FAQs
What is conveyancing?
1
A: Put simply, conveyancing is the legal process of transferring the title of a property from one person to another.
Why should I use a conveyancer?
2
Who notifies the authorities that I have purchased a property?
Buying or selling property is one of the biggest financial transactions or your life. Due to the financial and legal aspects of transferring property, the consequences of making a mistake can be both costly and heartbreaking. By having a licensed conveyancer take care of your property transfer, their qualifications and experience can help protect your assets.
A licensed Conveyancer has an in-depth understanding of the law concerning property transactions, is required by law to carry professional indemnity insurance and fidelity insurance, and unlike certain solicitors that offer conveyancing, can focus solely on property transfer instead of other legal matters.
5
What is the cooling off period and how does it affect me?
3
A cooling off period is the right of a purchaser of property to cancel the agreement within 5 working days. It offers some protection to purchasers that may have rushed into a contract to purchase property and can be used to finalise financial arrangements or perform title searches. 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 always apply (at auction, for example) and can be waived providing a 66W certificate is signed by a conveyancer who has briefed his or her client with regard to the implications involved of waiving the cooling off period.
What happens at settlement time?
4
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 buyer’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.
Once the settlement date arrives, the keys can be 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 notifies authorities (such as the water company) of the change.
When your transfer papers are lodged for registration after settlement, the council, electricity company, water and telephone line providers are automatically notified of the new purchase. Other providers, however, will need to be notified.