Generally speaking, your transaction will go through the following five steps: Pre-contract and property due diligence - purchasers will generally have their lawyer review the contract and inspect the property carefully. Execution - once the terms of the deal have been negotiated both the vendors and purchasers will sign the contract. Typically, most purchasers will pay a deposit of 10% at this stage into the real estate agents trust account. Conditions precedent - sometimes there will be conditions which need to be met before settlement can proceed. The most common conditions include approval of finance, building and best inspections and in the case of "off the plan" purchases, the completion of the subdivision or construction. Once these have been met, the contract will proceed to settlement.
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