One of the most common questions we get asked is:
How long does the conveyance process take?
Can conveyancing be done in 2 weeks?
Can it be done in 3 weeks?
Can conveyancing be done in 4 weeks?
Does the process take 8 weeks to complete?
Why does conveyancing take so long?
I’ll answer these questions in this article.
The conveyance process starts on contract signature
The conveyance process begins once both the seller and buyer have signed the contract. The time period between when the contract is signed and settlement – which is the end of the conveyance process – will depend on the terms of the contract.
How long does conveyancing take?
There is no straight answer to how long the conveyancing process takes.
The time is takes to complete the process depends on the contract terms. The contract will stipulate a settlement date – which is the day ownership changes hands.
If there are conditions to be satisfied, such as finance and building and pest inspections the conveyance process can take a little longer than if there were no conditions and the sale is for cash, for example.
In Queensland, it is not uncommon to see contracts that are subject to conditions to have a 30 day or 45 day (or even longer) settlement date.
This means that settlement will take place 30 days or 45 days from the date of the contract.
It is important to remember that in Queensland, time if of the essence.
Time is of the essence is a contractual term that requires timely completion of a task. If a task is not completed by a specified date, then the other contracting party will have rights against the defaulting party, such as termination.
Therefore, you must ensure that you complete tasks on or before the stipulated date and where you cannot do so, you must seek an extension of time.
Where an extension of time is granted – the settlement period can also be extended.
So, to re-cap:
- the time it takes to complete the conveyance process is dependent on the contract;
- where there are conditions to be satisfied, it is not uncommon to see settlement dates that are 30 or 45 days from the date of the contract; and
- where there are no conditions – settlement can take place in a shorter span of time.
If you have any questions about this article or wish to discuss its contents, please call 1300 080 569 or email [email protected]
Irfan Ebrahim
27/01/2022
DISCLAIMER: This article is provided for general information purposes only. Its content is current at the date of preparation. Changes in circumstances or policy or legislation after the time of preparation may impact the accuracy of the information provided. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice from a qualified professional based on your specific circumstances before taking any action concerning the matters discussed in this guide. One80 Conveyancing Pty Ltd will not accept liability for any reliance on this article, including but not limited to, the accuracy, currency or completeness of any information or links.
