There’s usually a period between contract exchange and settlement. This varies by state or territory and can be as short as 21 days or as long as six weeks - possibly even longer if the seller agrees to an extended settlement. Your solicitor, settlement agent or conveyancer will advise you of the settlement date based on the contract of sale
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Exchanging contracts and settlement
The exchange of contract differs between private sales and auctions. Below are some of the key points of difference. Remember, the contract is legally binding once signed by the seller and ensures the property isn’t sold to a higher bidder.