You’ve accepted an offer—here’s how to stay in control all the way to settlement
You’ve done the hard work. The open homes are over. Your home is under contract. And now… you wait?
Not quite.
While accepting an offer is a major milestone, the journey to final settlement is far from passive. It’s a critical phase filled with deadlines, legal steps, inspections, and coordination between multiple parties. But with the right preparation—and a great agent and solicitor by your side—you can glide through this period confidently and with fewer surprises.
Here’s your detailed guide to what happens once the contract is signed, how to stay ahead of potential delays, and how to ensure a smooth handover come settlement day.
Step 1: The Contract of Sale—More Than Just Signatures
Once you’ve agreed on an offer, the contract of sale becomes your official agreement with the buyer. In Queensland, this is typically prepared by your agent or solicitor and signed by both parties.
It outlines:
- The agreed purchase price
- Deposit amount and when it’s due
- Settlement date (often 30–60 days from signing)
- Any inclusions (e.g. blinds, dishwasher, pool equipment)
- Special conditions such as building and pest inspections, finance approval, or the sale of the buyer’s home
🧠 Don’t gloss over the fine print. Your conveyancer or solicitor will review every clause to ensure your legal rights are protected.
💬 Pro tip: Be specific with inclusions. If you plan to take that vintage chandelier or bar fridge with you, it must be clearly excluded in the contract.
Step 2: Understanding Conditional vs Unconditional Contracts
Most contracts are conditional upon the buyer meeting certain terms. Until those are satisfied, the contract isn’t locked in—and the sale can still fall through.
Typical conditions include:
- Finance approval: Gives the buyer time to finalise their loan. Usually 7–14 days.
- Building and pest inspection: Allows the buyer to assess the home’s condition before committing fully.
- Due diligence clauses: Sometimes used for additional checks (e.g. flood zone, easements, NBN availability).
- Sale of buyer’s current property: In some cases, the buyer needs to sell their home first to fund the purchase.
Once the buyer satisfies all conditions and notifies you (in writing), the contract becomes unconditional. This is when you can truly celebrate—and start planning your next move.
💡 If a buyer seeks to renegotiate after inspections or struggles to meet conditions, your agent and solicitor will help navigate the best outcome.
Step 3: The Deposit—What It Means and What Happens to It
The buyer will usually pay a deposit—typically 5–10% of the purchase price—shortly after signing the contract. This is held in a trust account by the agent or solicitor and is not released to you until settlement.
Key points:
- A deposit shows commitment and secures the contract
- If the buyer pulls out without a valid reason, they may forfeit the deposit
- If you breach the contract, the deposit may be refunded to the buyer
🎯 It’s your agent’s job to ensure the deposit is received on time and in full—another reason why regular communication during this stage is vital.
Step 4: Your Legal Team Takes the Reins
At this point, your solicitor or conveyancer becomes your main contact. Their role is to:
- Prepare and verify legal documentation
- Coordinate with the buyer’s legal representative
- Ensure all contract conditions are met
- Discharge your mortgage, if applicable
- Calculate and adjust council rates, water charges, and utilities
- Arrange for the transfer of ownership at settlement
They’ll keep you informed of key dates and steps while working closely with your agent to keep the process moving.
💬 You don’t need to understand every legal detail—but you should feel confident asking questions along the way. A good legal team will explain things in plain English.
Step 5: The Buyer’s Final Inspection—Why It Matters
Usually held within 24–48 hours of settlement, the pre-settlement inspection allows the buyer to:
- Confirm the property is in the same condition as when sold
- Check that agreed inclusions are present
- Ensure any repairs (if negotiated) have been completed
What you should do:
- Remove all personal belongings (unless otherwise agreed)
- Ensure the property is clean and tidy
- Leave all keys, remote controls, and appliance manuals in one place
- Double check that fixtures (e.g. lights, fans, built-ins) are functional
🧠 Think of this as your “closing performance.” A well-presented home right to the end reinforces buyer satisfaction and confidence.
Step 6: Settlement Day—What Actually Happens?
Settlement is the legal and financial exchange where the buyer pays the balance of the purchase price, and you officially transfer ownership.
Your solicitor or conveyancer will:
- Confirm all funds are received
- Hand over the signed title documents
- Liaise with your bank to discharge any remaining mortgage
- Notify the agent that the transaction is complete
🎉 At this point, the keys are handed to the buyer—usually by the agent—and your home is officially sold.
💬 You don’t need to attend settlement physically. Your legal representative handles the entire process on your behalf.
Step 7: Your Exit Plan—What to Keep in Mind
In the lead-up to settlement, make sure to:
- Book removalists well in advance
- Notify utilities and service providers of your move-out date
- Forward your mail and update your address
- Leave the home clean and move-in ready (a goodwill gesture that leaves a positive lasting impression)
💡 In some cases, early possession or rent-back agreements may be negotiated—but only with legal advice and clear contract terms.
Final Thoughts
The journey from offer to settlement can feel like a marathon’s final leg—but with the right support and preparation, it doesn’t have to be stressful.
By understanding each step, staying responsive, and working closely with your agent and conveyancer, you’ll cross the finish line smoothly—and confidently step into your next chapter.