What Happens After Your Offer Is Accepted? Steps from Exchange To Settlement (NSW)

Offer Accepted — What That Really Means

Having your offer accepted is an exciting milestone, but it’s not yet a legally binding agreement. Until the exchange of contracts takes place, either party can withdraw from the sale. The period between acceptance and exchange is crucial for laying the groundwork for what follows.

• A solicitor is usually engaged at this stage to manage the legal process on your behalf.
• You’ll need to confirm details like the purchase price, deposit amount, and any specific conditions negotiated with the seller.
• Documentation such as proof of identity and lender information may be collected to prepare for the contract review process.
• If finance is needed, now is the time to notify your lender and progress toward formal approval.



This early period sets the tone for the rest of the process and involves a number of moving parts that benefit from timely attention.

Reviewing the Contract & Ordering Inspections

Once the seller’s legal representative prepares the contract of sale, it’s time for a close review. This document contains the full terms of the transaction and outlines both parties’ obligations. In most cases, buyers also use this window to arrange property inspections.

• Check the contract for inclusions, exclusions, settlement dates, and any special conditions.
• Confirm the presence or waiver of a cooling-off period and whether any clauses might need clarification or negotiation.
• Consider building and pest inspections before moving forward, particularly for older homes or properties in high-risk areas.

This is typically the last chance to raise concerns or request changes before becoming legally bound to the agreement.

The Exchange of Contracts

The exchange of contracts is a pivotal step that makes the transaction legally binding. Each party signs an identical copy of the contract, and once exchanged, the buyer is generally required to pay a deposit, commonly 10% of the purchase price; however, this could be negotiated to 5% in most cases. In NSW, there is usually a five-business-day cooling-off period after exchange, unless this has been waived.

At this point, buyers are generally committed to proceeding with the purchase under the terms agreed upon. Any changes after exchange may not be possible without mutual agreement and could carry consequences.

Preparing for Settlement

The time between exchange and settlement typically spans four to six weeks. During this period, both legal and practical preparations are underway. While the solicitor manages many legal requirements, there are tasks buyers often handle directly.

• Finalise your home loan documents and coordinate with your lender regarding funds and mortgage registration.
• Confirm that home insurance is in place from the settlement date, as many lenders require this before releasing funds.
• Arrange a pre-settlement inspection of the property with the listing agent to check that it’s in the agreed condition and that inclusions remain.
• Transfer the balance of funds required for settlement, including stamp duty and rate adjustments, to the solicitor’s trust account.



Each of these actions contributes to a smoother lead-up to settlement and helps prevent last-minute complications.

What Happens on Settlement Day

Settlement is the point at which legal ownership of the property transfers to the buyer. The process typically involves coordination between solicitors, lenders, and government bodies. Although the buyer’s presence is not usually required, knowing what takes place can help with planning.

• Payment of the remaining balance is transferred from the buyer to the seller via their respective representatives.
• The property title is updated with the land registry services (LRS) to reflect the new owner.
• The seller vacates the property (unless otherwise agreed), and keys are made available to the buyer once settlement is finalised.
• Any adjustments for council rates, water usage, or strata levies are completed in line with the contract terms.



From this point forward, the buyer takes legal ownership and can begin moving in or preparing the property for occupancy.

After Settlement — Your First Steps as the Owner

Following settlement, there are a few practical steps that typically fall to the new owner. While most legal and financial matters have been finalised, a few post-settlement tasks remain.

• Transfer utility services such as gas, electricity, and internet into your name.
• Notify the local council and water authority of your ownership to ensure billing is directed to the correct party.
• If the property is part of a strata scheme, contact the strata manager to register your details and receive information on levies and meetings.
• Store all transaction documents, inspection reports, and settlement statements securely for future reference.

Common Pitfalls That Can Delay Settlement

Although many property purchases settle on time, some issues may arise that can lead to delays. Awareness of potential pitfalls gives buyers an opportunity to act early if needed.

• Finance delays can occur if loan documents aren’t signed or returned on time.
• Missing clearance certificates or unresolved council or strata levies may cause administrative hold-ups.
• Unexpected issues found during the final inspection, such as damage or missing inclusions, can lead to disputes.



Being in regular contact with your solicitor and lender can help address some of these risks ahead of time.

How a Solicitor Supports the Process

Warland Solicitors play a central role in managing the legal steps between accepted offer and settlement. Their responsibilities typically span from reviewing documents to finalising the transfer of title.

• They assess the contract of sale and flag any terms that may need attention.
• They prepare legal documents, manage deposit payments, and confirm key transaction dates.
• They liaise with banks, councils, and the seller’s representative to prepare for settlement.
• They organise the title transfer and provide a final settlement statement outlining adjustments and expenses.

Buyers often rely on solicitors to navigate the formalities of property transactions and monitor deadlines that require timely action

Thinking About Property? Talk to Us About Conveyancing in Newcastle

At Warland Solicitors & Conveyancing, we support clients through every stage of the conveyancing process in Newcastle. If you’re preparing to buy or sell a property and would like to discuss the steps involved, call our friendly team to make an appointment. We’re here to help with your next move.