Key points
- Engage your lawyer or conveyancer before you sign a contract or bid at auction, so they can review the contract and Section 32.
- A typical settlement period in Victoria is 30 to 90 days, but it’s negotiable and set out in the contract.
- Land transfer (stamp) duty is usually paid at settlement. First home buyers may be eligible for an exemption or concession.
- Most Victorian settlements now happen electronically, and you collect the keys from the agent once settlement is confirmed.
Step 1: Get your finances ready
Before you start making offers, speak with your lender or broker about pre-approval, and work out your total budget, including the deposit, land transfer (stamp) duty, legal fees, lender fees and moving costs. If you’re a first home buyer, check whether you may be eligible for a duty exemption or concession through the State Revenue Office.
Step 2: Have the contract and Section 32 reviewed
Ask the agent for the contract of sale and Section 32 vendor statement, and send them to your lawyer or conveyancer before you sign or bid. A review checks the title, easements, planning overlays, special conditions and settlement terms, and gives you the chance to negotiate changes, such as a finance clause or a different settlement date.
Step 3: Sign the contract and pay the deposit
Once you’re comfortable, you sign the contract and pay the deposit. In Victoria the deposit is commonly 10% of the price, though a lower amount can sometimes be negotiated. The deposit is usually held in trust by the agent or seller’s legal representative until settlement.
If you bought by private sale, a three-business-day cooling-off period may apply. There’s no cooling-off period at auction.
Step 4: Finance approval and other conditions
If your contract has a finance clause, you’ll need unconditional loan approval by the date set out in the contract. Let your lawyer know straight away if there’s a delay, because deadlines in the contract are strict. Your lender will also need a copy of the signed contract and will usually arrange a valuation.
Step 5: Pre-settlement work
During the settlement period, your lawyer or conveyancer will:
- carry out title and other searches and check for any new issues;
- prepare and lodge the transfer documents and the duty return with the State Revenue Office;
- prepare a statement of adjustments, so rates, water and owners corporation fees are shared fairly between you and the seller;
- liaise with your lender and the seller’s representative; and
- tell you exactly how much you need to pay at settlement.
Step 6: Final inspection
Most contracts allow you to inspect the property in the days before settlement. Check that included items (such as fixtures and appliances) are still there, that the property is in the condition it was when you bought it, and that anything the seller agreed to fix has been done.
Step 7: Settlement and keys
On settlement day, the balance of the price is paid, your duty is paid, and the title is transferred into your name. Most settlements in Victoria now happen electronically. Once settlement is confirmed, the agent releases the keys. Congratulations, it’s yours.
How long does conveyancing take?
Settlement periods are commonly 30 to 90 days, with 60 days a common choice, but they’re negotiable. Off-the-plan purchases can take much longer, because settlement happens once the building is complete.
How we can help
Asher Freeman Lawyers handles conveyancing for buyers and sellers across Victoria, usually for a fixed fee quoted up front. We work online, so you can sign and settle wherever you are in Victoria.
Frequently asked questions
When should I engage a conveyancer or lawyer?
Before you sign a contract or bid at auction. That way the contract and Section 32 can be reviewed, and changes negotiated, while you still have options.
How long is settlement in Victoria?
It's set in the contract and commonly ranges from 30 to 90 days. Off-the-plan purchases settle when the building is complete.
When do I pay stamp duty?
Land transfer (stamp) duty is usually paid at settlement. First home buyers may be eligible for an exemption or concession, depending on the price and other conditions.
Do I need to attend settlement?
No. Most Victorian settlements happen electronically between the lawyers, lenders and the land registry. We'll let you know as soon as it's done so you can collect the keys.
This article is general information about Victorian and Australian law as at 8 October 2026. It is not legal advice. Contact us for advice about your situation.
