Signing a property contract is an exciting milestone—whether you’re buying your first home, upsizing, or selling an investment. But many buyers and sellers in WA are left wondering: what actually happens after the contract is signed?
At The Simple Settlement Co, we specialise in guiding you through the journey from contract to keys. Here’s a step-by-step look at what to expect once the ink is dry, and how our team supports you every step of the way.
Step 1: The Contract Becomes Legally Binding
Once both parties have signed and exchanged contracts, the document becomes legally binding, provided all conditions are met. However, this doesn’t mean the deal is done just yet—several key milestones must still be reached before settlement.
Step 2: Satisfying Contract Conditions
Most property contracts in WA include a number of conditions that must be met before the sale proceeds. These are typically referred to as “subject to” conditions.
Common Conditions Include:
Subject to Finance
The buyer must secure formal loan approval by a specified date (usually 21 days).
Tip:Talk to your broker or lender early to avoid delays.
Subject to Building and Pest Inspection
Buyers often include a clause allowing them to conduct inspections and withdraw if major structural or pest issues are found.
Subject to Sale of Another Property
Sometimes buyers need to sell their current property before settling the new one. The contract may include a date by which this must occur.
Your conveyancer will track these condition deadlines, ensure documentation is correct, and help request extensions if needed.
Step 3: Due Diligence and Final Checks
While the conditions are being satisfied, both parties (with the help of their conveyancers) complete essential due diligence tasks. These may include:
- Title Search – Confirms ownership and checks for easements or encumbrances.
- Local Authority Checks – Providing you all the information to check all approvals are in place.
- Strata Review (if applicable) – For strata properties, reviewing levies, by-laws, and financials is crucial.
Buyers may also conduct a final inspection of the property a within 7 days before settlement to ensure it’s in the agreed-upon condition.
Step 4: Preparing for Settlement
As settlement approaches, your conveyancer gets to work behind the scenes to ensure all legal and financial aspects of the transaction are aligned.
The Conveyancer Will:
- Confirm all contract conditions have been met
- Coordinate with your lender (or broker) to ensure funds are ready
- Prepare settlement documentation, including transfer forms
- Communicate with the seller’s conveyancer, real estate agent, and banks
- Ensure rates and taxes are adjusted accordingly
At The Simple Settlement Co, we keep our clients updated at every stage and handle any issues quickly to avoid delays.
Step 5: Settlement Day
On the agreed settlement date:
- Funds are transferred from the buyer to the seller
- Transfer of Land documents are lodged to transfer the property into the buyer’s name
- The real estate agent is notified that settlement is complete
- The buyer receives the keys and can take possession of the property
Buyers and sellers do not need to attend settlement—your conveyancer handles everything on your behalf.
How Long Does Settlement Take in WA?
The settlement period in WA is usually 21 to 28 days from the date the contract becomes unconditional—but this can vary depending on your agreement. Delays may occur if:
- Finance approval is slow
- Documentation is incorrect or incomplete
- Inspection issues arise
Working with a proactive conveyancer like The Simple Settlement Co can help avoid these delays and keep everything on schedule.
Final Thoughts
Signing the contract is just the beginning of the property settlement journey. With multiple steps and strict deadlines, having an experienced conveyancer is essential to ensure the process runs smoothly.
At The Simple Settlement Co, we simplify property settlement by guiding you through every milestone—clearly, calmly, and with complete care.
Ready to settle stress-free?
Let’s make your property journey simple. Contact our team today for expert guidance from contract to keys.
