Frequently asked questions

Are you buying your first property?

If this is your first property and it is a new one, you will be entitled to several government grants. Refer to First Home New Home - General Information

What is the cooling off period and how does it affect me?

A cooling off period is the right of a purchaser of a property to cancel the agreement within 5 working days after inital exchnage of contracts. It offers some protection to purchasers that may have rushed into a contract to purchase a property or simply change their mind. The cooling off period does not always apply if, for example: - The property is purchased at auction - The property is purchased on the same day as the purchaser bid in auction for the property - The purchaser waives their cooling off rights by providing a section 66W certificate signed by a Conveyancer who has briefied his or her client with regards to the implications involved of waiving the cooling off period - The sale is a business

Who notifies the authorities that I have purchased a property?

After settlement, the purchaser's conveyancer will notify the council, NSW Water Board and the Strata or Community Corporation (if applicable) of the new purchase. Other providers, however, will need to be notified by the buyer



Frequently asked questions

What is Conveyancing?

Conveyancing is the legal process of transferring the title of a property from one person to another

Why should I use a Conveyancer?

Buying or selling property is one of the most significant transactions of your life. Due to the financial and legal aspects of transferring property, the consequences of making a mistake can be both costly and distressing. By having a licensed conveyancer take care of your property transfer, their qualifications and experience will help protect your assets. A registered Conveyancer is tertiary qualified and has a comprehensive understanding of the law concerning property transactions. They are also required by law to carry professional indemnity insurance and fidelity insurance, and attend seminars to continually update their knowledge of the law. Unlike most solicitors that offer conveyancing, conveyancers only focus on property transfer instead of other legal matters.

What is a disbursement?

A disbursement is one of the operating expenses incurred during the process of searching and obtaining certificates from government authorities or local councils etc.

What happens if either party cannot settle on the due date?

Either party can issue a 'Notice to Complete' which means the other party has a reasonable time, usually 14 days (including weekends and public holidays), to settle the matter. If the vendor is in default and fails to settle, the purchaser has the right to terminate the contract and is eligible to receive their deposit back. Alternately, the purchaser may apply to the Court to have the vendor complete the agreement and relinquish possession. If the purchaser is in default, the vendor is permitted to charge the purchaser interest for the number of days settlement is delayed. The contract usually stipulates the applicable interest rate. When a 'Notice to Complete' is issued and purchaser fails to complete, the vendor may terminate the contract and keep the deposit, and can legally place the property back on the market to sell.

What happens at settlement time?

Settlement is the finalisation of the sale or purchase process. There are usually four parties involved - the buyer and sellers' conveyancers and the banks for the vendor and purchaser. On settlement, the purchaser's bank will exchange cheques as per the instructions of the purchaser's conveyancer and in return, receive the Certificate of Title and 'discharge of mortgage' (if applicable) from the seller's bank. If prior to settlement the property in question has been damaged, there is a sufficient amount of time to take care of discrepancies prior to settlement. On the settlement date, the keys are handed over to the purchaser and the deposit is released (from trust) to the seller. At this stage, the buyer's bank registers the change of title and mortgage, and their conveyancer notifies authorities (such as the council) of the change.





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