2. Cooling-Off Period
In most residential property purchases in NSW, buyers receive a five-business-day cooling-off period after exchange.

During this period, buyers may use the time to:
 

• finalise finance approval

• obtain legal advice

• arrange inspections

• consider whether to proceed with the purchase

If a buyer withdraws during the cooling-off period, the buyer may forfeit 0.25% of the purchase price.

Certain purchases, including properties bought at auction, generally do not include cooling-off rights. Legal advice should be obtained before signing a contract, waiving a cooling-off period, or bidding at auction.

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3. Due Diligence
Proper due diligence is an important part of buying property in NSW.

Depending on the property, we may recommend or assist with reviewing issues relating to:
 

• building and pest inspections

• strata inspection reports

• council and planning certificates

• zoning and land use

• easements, covenants and restrictions

• flood, bushfire or other property risks

• development approvals

• access rights and boundaries

A careful review helps you understand the property, the contract, and any legal issues that may affect your purchase.

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4. Exchange of Contracts
A property purchase becomes legally binding once contracts are exchanged.

At this stage:
 

• the buyer and seller are legally bound by the contract

• the deposit is usually paid

• key dates become important

• settlement obligations begin

• the agreed settlement date is confirmed

Excel Legal helps ensure the contract is reviewed, key issues are addressed, and legal requirements are considered before exchange takes place.

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5. Pre-Settlement Steps
After exchange, there are several steps that need to be completed before settlement.

Excel Legal can assist with:
 

• preparing and reviewing settlement figures

• checking adjustments for council rates, water rates and other outgoings

• liaising with your lender, broker or bank

• liaising with the seller’s solicitor or conveyancer

• preparing required legal documents

• responding to settlement issues

• keeping you informed about key dates and requirements

This stage is important to ensure the matter is ready to settle on time.

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6. Settlement
Settlement is the final stage of the purchase. This is when the balance of the purchase price is paid, legal documents are completed, and ownership of the property is transferred to the buyer.

Excel Legal coordinates with the relevant parties, including the seller’s solicitor or conveyancer, your lender, brokers and agents, to help complete settlement.

Where applicable, settlement is completed electronically through PEXA.

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Buying at Auction

Buying property at auction carries additional risks because the successful bidder is usually required to exchange contracts immediately after the auction.

Auction purchases generally involve:
 

• no standard cooling-off period

• limited opportunity to renegotiate after the auction

• immediate legal obligations once the auction ends

• the need to pay the deposit shortly after the property is sold

Excel Legal strongly recommends obtaining legal advice before bidding at auction. We can review the contract beforehand and advise you on any legal issues so you understand the risks before auction day.

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Off-the-Plan Purchases

Off-the-plan purchases can involve detailed contracts, long settlement periods and additional legal risks.
Excel Legal assists buyers by reviewing and advising on:
 

• sunset clauses

• proposed plans and specifications

• draft strata documents

• developer rights

• variation clauses

• completion timeframes

• deposit protections

• changes to the property

• settlement obligations

Understanding your rights and obligations before signing is especially important in off-the-plan transactions.

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First Home Buyers

Buying your first property can feel unfamiliar, especially if you are dealing with contracts, finance approval, inspections, government schemes and settlement for the first time.
Excel Legal guides first home buyers through each stage of the process and explains legal requirements in clear, straightforward language.
We can assist with:
 

• reviewing the Contract for Sale

• explaining key dates and obligations

• advising on cooling-off rights

• helping you understand settlement steps

• liaising with your lender or broker, where required

• advising on ownership arrangements

• helping you understand first home buyer concessions or exemptions, where applicable

Our goal is to help you move through the purchase process with clarity and confidence.

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Property Investors

If you are buying an investment property, it is important to understand the contract, title, settlement requirements and any legal issues that may affect the property.

Excel Legal assists property investors with contract reviews, purchase advice, due diligence, settlement preparation and electronic settlement.

We help you understand the legal position before you commit to the purchase.