The Conveyancing process looks closely at what happens when a purchaser buys a property, from the pre-purchase stages, and on to the actual conveyancing process itself.
At Conveyancer Sydney.com.au (a division of Platinum Lawyers), we have qualified Lawyers and Solicitors looking after your property purchase at every stage of the conveyancing process.
Frequently Asked Questions:
Q: What is Conveyancing?
A: Conveyancing most often refers to the legal transfer of a property title from one person to another, but it also refers to various other property transactions, such as granting a mortgage or signing a lease.
Q: Why should I use a Conveyancer?
A: When purchasing or selling a property, you are putting a great deal of your hard work on the line, financially and personally. It is a huge investment and risk and, because there are so many legal ramifications for buying and selling, it is possible to make a costly mistake.
A qualified solicitor or Conveyancer can protect your assets and interests throughout the process with their specialised knowledge. Because they are trained specifically for this process, they will have a deep knowledge of property law and transactions. You will be protected because of their experience and their professional indemnity insurance, and they can offer legal counseling on anything relating to your property transaction.
Q: What is the cooling off period and how does it affect me?
A: The “cooling off period” allows someone who may have rushed into an agreement to cancel it in 5 business days. In case, a purchaser has made a hasty decision or, unfortunately, a tragedy occurs, the purchaser has built-in protection. These 5 days can also be used to finalise any financial arrangements, or the Conveyancer can perform necessary searches related to the property. Rescinding, or cancelling , the agreement costs the purchaser 0.25% of the purchase price.
In some cases, the purchaser does not have a cooling off period, such as when purchasing a property at an auction, and the cooling off period can be waived with a 66W certificate that has been signed by a qualified solicitor or Conveyancer. The Conveyancer will have brief the client on the implications and risks of waiving the cooling off period.
Q: What is a disbursement?
A: A disbursement is the total sum of costs that you have incurred due to purchasing or selling the property. The disbursement includes various costs, such as obtaining a certificate from local authorities or councils and settlement fees.
Q: What happens if either party cannot settle on the due date?
A: If either party cannot settle on the due date, the seller can issue a “Notice to Complete.” This notice means that the seller has 14 days, including weekends and holidays, to make a settlement. If the contract is unsettled because of the seller, the purchaser may terminate the contract and can receive their deposit in return, depending on the circumstance of the termination. The purchaser also has the right to issue a “Notice to Complete” if the contract provides for it or, if necessary, apply to the Court to have the seller hand over possession of the title and complete the agreement.
On the other hand, if the matter is left unsettled because of the purchaser and the seller is ready by the due date, the seller can charge the purchaser interest for the time the purchaser has delayed the settlement. Usually, the contract indicates the interest rate. When either the purchaser or seller issues a “Notice to Complete,” the seller has the right to terminate the contract and keep the deposit and can once again sell the property.
Q: What happens at settlement time?
A: Settlement is the final stage of the purchasing or selling process. At the time of settlement, the purchaser’s Conveyancer and bank and the seller’s Conveyancer and bank will meet and finalise the purchase or sale of the property.
On the day of the settlement, the purchaser will receive keys from his or her Real Estate Agent and the deposit is released by the agent to the seller or otherwise as indicated by the seller.
When the settlement is finalised, the purchaser’s Conveyancers will instruct their bank to exchange a cheque with the seller’s bank for the Certificate of Title and, if necessary, a discharge of mortgage. The purchaser’s bank will notify the necessary authority parties of the change.
Q: Who notifies the authorities that I have purchased a property?
A: Once the settlement has been finalised, the purchaser’s Conveyancer or solicitor will transfers the necessary papers for registration. At that time, the local council, water company, and Valuer General are alerted of the purchase automatically. There are other providers will need to be notified, so you should arrange a consultation with a Conveyancer to ensure that your matters are taken care off.
When your transfer papers are lodged for registration after settlement, the council, water providers and the Valuer General are automatically notified of the new purchase. Other providers, however, will need to be notified. Arrange a consultation with a Solicitor.
Platinum Lawyers are a Professional Conveyancer in Sydney specialising in Conveyancing. Conveyancer Sydney.com.au is a division of Platinum Lawyers (NSW) Pty Ltd specialising in Conveyancing.
Suite 502, Level 5, 75 Castlereagh Street
SYDNEY NSW 2000
Ph (02) 8084 2764