Step-by-Step Guide to the NSW Conveyancing Process

Conveyancing is the legal process of transferring ownership of land in New South Wales. For a typical residential purchase it runs through five stages: preparing or reviewing the contract, exchange, the cooling-off period (if it applies), the period between exchange and settlement, and settlement itself. NSW has mandated electronic conveyancing since 2019, and almost all property settlements are now completed electronically through a platform such as PEXA. Buyers who exchange contracts by private treaty usually get a 5 business day cooling-off period, during which they can withdraw for a penalty of 0.25% of the price. Vendors must attach specific documents to the contract before it is signed; missing documents can give the buyer a right to rescind.

Question	Short answer
What is conveyancing?	The legal process of transferring title to land from a seller to a buyer, including preparing and checking the contract, searches, adjustments, duty and registration.
Do I need a solicitor or a licensed conveyancer?	Either can act. Both must be appropriately qualified. A section 66W certificate waiving the cooling-off period is given by the buyer to the seller, but it must be signed by a solicitor, licensed conveyancer or barrister who is not acting for the seller.
What is exchange of contracts?	The point at which identical signed contracts are physically or electronically swapped between the parties, usually with a deposit paid. This is when the sale becomes legally binding, subject to any cooling-off rights.
Is there a cooling-off period?	Usually 5 business days for a private treaty residential purchase, unless it is waived by a section 66W certificate, the property was passed in at auction that day, or another exemption applies. Off-the-plan contracts get 10 business days.
What happens between exchange and settlement?	Searches and enquiries are finalised, finance is completed, adjustments are calculated, and both parties prepare for settlement, typically 6 weeks after exchange, though the date is negotiable.
What happens at settlement?	The balance of the purchase price is paid and the transfer is lodged electronically. The buyer becomes the registered owner once NSW Land Registry Services registers the transfer, which usually follows quickly. In NSW this is now done almost entirely through an electronic settlement platform.
What does it cost?	Professional fees, disbursements (searches and certificates), transfer duty (unless exempt or concessional) and, on a purchase with finance, mortgage-related fees.
Next step	Speak with Caspian Legal in Hornsby on 02 7264 3200 before you sign a contract, so it can be reviewed and any risks explained first.

Jurisdiction

This article describes the process for buying and selling residential land under the Conveyancing Act 1919 (NSW), the Conveyancing (Sale of Land) Regulation 2022 (NSW) and related NSW legislation, including transfer (stamp) duty under Revenue NSW. It does not cover commercial, rural or off-the-plan transactions in detail, and it does not cover conveyancing in other states or territories, which follow different rules. The information is current as at 24 August 2026.

Why this matters if you are buying or selling in Hornsby

Buying or selling a home is one of the largest financial decisions most people make, and NSW conveyancing has firm deadlines: a short cooling-off period, a fixed window to raise problems with the contract, and a settlement date that triggers real financial consequences if missed. Understanding the stages in advance helps you act quickly at the moments that matter and avoid becoming locked into a contract you have not had properly reviewed.

If you are about to buy or sell in Hornsby or nearby, you can book a consultation with Caspian Legal before you sign anything. Call 02 7264 3200 or visit caspianlegal.com.au. We assist clients in Hornsby and surrounding Upper North Shore suburbs including Waitara, Asquith, Wahroonga, Thornleigh and Pennant Hills.

What is conveyancing? The short answer

Conveyancing is the legal work involved in transferring ownership of real property. For a buyer, it means having the contract reviewed before signing, carrying out or checking searches, calculating rates and other adjustments, arranging for transfer duty, and attending to settlement and registration. For a seller, it means preparing a compliant contract with the required disclosures, responding to the buyer’s enquiries, and coordinating discharge of any existing mortgage at settlement. A solicitor or a licensed conveyancer can carry out this work in NSW; both are regulated, but only a legal practitioner, licensed conveyancer or barrister can give the certificate needed to waive the statutory cooling-off period.

