Conveyancing in NSW: What You Need to Know

From Contract to Keys: Your Legal Guide to Buying or Selling

Whether it’s your first home or next investment, conveyancing is the legal process that ensures everything’s done right - because one wrong move on a binding contract can cost you.

At Lamrocks Solicitors Penrith, we break it all down for you. From contract reviews to key deadlines and settlement day, we’ll guide you through every step, explain things in plain English, and help you move forward with confidence.

The Cooling-Off Period Explained

One key protection to know is the cooling-off period — it gives you some breathing room after contracts are exchanged to organise final checks, confirm your finance, or simply make sure you’re ready to proceed.

In NSW, if you're buying a residential property (not at auction), you’ll usually get a 5-business day cooling-off period after contracts are exchanged. If you decide to pull out, you’ll lose 0.25% of the purchase price, but you won’t be locked in.

Contract Reviews: What Your Lawyer Looks For

The Contract for Sale is one of the most important documents you’ll sign, and by carefully reviewing every detail, we make sure you don’t walk into a deal with hidden traps - here’s what we look out for to protect you, including red flags:

Property Details & Price:

We check the basics, like the correct property address, sale price, deposit amount, and settlement date.
Mistakes here or unusually long settlement periods can cause delays or confusion later.

Standard Conditions:

These cover how risks are managed, what happens if someone misses a payment, and how disputes get resolved.
Some contracts have harsh penalties or put all the risk on the buyer before settlement.

Special Conditions:

These are extra rules added for this particular sale. 
Conditions that go beyond the standard conditions, and can shift liability, provide disclosure, create further obligations, provide recission or termination rights and impose penalties.

Disclosure Documents: 

These tell you about zoning, easements, covenants, restrictions, sewer location or any other dealings that pertain to the property.
Missing documents or not reviewing the dealings carefully to ensure you are aware of your obligations, limitations and liabilities. 

Conveyancing for Sellers

As the vendor, you're responsible for disclosure, meaning you must provide certain documents upfront, like the title search, zoning (Section 10.7) certificate, drainage diagram, and any details about restrictions, easements, or unapproved works.

Auction Purchases: Legal Traps to Avoid

In NSW, there’s no cooling-off period when you buy at auction. So,  if you’re the winning bidder, you’re legally locked in the moment the hammer falls. 

You’ll also need to pay the full deposit (usually 10%) on the day, so your finances and inspections must be sorted in advance.

Buying Off-the-Plan? 

While appealing, it comes with risks - like delays, design changes, and the chance the project might not go ahead. Contracts often include tricky clauses, like sunset dates or clauses that may bring the contract to an end. 

What Happens on Settlement Day?

As your solicitors, we’ll ensure all contract conditions are satisfied, verify the funds are ready, and handle the final exchange with the bank and the seller’s legal team.
Once everything is signed and settled, the property is officially yours and the keys are handed over!

Ready to make a move?

Let Lamrocks handle the legal side, so you can focus on your new home or investment.