Important Key Dates to Remember - NSW

What are the key dates I need to be aware of in a property contract?

Reviewing and adhering to these key dates is crucial for the successful execution of the contract. Missing any of these deadlines can result in penalties or termination of the contract, so it is important to stay organised and proactive throughout the process.

In a standard purchase transaction of an established property (not off the plan), you should note the following dates:

Contract Date:

This is the date the contract becomes legally binding.

In New South Wales, contracts are ordinarily signed in counterparts, one by the vendor and one by the purchaser. The contract date is the date the signed counterparts are ‘exchanged’ (or swapped).

Deposit Due

The deposit must be paid to the Deposit holder by contracts exchange, unless the contract specifies another time as agreed by the parties. If a cooling off period applies, the Vendor generally accepts the deposit to be paid as follows:

• 0.25% of the purchase price by contracts exchange; and
• the balance by the expiry of the cooling off period.

Settlement Date:

This is the date the parties must complete the transaction. On this day, you pay the balance of the purchase price, and the property ownership is transferred from the Vendor to you.