Plain English glossary

Term	What it means
Contract for sale of land	The legal document setting out the terms of sale, including the prescribed documents and warranties required by section 52A of the Conveyancing Act 1919 (NSW).
Exchange of contracts	The moment two identical signed copies of the contract are swapped between the parties (in person, by post, by fax or electronically), creating a binding agreement.
Cooling-off period	A statutory window, usually 5 business days, during which a residential buyer under a private treaty contract can rescind for a small penalty. Governed by section 66S of the Conveyancing Act.
Section 66W certificate	A certificate signed by a solicitor, licensed conveyancer or barrister confirming they have explained the contract and the buyer waives the cooling-off period.
Section 10.7 planning certificate	A council certificate (formerly the section 149 certificate) disclosing zoning, heritage and other planning information about the land. One of the documents required to be attached to the contract.
Deposit	Money paid by the buyer, usually 10% of the price, generally held in trust until settlement. During the cooling-off period, a smaller holding deposit is common.
Settlement	The day the balance of the purchase price is paid, the transfer of title is lodged, and the buyer becomes the registered owner.
Adjustments	Calculations made at settlement to apportion council rates, water rates and, for strata properties, levies between the seller and buyer based on the settlement date.
Electronic Lodgment Network Operator (ELNO)	A platform, such as PEXA, that lawyers, conveyancers and banks use to prepare documents, transfer settlement funds and lodge the transfer electronically.
Transfer duty (stamp duty)	A NSW tax on the transfer of land, calculated on a sliding scale by Revenue NSW, generally paid by the buyer at or before settlement.
First Home Buyers Assistance Scheme (FHBAS)	A NSW scheme giving eligible first home buyers a full or partial exemption from transfer duty, depending on the property value.
Certificate of title / folio	The record in the NSW land title register showing who owns the land and what is registered against it, such as mortgages, easements and covenants.

The five stages of an NSW residential conveyance

Stage one: before exchange

For a seller, this stage typically means engaging a solicitor or licensed conveyancer to prepare a contract that complies with section 52A of the Conveyancing Act 1919 (NSW), even though the Act itself does not require the vendor to use one. Certain documents must be attached before the contract is signed by or on behalf of the buyer, prescribed under the Conveyancing (Sale of Land) Regulation 2022 (NSW). These typically include a section 10.7 planning certificate, current title and dealing searches, a sewerage service diagram, and, for a strata property, the strata by-laws and other strata records. If a required document is missing, the buyer generally has a right to rescind the contract, ordinarily within 14 days after the contract is made and before completion, or to claim compensation instead, depending on which provision applies.

For a buyer, this stage means having the contract and any strata records reviewed before signing, arranging building and pest inspections, and getting finance pre-approval in order. A thorough review before exchange, rather than relying solely on the cooling-off period, gives you the most time to negotiate changes or walk away without cost.

Stage two: exchange of contracts

Exchange happens when identical signed copies of the contract are physically or electronically swapped between the buyer and seller, or their representatives. A holding deposit is usually paid at this point. Once exchange occurs, the contract is binding, subject to any cooling-off right. Before exchange, either party can generally withdraw without cost; after exchange, withdrawing has consequences, which is why review should happen beforehand wherever possible.

Stage three: the cooling-off period

Under section 66S of the Conveyancing Act 1919 (NSW), most private treaty residential contracts include a cooling-off period that runs until 5pm on the fifth business day after the contract is made (the tenth business day for an off-the-plan contract). During this time the buyer can rescind by serving written notice, forfeiting 0.25% of the purchase price, with the balance of any deposit refunded. The cooling-off period does not apply where the property is bought at auction, or on the same day it was passed in at auction, where the contract arises from certain options, or where the buyer has given the vendor a section 66W certificate waiving the right. A section 66W certificate can only be given after a solicitor, licensed conveyancer or barrister who is not acting for the vendor has explained the effect of the contract, and it is commonly used to make an offer more competitive in a fast-moving market. Waiving cooling-off removes a safety net, so it should only be done with legal advice.

Stage four: between exchange and settlement

Once the contract is unconditional, both sides prepare for settlement. The buyer’s representative finalises searches, confirms finance is unconditional, and calculates adjustments for council and water rates and, if applicable, strata levies. The seller’s representative arranges a payout figure from any existing mortgage so it can be discharged at settlement. The parties agree a settlement date, commonly around six weeks after exchange, although this is negotiable and shorter or longer periods are common depending on the parties’ circumstances.

