Before you sign or exchange, and ideally as soon as you receive the contract.

Once a contract is signed, your ability to change the terms is extremely limited. At that point, you are largely locked into the deal, including any risks that sit in the contract, the title or the property itself. This can include issues with special conditions, easements, zoning, strata matters, finance clauses or settlement terms.

By having the contract reviewed early, your solicitor can identify those risks and, where necessary, negotiate before you’re committed.

For most residential purchases in NSW, buyers are entitled to a short cooling-off period after exchange, typically five business days.

During this time, the buyer can withdraw from the contract, usually subject to a financial penalty (commonly 0.25% of the purchase price). This provides a limited window to finalise due diligence, confirm finance or obtain advice.

However, not all transactions include a cooling-off period. Properties purchased at auction are immediately binding. A purchaser can also waive the cooling-off period in other transactions by signing a section 66W Certificate (under the Conveyancing Act 1919). This makes pre-exchange contract review particularly important.

Most of the risk sits in the contract and the title and not the property itself.

This can include easements affecting use, zoning and planning restrictions, strata by-laws, special conditions, finance clauses and issues that are not immediately visible during inspection.

If not identified early, these risks can affect how you use the property, limit future development or expose you to unexpected costs. That’s why a careful contract and title review is designed to identify these issues before you are committed.

Requisitions are formal questions raised by the purchaser’s lawyer after exchange, directed at confirming key aspects of title, ownership and the seller’s ability to complete the transaction.

Requisitions form part of the standard settlement process, but they can also bring issues to light: for example, discrepancies in title details, unregistered interests or matters affecting settlement readiness.

How requisitions are handled can affect timing, risk allocation and whether issues are resolved before settlement or escalate further.

Settlement periods are agreed in the contract and commonly range from 30 to 90 days, depending on the nature of the transaction. Although, the standard for residential homes tends to be 42 days – or six weeks.

A shorter settlement can sometimes be fine in straightforward residential purchases, especially those involving a cash buyer. However, longer timeframes are often required for complex matters, commercial property or where finance and structuring need to be finalised.

Delays often occur as a result of finance not being ready, incomplete documents or issues arise before settlement. Active coordination between lawyers, lenders and agents is key to keeping the transaction on track.

A range of issues can arise between exchange and settlement, including delays, defects, finance problems, access issues or disputes about the contract.

The options available depend on the terms of the contract and the nature of the issue. In some cases, problems can be resolved through negotiation or agreed extensions. In others, more formal steps may be required.

Early legal advice helps protect your position and resolve issues quickly, often without the need for escalation.

Yes, but only before exchange.

Before contracts are exchanged, terms can be amended, special conditions added or risks reallocated. This is where most of the leverage sits in a property transaction.

Once contracts are exchanged, the terms are generally fixed and your ability to change position is limited. This is why early review and negotiation is one of the most important steps in the process.