Going unconditional and what happens next

What it is

When every condition is confirmed in writing the agreement becomes unconditional. The deposit is paid to the agent, who holds it for ten working days before releasing it to the vendor's lawyer, less commission. You are now committed to buy and the vendor is committed to sell on the settlement date in the agreement.

Why it matters

After unconditional you cannot cancel without serious consequences, so the sequence of what happens next matters. Insurance has to be in place from unconditional, not settlement. The bank's loan documents need signing with enough time for funds to be released. If something changes, such as a job loss or a relationship ending, the options are narrower and we need to know immediately.

How we handle it

We send you a next-steps email on the day you go unconditional with every date and every task on it. We prepare the settlement statement, book your signing, confirm insurance with your insurer, and coordinate the pre-settlement inspection with the agent. If the vendor agreed to fix something before settlement, we chase it and hold money back if it is not done.

Common traps

• Not arranging insurance until settlement week. The bank will not settle without it.
• Changing the purchaser after unconditional, which needs a nomination and can affect finance.
• Paying the deposit to the wrong account. Check the trust account details with us first.
• Assuming an early settlement is a simple favour. It needs both lawyers and both banks to agree.