If either party has finance falling through, discovers a problem with the property, or needs more time, this is the period to raise it. A buyer’s ability to withdraw at this stage, without significant cost, is limited compared with the cooling-off period, so problems should generally be raised as early as possible.

Stage five: settlement and registration

Settlement is the day the balance of the purchase price is paid, existing mortgages are discharged, transfer duty is dealt with, and the transfer is lodged for registration. Electronic settlement was mandated in NSW from 1 July 2019, and electronic lodgment of standard land dealings such as transfers, mortgages and discharges has generally been mandatory since 11 October 2021. In practice this means your solicitor or conveyancer, the seller’s representative and any banks involved conduct settlement through an Electronic Lodgment Network Operator, most commonly PEXA, in a secure digital workspace rather than meeting in person. Funds are transferred and the transfer document is lodged with NSW Land Registry Services on the same day. Settlement and lodgment are not the same thing as registration: under the Torrens title system, the buyer becomes the registered owner only once NSW Land Registry Services actually registers the transfer, which usually follows quickly after lodgment but is a separate step. A limited number of transactions fall outside the standard electronic lodgment requirements and are handled differently.

The buyer becomes the registered owner once NSW Land Registry Services registers the transfer, which normally happens shortly after settlement. Keys are usually released once your representative confirms settlement has occurred, in line with the contract.

What happens: buying versus selling

Stage	Buyer’s focus	Seller’s focus
Before exchange	Review the contract and strata records, arrange inspections and finance pre-approval	Prepare a compliant contract with all prescribed documents attached
Exchange	Pay the holding or full deposit as agreed	Confirm the contract terms are identical and the deposit arrangements are in place
Cooling-off period	Decide whether to proceed, negotiate, or rescind for the 0.25% penalty	Cannot rescind during this period; it exists for the buyer’s benefit
Exchange to settlement	Finalise finance, confirm searches, prepare for adjustments	Obtain a discharge figure from the existing lender, respond to requisitions
Settlement	Pay the balance; the transfer is lodged for registration and keys are released once settlement is confirmed	Receive the balance of funds, discharge the mortgage, hand over keys

Step by step: a typical purchase timeline

1. Engage a solicitor or licensed conveyancer before you start inspecting properties seriously, so you are ready to have a contract reviewed quickly.
2. Request the contract for a property you are interested in and have it reviewed, including any strata records, before you make an offer or bid.
3. Arrange building and pest inspections, and confirm finance pre-approval, before committing to exchange wherever the sale process allows this.
4. Exchange contracts. Pay the agreed deposit and note the settlement date.
5. If your contract has a cooling-off period, use it. Confirm final finance approval and resolve any outstanding concerns before it expires.
6. Between exchange and settlement, respond promptly to requests from your solicitor or conveyancer, keep your lender updated, and check when you need building insurance to commence. Under section 66K of the Conveyancing Act 1919 (NSW), risk in the property generally stays with the seller until completion or earlier possession by the buyer, whichever happens first, but many lenders require insurance from exchange and it is often sensible regardless, so confirm the position for your contract with your solicitor or conveyancer.
7. In the days before settlement, your representative will confirm figures, including duty, adjustments and any amount owing to a bank.
8. On settlement day, funds are disbursed and the transfer is lodged electronically for registration by NSW Land Registry Services. Once you are told settlement has occurred, arrange to collect keys.

Ways to review a contract: benefits and risks

Option	Potential benefits	Risks to weigh
Review before signing	Maximum time to negotiate special conditions, query missing documents, or walk away at no cost.	Requires acting before you commit to a property, which can be harder in a competitive market.
Rely on the 5-day cooling-off period	A defined right to withdraw after exchange for a small, known penalty (0.25%).	Short timeframe to finish inspections and finance; does not apply if waived, at auction, or in other exempt situations.
Waive cooling-off with a section 66W certificate	Can make an offer more attractive to a seller, useful in competitive situations.	Removes your ability to withdraw after exchange without breaching the contract; only appropriate once you are confident and advised.

