIC) or cooling-off expiry (NSW).
• Search turns up a problem. Depending on the state and contract, if it's something the seller should have disclosed or a breach of seller warranty, you may be able to end the contract or seek compensation.
• Pre-settlement inspection finds damage or missing inclusions. Your conveyancer can hold a retention or delay settlement. In NSW, if it can be proved the damage occurred after the contract date — or the missing items are included with the purchase — the seller must make good.
• Lender isn't ready on settlement day. The contract allows a few business days' grace; beyond that, penalties apply. In NSW, your conveyancer can request the seller's agreement to extend settlement without penalty interest, but the seller isn't obligated to agree — so push the broker or lender urgently.

🚣 Many of these can be resolved by settlement if caught early. Your conveyancer steers the boat. Respond fast when they reach out. The notes above are general advice for the common contracts in each state — each transaction is unique, so get state- and contract-specific legal advice for your purchase.

What's next

Lock in a conveyancer if you're looking to buy. Get a quote from Zettle — we'll be on standby to review your contract and assist you with your purchase journey as soon as you find the right property.

Sources

Queensland

• Queensland Law Handbook: The REIQ Contract for Buying a Home
• REIQ: Real Estate Institute of Queensland
• PEXA Exchange
• Titles Queensland: eConveyancing
• Queensland Revenue Office: First home concession
• Queensland Revenue Office: First home owner grant
• RCB Law: Building and Pest Inspection Clause QLD
• Spot On Conveyancing: Pre-Settlement Inspection in Queensland

New South Wales

• NSW Fair Trading: Contracts and deposits when buying property
• NSW Government: Conveyancing for property buyers and sellers
• Law Society of NSW: Buying a home

Victoria

• Consumer Affairs Victoria: Buying property by private sale
• Consumer Affairs Victoria: Conveyancing and contracts for sellers
• Australian Institute of Conveyancers (Victorian Division)