Week 1: Contract Exchange and Initial Review
The conveyancing process for first home buyers begins the moment you sign the Contract of Sale. If you purchased at a private sale, you have a cooling-off period (3 business days in Victoria, 5 business days in NSW) to change your mind. Auction purchases have no cooling-off period, which is why pre-auction contract review matters so much.
During the first week, we send you a detailed summary of your contract terms. We explain the settlement date, deposit requirements, and any special conditions. We also identify what searches we need to order and provide an itemised quote for disbursements.
Weeks 2-4: Searches and Finance Coordination
Title searches confirm the vendor actually owns the property and reveal any registered interests like easements or covenants. Planning searches check for any restrictions on how you can use or modify the property. We review all search results and explain anything unusual.
Your lender will be working on final loan approval during this period. We liaise directly with them, providing whatever documentation they require. If your loan has conditions attached, we track these and remind you of deadlines. Many first home buyers find bank coordination stressful. We handle the back-and-forth so you do not have to chase anyone.
Weeks 4-8: Adjustment Calculations and Settlement Preparation
Settlement adjustments divide costs like council rates, water rates, and owners corporation fees between you and the vendor. The vendor has usually paid some of these in advance, so you reimburse them for the period after settlement. We calculate these figures precisely and include them in your settlement statement.
We also prepare transfer documents, verify all parties have completed their VOI requirements, and confirm your lender is ready to release funds. PEXA settlements require all parties to be workspace-ready before the scheduled date.
Settlement Day: The Final Step
On settlement day, everything happens electronically. At the scheduled time, funds transfer from your lender to the vendor, any existing mortgages on the property are discharged, and the title registers in your name. The whole process takes minutes once it begins.
We monitor the PEXA workspace throughout and notify you immediately when settlement completes. You can then collect your keys from the real estate agent. Congratulations, you own your first home.
What Can Go Wrong?
Delays happen. Common causes include lender issues, missing documents, or problems discovered during searches. We identify potential issues early and work to resolve them before they affect your settlement date. If a delay becomes unavoidable, we negotiate with the vendor's representatives to extend settlement without penalty where possible.
In Victoria, an inaccurate Vendor Statement allows buyers to rescind the contract before settlement under the Sale of Land Act 1962. We check these documents thoroughly to protect your position.
