Step-by-step: What happens from contract to keys

Because the bit between signing and settling doesn't have to feel like a mystery.

If you've never bought off-the-plan before, the process can seem a little - big. You sign a contract for a home that doesn't exist yet, hand over a deposit, and then... wait. For a while!

But here's the thing: the off-the-plan journey is actually really well-defined. Every step follows logically from the last, and once you know what's coming, the wait starts to feel a lot more like anticipation than uncertainty.

Here's exactly what happens when you buy an off-the-plan home that hasn't yet been built - from the moment you decide this is the one, to the moment someone hands you a set of keys.

Step 1: You find the home and make your decision

It starts here, with a home that feels right.

You've looked at the floorplan, visited the display suite, asked your questions, and decided you want to go ahead. Before anything is signed, this is the moment to get the right people around you: a solicitor or conveyancer to look over your contract, and a mortgage broker to map out your finance.

Neither of these will slow you down. A good solicitor can turn around a contract review quickly, and a broker can give you a clear picture of your borrowing position in a matter of days. Think of them as your off-the-plan co-pilots - definitely worth having on board from the start.

Step 2: Contract review and legal advice

Before you sign anything, your solicitor or conveyancer reviews the contract of sale.

This is one of the most important steps in the whole process. The contract covers everything - the plans and specifications, the sunset clause, any substitution clauses, your deposit terms, and what your rights are throughout the build. Your solicitor will flag anything worth discussing and make sure you understand exactly what you're agreeing to before you put pen to paper.

This step usually takes a few days. Use that time well: read through the contract yourself too, ask questions, and don't sign until you're genuinely comfortable. There's no rush that's worth skipping this step for.

Step 3: You sign the contract and pay the deposit

Once you're satisfied and your solicitor gives you the all-clear, you sign and pay your deposit - typically 5-10% of the purchase price.

Here's something that reassures a lot of buyers: that deposit doesn't go straight to the developer. It sits in a trust account for the entire build period and is only released at settlement. You'll receive confirmation once it's been received and the contract is fully executed.

From this point, the home is yours - in contract, at least! Now comes the build.

Step 4: The build begins

With contracts exchanged and sales targets met, the developer moves into construction.

Your main job during this phase is to sit tight and keep your finances in good shape. Most developers will send through progress updates at key milestones - things like the slab has been poured, the structure is complete, the fit-out is underway - so you're never completely in the dark about how things are tracking.

One thing worth knowing: significant financial changes during the build can affect your position at settlement. Things like taking on new debt, changing jobs, or drawing down your savings can all have an impact. If anything big does change, give your broker a heads up early - it's almost always easier to manage with time on your side.

Step 5: Get your finance in order

This is the step that surprises some buyers - formal finance approval doesn't happen when you sign the contract. It happens in the months leading up to settlement, when your lender carries out their full assessment.

That means they'll look at your current financial position, carry out an independent valuation of the completed home, and confirm the loan still works within their current policies. A few things to have sorted before this point:

• Your income documentation is up to date (payslips, tax returns, employment confirmation)
• Your savings are stable and clearly documented
• Your credit file is clean: no missed payments, no recent applications for unrelated credit
• You've had a catch-up conversation with your broker about anything that's changed since you first applied

Don't leave this until the notice to settle arrives. Give yourself a buffer - we recommend a few months at least - so there's plenty of time to sort anything that needs attention.

Step 6: The practical completion inspection

As the build nears the finish line, you'll be invited to do a practical completion inspection, sometimes called a pre-settlement inspection or PCI. This is your chance to walk through your home before settlement and check everything is as it should be.

Bring your contract and the plans and specifications with you. Take photos. Note anything that doesn't look right - finishes that don't match, items that aren't complete - and submit it formally. Your developer will have a process for this.

Most items raised at this stage are minor and get resolved quickly. The inspection exists precisely so that by the time settlement rolls around, everything is sorted and you can focus on the exciting part.

Step 7: You receive the notice to settle

When the home is officially complete, you'll receive a formal notice to settle. This sets out your settlement date and the timeframe you have to be ready (typically around 14 days, though it can vary).

That timeframe is not flexible in most cases, so this is the moment to be responsive and organised.

Your solicitor takes the lead from here - confirming settlement figures, making sure your loan documents are signed, and coordinating the transfer of funds. Your broker will be working in parallel to make sure your lender is ready to go. Stay close to both of them and respond to any requests quickly. The more smoothly communication flows, the smoother the day.

Step 8: Settlement

Settlement is the moment it all becomes official.

Your lender transfers the balance of the purchase price to the developer. Your solicitor confirms the transaction is complete. The title transfers into your name. You don't usually need to do anything on the day itself - that's what your legal and finance teams are for!

But you'll know the moment it's done.

Step 9: You get your keys

This is the good bit.

Once settlement is confirmed, it's time to collect your keys. Your developer will have a handover process - usually an appointment where you'll receive your keys, be walked through the home, and pick up any documentation you need (manuals, warranty information, owners corporation details if applicable).

The home that started as a floorplan is now yours, in full. Go and enjoy it!

(Pizza on the living room floor, anyone?)

One more thing: the defect liability period

The process wraps up at settlement, but there's one more thing worth knowing about.

Most new homes in Australia come with a defect liability period - typically 90 days - during which the developer is responsible for fixing any defects that emerge after you move in. As you settle into the home, keep a note of anything that needs attention and submit it through the developer's formal process within this window. Good developers have dedicated teams for exactly this, and most things get sorted without any drama.

Beyond the defect liability period, structural warranties apply for significantly longer - up to 10 years in most states depending on the construction type.

The off-the-plan process is longer than buying an established home, but it's also more structured, with a clear path from start to finish. Every step has a purpose, and every party involved has a defined role to play.

Get the right people around you, stay engaged throughout, and the journey from that first floorplan to your first night in your new home will be exactly what it should be.

For more off-the-plan buying guides, click here.