Quick Answer: From signing a sale and purchase agreement to settlement day usually takes 4-6 weeks: 1-3 weeks for the conditions period (finance, building report, LIM), then 10-20 working days from going unconditional to settlement, during which lawyers finalise mortgage documents, insurance, and the transfer itself.
Stage One: Signing to Unconditional
The clock starts the moment both parties sign the sale and purchase agreement. If your offer was conditional, this stage is about clearing those conditions - usually finance approval, a building report, and sometimes a LIM report - within an agreed window, typically 5-15 working days.
Once every condition is satisfied and confirmed in writing, the agreement becomes unconditional and both parties are legally committed to completing the sale on the agreed settlement date.
Stage Two: Unconditional to Settlement Day
This is where the practical machinery kicks in. Your lawyer requests final loan documents from your bank, confirms the exact settlement figure (purchase price plus or minus adjustments), and checks your insurance is set to start on settlement day. Most sale and purchase agreements set settlement 10-20 working days after going unconditional, though this is negotiable between buyer and seller.
- Bank finalises and releases mortgage funds
- Insurance certificate issued for settlement date
- Lawyers exchange settlement statements and confirm the final figure
- Funds and title transfer electronically on the day itself
Quick Summary
- 4-6 weeks is typical from signing to settlement, combined across both stages.
- The conditions period is where due diligence happens - finance, building report, LIM.
- Settlement day itself is the fast part - funds and title transfer within hours once everything is queued up.