How Long Should Conveyancing Take?

On average, conveyancing process takes between 4 to 16 weeks for houses, but new builds can take much longer. Ultimately, the duration depends on the property type and getting your loan sorted.

The duration of the conveyancing process can vary based on several factors and is influenced by a combination of legal, financial, and practical considerations. While there is no fixed timeframe, the below factors are influential:

1. Type of property

• Established dwellings will typically have a period of between 30 days to 120 days before settlement occurs. However, longer durations are also possible and will be stipulated in the Contract of Sale. Off the plan properties typically see transaction periods of at least a year, up to a to a few years. This is due to the time required to develop the land or build the property that is being purchased.

2. Financing Approval

• The time it takes for the purchaser to secure financing can impact the overall conveyancing timeline, however the pre-approval process can often mitigate this risk. Typically, financing is comfortably achievable within the timeframe before settlement.

3. Legal and Regulatory Requirements

• Compliance with legal and regulatory requirements, such as obtaining certificates and approvals, can affect the timeline. Delays in obtaining necessary documentation can extend the conveyancing process, however documentation can typically be obtained well within the timeframe before settlement.

4. Title Transfer and Settlement

• The time required for the actual transfer of property ownership (settlement) can depend on various factors, including the coordination of funds, documentation and the availability of all parties involved. All settlements take place online using the PEXA system. This system conducts settlement within minutes and funds can be cleared instantly in your bank account in most cases.

It is essential to note that while the conveyancing process typically follows a general timeline, unforeseen circumstances or complications can arise, leading to delays and potentially additional charges through penalty interest. Effective communication between the parties involved, including the purchaser and vendor, conveyancers and other professionals is crucial for managing expectations and addressing issues promptly.

Buyers and sellers are advised to discuss the expected timeline with their conveyancers at the outset and stay informed about the progress of the transaction throughout the process.

If you have questions and want to talk to a professional and reliable conveyancer, please don’t hesitate to contact Red Door Conveyancing on 03 8456 6797.