Where Can I Find Out More?

You can find plenty more about conveyancing here via the:

Q: What is conveyancing?
A: Put simply, conveyancing is the legal process of transferring the title of a property from one person to another.
Q: Why should I use a conveyancer?
A: Buying or selling property is one of the biggest financial 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 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.
Q: What is the cooling off period and how does it affect me?
A: 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.
Q: What is a disbursement?
A: A disbursement is one of the expenses incurred during the process of searching and obtaining certificates from local government authorities or local councils etc.
Q: What happens if either party cannot settle on the due date?
A: The vendor or seller can issue a 'Notice to Complete' which means the vendor or seller has 14 days (including weekends and public holidays) to settle the matter. If left unsettled the party that is ready willing and able can terminate the contract.

If the purchaser is ready they would be eligible to terminate the contract and is eligible to receive their deposit back. The purchaser may also apply to the Court to have the vendor complete the agreement and hand over possession.

If it is the vendor who is ready they are 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.
Q: What happens at settlement time?
A: 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 settlement has taken place the buyers conveyancer or bank (where there is a mortgage) will send the title documents to Land Titles to register the change of ownership and the bank’s mortgage.
Q: Who notifies the authorities that I have purchased a property?
A: When the title documents are lodged for registration after settlement, the council, water authority and valuer general are notified of the change of ownership.

Other providers such as electricity, telephone and gas will have to be notified by the new owner and by the vendor.

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