Document checklist

Depending on whether you are buying or selling, it helps to have ready:

• The contract for sale of land, including all attached documents (buyer)
• Section 10.7 planning certificate, title search, and, for a strata property, by-laws and strata records (seller)
• Building and pest inspection reports (buyer)
• Evidence of finance pre-approval or unconditional approval (buyer)
• A payout or discharge figure from your existing lender, if any (seller)
• Photo identification and, for electronic settlement, verification of identity documents as your representative requires (both)
• Details of council rates, water rates and any strata levies for adjustment purposes (both)
• Building insurance confirmation from the date your lender or contract requires it, commonly from exchange (buyer)

What not to do

1. Do not sign a contract before it has been reviewed, even if the agent says there is no time.
2. Do not assume every private treaty sale has a cooling-off period. Auctions, options and section 66W certificates are common exceptions.
3. Do not waive the cooling-off period without advice on what you are giving up.
4. Do not delay building and pest inspections until after exchange if the cooling-off period is your only opportunity to act on their results.
5. Do not assume you are covered, or that you do not need to be. Under section 66K of the Conveyancing Act 1919 (NSW), risk generally stays with the seller until completion or earlier possession, but lenders often require the buyer to insure from exchange, so confirm the position for your contract.
6. Do not ignore requests for information from your solicitor or conveyancer between exchange and settlement. Delays can jeopardise the settlement date.
7. Do not assume settlement will happen automatically. Confirm with your representative that settlement has actually occurred before releasing keys or relying on the transaction being complete.

Common mistakes and myths

• Myth: there is always a cooling-off period. It does not apply at auction, on the same day a property is passed in at auction, for certain option contracts, or where waived by a section 66W certificate.
• Myth: the cooling-off penalty is the full deposit. It is 0.25% of the purchase price, not 10%.
• Myth: a real estate agent can properly explain and negotiate the contract for you. Agents act for the seller and are not able to give legal advice.
• Mistake: waiting until after exchange to arrange finance. Finance conditions and timing should be sorted, or at least well advanced, before signing.
• Mistake: not checking whether prescribed documents are attached to the contract. Missing documents can create a right to rescind, but relying on this is a poor substitute for proper review before signing.
• Mistake: treating the settlement date as fixed no matter what. Settlement dates can be negotiated, but changes need to be agreed and documented, not assumed.
• Mistake: assuming settlement is a face-to-face meeting. Since 2019, almost all NSW settlements happen electronically through a platform such as PEXA, without anyone attending in person.

Time limits and the risk of waiting

The cooling-off period, where it applies, runs out at 5pm on the fifth business day after exchange (tenth for off-the-plan), and a rescission notice must be served before then. If prescribed documents are missing from the contract, the right to rescind for that reason is also time-limited, generally within 14 days of the contract and before completion. Settlement dates carry their own consequences: missing settlement without a valid reason can expose a party to interest, costs or termination of the contract. Because timeframes are strict and calculated in business days, get advice as soon as a concern arises rather than waiting to see if it resolves itself.

Frequently asked questions

How long does conveyancing take in NSW?

There is no fixed period. A typical residential purchase settles around six weeks after exchange, but the parties can agree a shorter or longer period, and off-the-plan purchases can take much longer. Your solicitor or conveyancer can give you a realistic estimate once contracts are being negotiated.

Do I get a cooling-off period if I buy at auction?

No. There is no cooling-off period for a property bought at auction, and none for a contract made on the same day the property was passed in at auction. Once the hammer falls, or once you sign that same day, you are generally bound.

What is a section 66W certificate and should I sign one?

It is a certificate, signed by a solicitor, licensed conveyancer or barrister who is not acting for the seller, confirming they have explained the contract and you are waiving your cooling-off rights. It can strengthen an offer, but it removes your ability to withdraw after exchange for the 0.25% penalty. Only agree to one after your own legal representative has reviewed the contract and explained the risk.

What if the vendor did not attach all the required documents?

Section 52A of the Conveyancing Act 1919 (NSW) requires certain documents to be attached before you sign. If they are missing, you generally have a right to rescind the contract, usually within 14 days of the contract being made and before completion, or in some cases to claim compensation instead. The precise right depends on which document or warranty is affected, so get advice promptly if you discover something is missing.

Do I have to pay transfer (stamp) duty?

