Answer

Conveyancing is the transfer of ownership of property from one person (or entity) to another. It includes mortgages, caveats, easements, notices and many other instruments and documents related to the land.

Answer

In NSW the standard Contract for Sale and purchase of Land is required to be utilised together with annexing the required disclosure documents (Conveyancing (Sale of Land) Regulation 2017). A contract must be prepared and available prior to the marketing of the property. This is the document that gives effect to the transaction and protects the interests of both parties. The contract provides that you cannot rely upon any representations made to you which are not in the contract. Contracts are not binding on the parties until exchanged. We will explain further to you the process of exchange, and if a cooling off period applies, and the process during the contract completion time.

Answer

A qualified Licensed Conveyancer will represent you to ensure that the property transaction runs smoothly and that you are fully aware of your legal obligations and rights. Licensed Conveyancers are required to hold a licence to practice.  A Licensed Conveyancer is required to maintain a current policy of Professional Indemnity Insurance, meaning that you are covered for any loss resulting from any mistake, error or omission in the conveyancing process. You can be assured that you are dealing with a qualified professional.

Answer

Standardly the forty-second day after exchange is agreed as the time to settle by handing over the money and taking possession of the property. This however can be any time if agreed by the parties to the contract (vendor (seller) and the buyer (purchaser). Adequate time needs to be allowed to complete the legal work involved, including satisfying your mortgagees requirements and finalisation of the loan documents (or discharge of loan if selling).

All rates and taxes are adjusted on the day of completion. The settlement is completed electronically and ownership is updated subsequently. On settlement a notice of sale notifying the council, water authority and valuer general is lodged and they will update their records accordingly.