What is conveyancing?
The legal process of transferring property is known as conveyancing.
Can I do conveyancing work myself?
Yes, you can although it is not recommended.
Conveyancers are insured, are professionals and specialists in their field who are educated and qualified to provide expert advice in the field of conveyancing and property law.
What is the difference between a conveyancer and a solicitor?
Conveyancers are specialists who only deal with conveyancing. Conveyancers do not deal with any other areas of law unlike solicitors who can give legal advice about conveyancing as well as many other legal matters. Conveyancer often work alongside or provide conveyancing services for a solicitors in their property or conveyancing departments.
Why should I use a conveyancer?
Trust – Conveyancers are educated and qualified to provide advice in the field of conveyancing and property law.
Value – Conveyancers focus solely on property transactions and nothing else, so can conduct their work quickly and efficiently.
Peace of mind – Licensed Conveyancer must have professional indemnity insurance and fidelity insurance, and in the unlikely event of an error or omission, clients can be assured that they are completely covered.
When should I contact a conveyancer?
What is an exchange?
This is the date the Agreement for Sale, (or Contracts as they are known), becomes legally binding on both parties, the agreed deposit is paid and the cooling off period (if applicable) commences.
How long does conveyancing take?
The standard settlement period is 6 weeks after contracts have been exchanged. However, settlement terms can be negotiated for varying periods longer or shorter than 6 weeks depending on individual circumstances by the purchaser or vendor prior to signing the contract.
What is the cooling off period?
Cancelling the agreement (or rescinding, as it is known) will cost the purchaser 0.25% of the total purchase price.
The cooling off period does not apply if the property is bought at auction, and can be waived with a 66W Certificate which is provided by your conveyancer.
What is a disbursement?
A disbursement is a third party expense incurred by the conveyancer on your behalf during the process of conveyancing which can include pest reports, building reports, strata reports, title insurance, title searches and certificates from local government authorities or local councils etc.
What is a vendor and a purchaser?
Vendor – A person or party who is offering property for sale, or the seller
Purchaser – A person or party who is buying a property, or buyer
What is a transfer?
The transfer form (or transfer) is the document registered with the Department of Lands with a fee that confirms the change of ownership as noted on the Certificate of Title or Title Deed. Preparation, signing and witnessing of this document needs to comply with the Department of Lands requirements.
What happens at settlement time?
The purchaser pays the balance of the purchase money, the vendor gives the purchaser possession of the property and gives the title deed and transfer to the purchaser.
There are usually four parties involved, who have made calculation, preparations and arrangements for the settlement, and who are now represented by settlement agents –
- the purchaser’s conveyancer
- the purchaser’s bank
- the vendor’s conveyancer
- the vendor’ bank
Once settlement is completed the keys can be handed over to the purchaser via the real estate agent. The deposit is released (from trust from the real estate agent or deposit stakeholder) to the vendor.
The purchaser’s bank registers the change of title and mortgage, and notifies authorities (such as the local council) of the change.
Contact us to find out more or to arrange a consultation.