Usually, yes, calculated on a sliding scale by Revenue NSW based on the dutiable value of the property. Eligible first home buyers may receive a full or partial exemption under the First Home Buyers Assistance Scheme, and other exemptions and concessions apply in limited circumstances, such as transfers between spouses in some situations or inherited property. Current thresholds and rates should always be checked directly with Revenue NSW at the time of your transaction, as they are reviewed and can change.

Will I need to attend settlement in person?

No. Electronic settlement was mandated in NSW from 1 July 2019, and electronic lodgment of standard dealings became mandatory from 11 October 2021. Almost all settlements are now conducted electronically by your solicitor or conveyancer through a platform such as PEXA, without you or the other party needing to attend in person.

Can I use a licensed conveyancer instead of a solicitor?

Yes. Both solicitors and licensed conveyancers can carry out conveyancing work in NSW. If your transaction turns out to involve a dispute, a complex title issue, or matters outside standard conveyancing, a solicitor can also advise on and run any related litigation, which a licensed conveyancer generally cannot do.

Local help in Hornsby and the Upper North Shore

Caspian Legal is based at 22–28 Edgeworth David Avenue, Hornsby NSW 2077, and regularly assists buyers and sellers from Hornsby, Waitara, Asquith, Wahroonga, Normanhurst, Thornleigh, Pennant Hills, Berowra and Mount Colah. Whether you are buying your first home, selling a long-held family property, or dealing with a strata unit, we review contracts before you sign, act through exchange and settlement, and explain each step in plain English.

What happens in a first consultation

In a first consultation we review your draft contract or discuss your plans to sell, explain the cooling-off position for that particular sale, identify any issues in the prescribed documents or title, and set out the likely timeline and costs, including transfer duty and disbursements. We flag anything that needs urgent attention, such as an approaching auction date or a finance deadline, and give you a clear next step. You can meet us at our Hornsby office or by video.

Speak with a Hornsby solicitor before you sign

A contract review before you sign is the most effective protection in the conveyancing process. Contact Caspian Legal to discuss your purchase or sale before you commit. Call 02 7264 3200, visit caspianlegal.com.au to book a consultation, or come to 22–28 Edgeworth David Avenue, Hornsby NSW 2077. If we have already helped you, we would be grateful for a Google review at g.page/r/CYig8LJ260Y7EB0/review.

This article is general information only and is not legal advice. It does not take into account your personal circumstances. Conveyancing timeframes, fees, duty rates and thresholds change from time to time and should be confirmed with your solicitor or conveyancer and, for duty, with Revenue NSW, before you rely on them.

Sources

1. Conveyancing Act 1919 (NSW), ss 52A, 66S, 66T, 66U, 66W: https://www.austlii.edu.au/cgi-bin/viewdb/au/legis/nsw/consol_act/ca1919141/ (see for example s 66S at https://classic.austlii.edu.au/au/legis/nsw/consol_act/ca1919141/s66s.html)
2. Conveyancing (Sale of Land) Regulation 2022 (NSW), including Schedule 1 (prescribed documents), Schedule 5 (cooling-off statement) and Part 5 (purchaser’s remedies): https://legislation.nsw.gov.au/view/whole/html/inforce/current/sl-2022-0485
3. NSW Government, First Home Buyers Assistance Scheme: https://www.nsw.gov.au/housing-and-construction/buying-and-selling-property/home-buying-assistance/first-home-buyers-assistance-scheme
4. Revenue NSW, What is transfer duty (stamp duty): https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/transfer-duty/understanding-transfer-duty/what-is-transfer-duty
5. Revenue NSW, First Home Buyers Assistance scheme: https://www.revenue.nsw.gov.au/grants-schemes/assistance-scheme
6. NSW Office of the Registrar General / NSW Land Registry Services, information on mandatory electronic lodgment of standard land dealings from 11 October 2021 (Conveyancing Rules and Participation Rules made under the Real Property Act 1900 (NSW) and the Electronic Conveyancing National Law (NSW))
7. Independent Pricing and Regulatory Tribunal (IPART), media release on mandatory eConveyancing from 1 July 2019: https://www.ipart.nsw.gov.au/sites/default/files/documents/media-release-electronic-conveyancing-services-in-nsw-12-march-2019.pdf