The Conveyancing Process - A Step by Step Guide

Buying or selling property in Queensland involves more legal steps than most people realise. Understanding what happens between signing a contract and getting the keys can save you stress, time, and costly mistakes.

Whether you’re a first-home buyer, investor, or making your next move, here’s exactly what to expect from the property transfer process in Queensland, and why working with an experiencedsolicitor in Cairns makes all the difference.

TL;DR – The Quick Answer

The Queensland property transfer process involves eight main steps:

• Contract and Seller’s Disclosure preparation and review by your solicitor
• Exchange of signed contracts and deposit payment
• Five-business-day cooling-off period (residential properties only)
• Building and pest inspections plus finance approval
• Property searches and title checks
• Transfer Duty calculation and payment
• Pre-settlement adjustments and final inspections
• Settlement day – funds transfer and ownership registration

Timeline: Most transactions settle within 30-60 days, although this timeframe varies depending on the finance approval and contract conditions.

1. Contract Preparation and Review

The real estate agent typically prepares the Contract of Sale on behalf of the seller. Before you sign anything, your solicitor should review the contract terms carefully.

This is when you’ll discuss special conditions, inclusions (what stays with the property), and exclusions (what the seller takes). Yourseller’s conveyancer orbuyer’s conveyancer can negotiate terms that protect your interests before contracts are exchanged.

2. Exchange of Contracts

Once both parties sign the contract, it becomes legally binding. The buyer pays an initial deposit (usually between 5-10% of the purchase price), which shows a genuine commitment to the purchase.

The deposit is typically held in the selling agent’s trust account until settlement.

3. The Cooling-Off Period

After signing, Queensland law gives residential property buyers a five-business-day cooling-off period. You can still back out during this time, although you may be required to pay the seller up to 0.25% of the purchase price.

This cooling-off period doesn’t apply to properties bought at auction or commercial properties.

4. Building and Pest Inspections

If your contract is subject to a satisfactory building and pest inspection, you will need to make sure the inspection is done at least 3 days before the due date. This will give you enough time to review the report and think about how you would handle any issues that may arise before the deadline. . These reports identify structural issues, termite activity, or water damage that could cost you thousands down the track.

At the same time, you’ll need to secure unconditional finance approval from your lender. Pre-approval alone isn’t enough – your bank must formally approve the signed contract and property valuation before releasing funds.

Acting quickly on inspections and finance keeps the process on track and gives you options if problems arise.

5. Property Searches and Title Checks

Your solicitor conducts extensive searches to verify the property’s legal status:

• Title searches confirm ownership and any registered encumbrances
• Council rates searches reveal outstanding payments
• Body corporate certificates (for units and townhouses)
• Water usage and rates

These searches protect you from inheriting someone else’s problems.

6. Transfer Duty

Transfer Duty (previously called stamp duty) is a one-time state tax on property purchases. Your solicitor calculates the exact amount based on the purchase price.

First home buyers may be eligible for concessions or exemptions. Your solicitor will advise if you qualify and handle the payment on your behalf.

7. Pre-Settlement Adjustments

Your solicitor calculates the pro-rata adjustments for council rates, water rates, and body corporate levies up to settlement day. If the property has tenants, they’ll verify rent is current.

The seller’s solicitor arranges the mortgage payout figure with their lender, including any break fees.

Both solicitors sign off on these adjustments. Any money owed gets sorted at settlement from either the seller’s proceeds or the buyer’s available funds.

8. Settlement Day

Settlement is when ownership officially transfers. Both solicitors coordinate the booking – usually taking 15-30 minutes once all financial details are balanced.

The buyer’s funds are transferred to the seller, the property title transfers to the new owner, and the keys are released. Your solicitor then registers the transfer with the Queensland Government and sends you confirmation once you’re officially the registered owner.

Ready to Buy or Sell in Cairns?

The property transfer process doesn’t need to be complicated when you’ve got experienced legal support. Our team has handled thousands of Queensland property transactions and knows exactly what to watch for at every stage. 

Call us on 4052 0780 orrequest a quote online to discuss your property needs with our solicitors.

Disclaimer: This blog is intended for informational purposes only and does not constitute legal advice. For guidance tailored to your specific circumstances, please consult a qualified legal representative.