Process Timeline

How Long Does Conveyancing Take?

The standard conveyancing timeline in New Zealand ranges from **4 to 6 weeks** from the date the contract is signed to settlement day. Understanding the key stages and processing buffers prevents delays.

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KiwiSaver 15-Day Buffer

If you are using KiwiSaver to fund your purchase balance, your provider strictly requires **15 working days** to process and release funds once the contract is declared unconditional. Agreeing to a short settlement (such as 10 working days) will leave you short of funds on settlement day.

Our Advice: Always set your settlement date to be at least 20 working days after the unconditional date if using KiwiSaver.

The Step-by-Step Sale Conveyancing Process

Stage 1: Conditional

10–15 Working Days

Satisfying standard contract clauses. Banks verify finance, inspectors audit structure (3–5 days), and council prints the LIM report (10 working days).

Stage 2: Unconditional

Immediate Action

Once all conditions are met, the contract goes unconditional. The buyer pays the 10% deposit (held for 10 days) and we submit KiwiSaver declarations.

Stage 3: Pre-Settlement

10–20 Working Days

Drafting LINZ transfer documents, executing mortgage papers, and completing your pre-settlement physical property walk-through.

Stage 4: Settlement

Settlement Day

Funds transfer online, title transfer registrations complete on LINZ, and keys are released for possession by 3:00 PM.

Conveyancing Milestone Roadmap

[Offer Signed] | ▼ (10 - 15 Working Days) [Conditional Window] → Finance Approved, LIM Printed, Build Inspected | ▼ (Immediate) [Unconditional Status] → 10% Deposit Paid & KiwiSaver Forms Filed | ▼ (10 - 20 Working Days) [Pre-Settlement Phase] → Sign Loan Papers & Complete Pre-Settlement Walk-through | ▼ (Settlement Day) [Settlement & Keys] → Bank Releases Funds & LINZ Title Transfers (Keys Released)

Late Settlement Penalties

If a party fails to complete settlement on the scheduled settlement day, they are in default. Under standard ADLS terms, the default interest rules are severe:

**Interest Rate**: Typically **12% to 15% per annum** (as written in the agreement particulars).
**Daily Calculation**: Interest is calculated daily on the unpaid purchase price balance from the settlement date until the date actual settlement is completed.
**Seller Default**: If the seller defaults (e.g. cannot discharge their mortgage on time), the buyer does not pay default interest and may seek damages.

Example: For a $1,000,000 purchase price at a 14% default interest rate, each day of delay costs the defaulting party: \[\text{Daily Penalty} = \frac{\$1,000,000 \times 0.14}{365} \approx \$383.56 \text{ per day}\]

Settlement Day Hour-by-Hour Flow

Settlement day does not happen instantly at 9:00 AM. It follows a structured electronic schedule:

**9:00 AM – 11:30 AM**: Bank drawdowns. Lenders process the mortgage drawdowns and transfer funds to our trust account.
**11:30 AM – 1:30 PM**: Trust account transfer. We transfer the purchase funds to the seller's solicitor's bank account.
**1:30 PM – 2:30 PM**: LINZ e-Dealing release. Once the seller's solicitor receives the funds, they release the title transfer on the LINZ e-Dealing register.
**2:30 PM – 3:30 PM**: Key release authority. The seller's solicitor sends written key release authority to the real estate agent, who contacts you to collect the keys.

Because banks require time to clear payments, settlements completed after **4:00 PM** are normally pushed to the next working day, triggering default interest penalties.

Vetted Timelines Protect Your Capital

Ensure your contract dates align with KiwiSaver, bank approvals, and LIM printing. Instruct Quay Law to manage your conveyancing timeline. Request a quote today.

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Timeline FAQs

Yes. If both buyer and seller agree, a settlement date can be set for 5 to 10 working days after signing (or even immediately if purchasing cash). However, you must ensure you do not require KiwiSaver funds (which take 15 working days) and that your bank has already issued an unconditional loan agreement.

If bank funds do not reach the seller's solicitor's account by the standard cut-off time (usually 4:00 PM), settlement is delayed until the next working day. The buyer must pay default interest for the days of delay. We coordinate with lenders early to confirm all loan documentation is processed days before settlement to avoid this risk.

Under standard ADLS terms, the buyer has the right to inspect the property **once, up to 1 working day prior to the settlement date**. This walkthrough must be arranged through the real estate agent. If you identify chattels that are missing or not in working order, we can submit a claim to deduct repair costs from the settlement funds before they are transferred.

Discuss Your Residential Transaction

Get in touch with Quay Law to review a Sale and Purchase Agreement, audit a land title, or arrange legal settlement.