Conveyancing in Australia: A Step-by-Step Guide to Buying or Selling Property Conveyancing is the legal process of transferring property ownership. Whether you’re buying or selling residential real estate, understanding each step, associated costs and common pitfalls helps ensure a smooth transaction. 1. Property Search & Finance Pre-Approval Secure finance pre-approval from your lender and conduct preliminary land title, zoning and council searches. Identify any easements, covenants or restrictions before making an offer. 2. Review Contract of Sale & Due Diligence Engage a solicitor or licensed conveyancer to review the Contract of Sale, building and pest reports, strata documents (if applicable) and special conditions. Confirm settlement date and cooling-off period. 3. Exchange Contracts & Deposit Payment Buyer and seller each sign identical contracts. Upon exchange, the buyer pays the deposit (typically 10%). This binds the parties and invokes the cooling-o...