Special skill is required in properly completing a conveyancing transaction especially due to potential problems that may arise
What is Conveyancing? Conveyancing is the legal procedure by which rights of property or land is transferred from one person to another.
3 main steps of Conveyancing:
1) For the Seller to prepare a Contract involving Seller disclosure searches.
For the Buyer to conduct a physical inspection ( go through the building/compliance and pest inspection reports and where applicable strata reports)
2) For the Seller and Buyer to sign and exchange contracts
Buyer will pay the deposit on Exchange of Contracts (5% or 10%)
3) For both the Seller and Buyer to work towards the Settlement. On Settlement (Completion) – hand over title deeds and keys, after receiving the monies for the sale from the buyer
What are some things included with the Conveyancing service? Some of the elements included in conveyancing:
· Title Searches/building/compliance and pest (strata) reports
· Checking for impediments or restrictions on the property
· Research of documents thoroughly, in particular the Contract for the Sale and the Special Conditions (if any)
· Ensuring the particular conditions declared in the Contract are reached
· Making sure rates and water consumption charges are paid by the appropriate party
· Organising for the fees and charges payment
What is the difference between the Seller and the Buyer? The Seller is the seller and the Buyer purchases the property.
What is the role of the Lawyer (Conveyancer)? The role of the lawyer is to advise the clients; assist them with the transaction and protect their legal rights. The lawyer is your representative; he/she will fully examine the situation. After obtaining your instructions, they will provide you with accurate legal advice. You lawyer will strive to fulfil all your valid property objectives.
Why use a Solicitor for your conveyancing matter? By using a solicitor there are many benefits.
In our firm, we have years of experience and professionalism in conveyancing. Our Solicitors and Paralegals will advise you on the possible problems, and will help you find legitimate solutions for all your conveyancing problems (if any). Our Principal Solicitor counts over 15 years experience in conveyancing. We are proud to say that we handle a large volume of conveyances every year (both ACT and NSW). We give individual attention to our clients’ needs.
Can I pull out of selling or purchasing the property? Yes, in most cases it is possible to withdraw from any agreement before Exchanging contracts.
What is the Cooling Off Period? This is mostly in benefit of the buyer. Cooling Off Period is a term in the Contract which allows the buyer to pull out of the Contract within a certain period of time, following Exchange. However, this article is ignored in many cases, using another certificate to waive the cooling off period.
What is Exchange – This is when contracts are physically exchanged. All terms and conditions become binding upon exchange of contracts. So should you default on the purchase, being the buyer, you will be liable to forfeit 10% of the deposit plus further damages may be payable by you to the seller. So you will need to convince us that you have the necessary finance to complete the whole contract, including payment of stamp duty (if applicable) and other charges.
What is Settlement? Settlement is the day when the Buyer obtains and collects the keys from the Seller or solicitor, and receives the right of ownership of the property. It is our job as your Solicitor to organise the Settlement (Completion).
What are the Disbursements? They are the expenses the Solicitor will incur on your behalf (both internal and external). Disbursements are the payments for the process of organising your purchase and sales. They could include title searches, surveys, and inspections related to the property, fixed fee disbursements of the firm etc.
What is Stamp Duty? Stamp duty is tax by the state/territory government for the purchase of land or property.Is there a discount of Stamp Duty if I am a first home buyer? In Vic, the ACT and NSW, there are enormous incentives for first home buyers. In the ACT, the property stamp duty is $20 for those who are entitled to the concession. In NSW, there may be no stamp duty for first home buyers for properties up to $500,000 and up to $300,000 for land (please check the latest position with us).