Property Conveyancing is the process of transferring ownership or a legal interest in the property to another party.
The purchase or sale of real estate is one of the most expensive things that will occur in your lifetime.
If you make a mistake during the property conveyancing process it may cost you tens of thousands of dollars. Engaging the services of a qualified and licensed property conveyancer like Bliss Conveyancing will ensure your property assets are protected.
We have an in-depth understanding of the law concerning property conveyancing. As required by law we hold the necessary professional indemnity insurance. When all you do is property conveyancing you get very good at it. We can focus solely on your property conveyancing matters.
When entering into a contract for sale of land, the purchaser has a 5 business day cooling off period. This 5 business day cooling off period allows the purchaser can rescind the contract without penalty other than forfeiture of 0.25% of the purchaser price. It offers protection to the purchaser that may have exchanged a contract to purchase property without having obtained their unconditional loan approval or conducted their pest and building inspection. During this period the purchaser can finalise financial arrangements or perform inspections or other searches.
It should be noted that the cooling off period does not always apply (at auction, for example). This cooling off period can be waived by a property conveyancer providing a 66W certificate upon instructions from our clients. We advise our clients in-depth so that they are aware of the implications involved of waiving the cooling off period. i.e. Contracts would become legally binding upon the purchaser if the cooling off period is waived.
A disbursement is one of the expenses incurred during the process of searching and obtaining a certificate from local government authorities or local councils etc.
Dependent upon the terms and conditions of the contract either Party may be able to issue a 'Notice to Complete'. This Notice to Complete allows the defaulting party 14 days, or other time as contained in the contract (including weekends and public holidays) to settle the matter.
If the defaulting party still cannot complete the contract within this time period, then the non-defaulting party has the right to terminate the contract.
If the Vendor is the non-defaulting party and terminates the contract, then the purchaser would forfeit their 10% deposit and the vendor is then able to resell the property to another party. However, should the Vendor be the defaulting party the purchaser can have their deposit returned to them or in certain circumstances, the purchaser may also apply to the Court for an order to have the vendor complete the agreement and hand over possession.
The vendor may be entitled to charge the purchaser interest for the number of days settlement is delayed. The contract usually stipulates the applicable interest rate.
The vendor is entitled 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, the vendor may terminate the contract and keep the deposit, and can legally place the property back on the market to sell.
Settlement is the finalisation of the sale or purchase process. There are usually four parties involved - the buyer and sellers' property conveyancers and the banks for the vendor and purchaser.
On settlement, the purchaser's bank will exchange cheques as per the instructions of the vendors conveyancer and in return, receive the Certificate of Title and 'discharge of mortgage' (if applicable) from the seller's bank.
You should conduct a final inspection prior to settlement. If the property has been damaged or other issues arise, you must immediately notify us to ensure that there is sufficient time to take care of discrepancies prior to settlement.
Once the settlement has occurred, the keys can be handed over to the purchaser and the deposit is released (from trust) to the seller. After settlement, the buyer's bank registers the Transfer and Mortgage.
The Lands Department will then notify authorities such as local council, water authorities and other statutory bodies of the change of ownership. Electrical, Telephone and other providers will need to be advised by directly by you due to privacy regulations.
Stamp duty is payable to the NSW Government on property transactions. If you qualify as a first home purchaser you will receive a concession from payment of stamp duty. Limits apply. From time to time the NSW Government offer different schemes with respect to Stamp Duty. Visit www.osr.nsw.gov.au for more information on Stamp Duty.