How long does conveyancing
take in Victoria?

Most Victorian property sales settle 30 to 90 days after the contract is signed. The exact date is something the buyer and seller agree in the contract, not something the conveyancer sets. What the conveyancer controls is whether everything is ready by that day, and that work starts well before settlement.

Here's what a typical timeline looks like, stage by stage, and where things tend to slow down.

Before you sign: one to two days

The quickest stage, and the one most often skipped. Before you sign a contract or bid at auction, your conveyancer should read the contract of sale and the Section 32 vendor's statement. A good review usually comes back within one or two business days, and it's the point where problems are cheapest to fix. Once you've signed, you're negotiating from a much weaker position.

The first few days after signing

Several things happen in the first week:

• Cooling-off. On most private sales you have three clear business days to change your mind. There's no cooling-off at auction. Our guide to cooling-off in Victoria explains the exceptions.
• The deposit. Usually paid on signing, or by the date the contract sets.
• Conditions start running. If the contract is subject to finance or a building inspection, the clock starts on those deadlines too. Finance clauses commonly allow 14 to 21 days.

Weeks one to four: searches, finance and paperwork

This is where most of the conveyancing work happens. Your conveyancer orders searches, checks anything the Section 32 didn't cover, works with your lender, and confirms how much duty you'll pay. Most of this runs in parallel, so it rarely sets the pace on its own. The things that do take time are usually outside anyone's direct control:

• Loan approval. A bank valuation and formal approval often take two to three weeks.
• Owners corporation certificates for units and apartments, which the owners corporation can take up to ten business days to issue.
• The seller's mortgage discharge. The seller's bank needs to process a discharge request before it can release the title, which can take two weeks or more.

The final week

In the last week everything comes together in the PEXA workspace, the online platform where Victorian settlements now happen. Your conveyancer finalises the settlement statement, including rates and other adjustments, confirms the figures with your lender and the other side, and books the settlement time. You'll also have the chance to do a final inspection of the property to make sure it's in the condition you agreed to buy it in.

Settlement day

On the day itself, settlement takes minutes, not hours. Funds move between banks, duty is paid, and the transfer is lodged with Land Use Victoria, all at once through PEXA. The agent is then told to release the keys. Most buyers find out they own a home by text message.

“Settlement day is the easy part. The work that makes it easy happens in the four weeks before it.”

Off-the-plan is a different timeline

If you're buying off the plan, settlement isn't a fixed number of days after signing. It's tied to when the building is finished and the plan of subdivision is registered, which can be a year or more away. The contract will include a sunset date, after which either side may be able to end the contract if the plan still isn't registered. Your conveyancer tracks registration and gives you notice when settlement is coming.

What causes delays

When settlements run late, it's almost always one of these:

• Finance approved late, or a valuation coming in below the price;
• The seller's bank being slow to prepare the mortgage discharge;
• Missing or late documents, such as an owners corporation certificate;
• A buyer who needs Foreign Investment Review Board approval and hasn't received it;
• Problems found at the final inspection that need to be resolved first.

A late settlement can cost money. Under a standard Victorian contract, a buyer who can't settle on time can be charged penalty interest and may face other costs, so it pays to raise any concern early.

Can it be faster?

Yes, if everyone is ready. A buyer with finance already approved, a seller with no mortgage to discharge, and a straightforward title can settle in two to three weeks. In practice, a lender's own processing time is usually what sets the minimum, so check with them before agreeing to a short settlement.

The bottom line

Plan for 30 to 90 days on a standard sale, and much longer for off-the-plan. Most delays come from finance and paperwork outside the conveyancer's office, so the best protection is to get the contract reviewed before you sign, arrange finance early, and agree a settlement date your lender can meet.