How Long Does It Take to Exchange Contracts?

How long does it take to exchange contracts after an offer is accepted?

It depends on how ready the buyer is. The exchange itself takes minutes, especially now that contracts are commonly signed and exchanged electronically, but most buyers want a few things done first:

• the buyer's conveyancer reviews the contract and any changes are agreed; see how long a contract review takes
• the buyer arranges a building and pest inspection, and a strata report for a unit
• the buyer confirms finance, at least with pre-approval; see pre-approval vs unconditional approval
• the deposit is ready to pay, or a deposit bond is arranged
• both parties sign the contract

A cash buyer with a contract already reviewed can exchange the day the offer is accepted. A buyer who only starts these steps once the offer is accepted may need a week or more. Exchange is the start of the formal timeline, not the end; our guide to how long conveyancing takes covers everything that follows.

When does the contract become binding in each state?

Formal exchange of contracts is the norm in NSW and the ACT. Elsewhere, the contract is generally made when both parties have signed it, or in WA when the seller accepts the buyer's signed offer. The settlement period runs from that point.

Cooling-off rights, where they apply, run from around these points and differ between states; our cooling-off period guide sets them out. A binding contract can still be conditional, for example on finance or a building inspection, until those conditions are met or waived.

How does exchange of contracts work in NSW?

Buyer and seller each sign an identical copy of the contract, and the copies are swapped by the agent or the conveyancers. The standard NSW contract allows exchange by email, so the swap itself can happen within minutes once both sides have signed.

• Before exchange: the agreement is usually not binding, so either side can still change their mind and the seller can accept a higher offer; see gazumping explained.
• The deposit: under the standard contract the deposit is normally due when the contract is made, and that time is essential.
• Cooling-off: a private-sale buyer has until 5pm on the fifth business day after exchange (the tenth for off-the-plan) to withdraw, at a small cost. Giving the seller a section 66W certificate signed by the buyer's own solicitor or conveyancer removes the cooling-off period, which some buyers do to secure a property.
• After exchange: the seller normally sets up the electronic settlement workspace within 7 days of the contract date, and the settlement date counts from the contract date.

Do you exchange contracts in Victoria, Queensland and WA?

Not in the NSW sense. In these states the contract is simply signed by both parties, and the buyer's cooling-off period, where there is one, and the settlement period run from there.

• Victoria: the seller must give the buyer the Section 32 vendor statement before the buyer signs. The buyer usually signs first, as a formal offer, and the property is sold once the seller signs too. Cooling-off runs from the day the buyer signs. See why Victorian conveyancing can take longer.
• Queensland: since 1 August 2025, the seller's disclosure statement and certificates must be given before the buyer signs. The contract date is normally the day the last party signs, and cooling-off runs from when the buyer receives the contract signed by both parties. See conveyancing timelines in Queensland.
• WA: the buyer signs an offer and acceptance form, usually incorporating the Joint Form of General Conditions, and it becomes the contract once the seller accepts. There is no statutory cooling-off period, so conditions such as finance need to be written into the offer.

How long is it from exchange to settlement?

As long as the contract says. The settlement date is negotiated before signing, and the usual periods for each state are in the table above. In NSW, the standard contract defaults to the 42nd day after the contract date if no other date is filled in, which is one reason six weeks is so common there.

During that time the buyer finalises the loan, the conveyancers complete searches and enquiries, rates and levies are adjusted, and settlement is booked in an electronic workspace. How long the searches take is covered in how long conveyancing searches take.

A shorter or longer period can be agreed before signing if both sides accept it. Once the contract is signed, changing the date needs the other party's written agreement. If the agreed date is then missed, see dealing with a delayed settlement.

How to exchange contracts faster

Most of what slows an exchange is preparation the buyer or seller could have done earlier.

• Engage a conveyancer before you make offers, so the contract can be reviewed the day you receive it.
• Get finance pre-approval early, and ask your lender what it needs for formal approval.
• Book inspections quickly. Arrange the building and pest inspection and any strata report while the contract is being reviewed.
• Have the deposit ready. Know where the money is coming from and how it will be paid, or ask your conveyancer whether a deposit bond will be accepted.
• Sign electronically. Electronic signing and exchange avoid waiting for paper copies to be delivered.
• Sellers: have the contract ready before listing. In NSW a residential property cannot be offered for sale until the contract has been prepared.

ConveyDirect arranges fixed-fee quotes in every state and territory, with free contract review when you are buying and a response within two business hours. See residential purchase conveyancing.

Frequently asked questions

This guide is general information, not legal or financial advice. Rules, fees and timeframes change and differ between states, so confirm your own situation with a licensed conveyancer, settlement agent or solicitor.