Checklist: What to Do After You Exchange Contracts

Exchanging contracts is a major milestone in any property purchase. It’s the point where things feel real - but it’s also where many buyers are unsure about what happens next.

Once contracts are exchanged, there are still several important steps to manage before settlement. Missing or delaying any of them can cause unnecessary stress, delays, or added costs.

This step-by-step checklist outlines what to do after exchange, so you can move forward with confidence.

1. Confirm your finance

After exchange, your finance needs to move from approval to ready-for-settlement.

At this stage, you should:

• Finalise loan documentation with your lender or broker
• Confirm settlement dates align with your loan conditions
• Provide any outstanding documents requested by the bank

Your conveyancer will continue liaising with your lender to ensure everything is progressing on schedule, but it’s important to stay responsive to requests during this period.

2. Organise building and pest inspections

If your contract includes conditions relating to building or pest inspections, these should be arranged promptly.

Inspections can:

• Identify structural or safety issues
• Highlight potential future maintenance concerns
• Provide peace of mind before settlement

If any issues arise, your conveyancer can advise on the next steps, including whether further negotiations or specialist reports are required.

3. Arrange insurance from exchange

In most cases, the buyer is responsible for insuring the property from the date of exchange — not settlement.

You should:

• Arrange building insurance immediately
• Confirm coverage aligns with the property type
• Ensure the policy commences from the exchange date

This step is often overlooked, but it’s essential to protect your investment from day one.

4. Review settlement adjustments

Before settlement, your conveyancer will calculate adjustments for items such as:

• Council rates
• Water rates
• Strata levies (if applicable)

These adjustments ensure costs are fairly apportioned between buyer and seller as at the settlement date. Your conveyancer will explain these figures clearly so you know exactly what to expect.

5. Prepare for settlement

As settlement approaches, a few final checks take place:

• Confirm settlement figures
• Arrange the balance of funds
• Complete pre-settlement inspections
• Coordinate settlement with all parties

Your conveyancer manages the legal and logistical side of settlement, keeping everything on track and addressing any issues that arise.

6. Organise utilities and moving arrangements

While your conveyancer handles the legal process, there are practical tasks you can start preparing for:

• Book removalists
• Arrange electricity, gas, internet and water connections
• Notify service providers of your change of address

Getting organised early helps settlement day run smoothly.

Contact us

Exchanging contracts is a big step, but it’s not the end of the process. Knowing what needs to happen next can make the period between exchange and settlement far less stressful.

At Gately Conveyancing, we guide our clients through every stage of the transaction, keeping things clear, timely and well managed.

If you’ve recently exchanged contracts or are preparing to do so, having the right advice can make all the difference. Contact us here