Conveyancing Popup Test

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How it Works

Conveyancing is the process of transferring ownership of the legal title of a property (such as a house or land) from one entity (person or company) to another. Preparing, verifying and lodging a range of legal documents as well as preparing the property for settlement are important parts of conveyancing. Below we explain the critical steps to ensure the ownership of a property is successfully transferred.

Step One

The Seller’s legal representative prepares a Contract of Sale so the Real Estate Agent can market the property. The purchaser needs to get legal advice and review this contract, arrange relevant inspections and start making loan arrangements before anything is signed.

Step Two

The contract is signed by both parties, and may be immediately binding, depending on the circumstances of the sale. The Purchaser may however, have a cooling off period available, or be able to withdraw from the contract under certain conditions, so it is important to speak to your legal representative so that you know the exact terms and conditions written into the contract.

Step Three

There is a set length of time between the contract becoming binding and the contract being settled or completed. In this time the purchaser has a lot to do including conducting various checks on the property, organising stamp duty & insurance and getting any loan arrangements in order. The seller of the property should be making arrangements with their bank to have any mortgage discharged as well as making plans to move.

Step Four

Before settlement, adjustments to the purchase price are agreed upon between the parties to cover council and water rates as well as other costs which may be allowed for in the contract.

Step Five

On the day of settlement everything must be in place. The purchaser’s bank will provide the funds and the seller’s bank the property title and the document/s needed to release any mortgage. Everything is transferred and the Purchaser and then entitled to pick up the keys whereby the property is considered settled.

Frequently Asked Questions (FAQ)

1. How much does it cost for legal advice – conveyancing?
2. What is conveyancing?
3. What are the steps in Purchasing a property?
4. What are the most important things to do before I exchange on a property?
5. What is the difference between a lawyer and a conveyancer?
6. What is a cooling-off period
7. What is a 66w certificate
8. Who should I contact to help me?
1. How much does it cost for legal advice – conveyancing?

Many conveyancers will charge upfront costs or provide quotes that seem to be fixed but have many hidden costs associated with the process. At LawRep we provide a tailored quote for each individual that covers all costs from the start to the end of the process. Nothing hidden and no nasty surprises.

2. What is conveyancing?

Conveyancing is the process of transferring the legal title for a property from one person to another. At LawRep we cover the entire process from beginning to end so you can be assured nothing will be left out.

3. What are the steps in Purchasing a property?

Once you have found your dream property and had your offer accepted it is time to let the professionals at LawRep walk you through the process from exchanging the contracts until settlement. There are many essential tasks that need to be completed between exchange and settlement but fortunately for our clients we have compiled a comprehensive set of tasks to ensure nothing is missed.

4. What are the most important things to do before I exchange on a property?

It is very important to have your contract reviewed, property examined, and finance approved prior to going unconditional on a property. Before signing of any contract, it is imperative to speak to the professionals at LawRep so they can guide you through the process.

5. What is the difference between a lawyer and a conveyancer?

Both Lawyers and Conveyancers are adequately trained to advise clients on their legal rights and obligations regarding the buying and selling of real estate. The advantage of using a lawyer is their ability to advise you on legal matters that might fall outside the scope of conveyancing or if your purchase or sale results in litigation.

6. What is a cooling-off period

A cooling-off period is a Purchasers right in particular property transactions to rescind (pull out) of the contract within five (5) business days of exchange and only forfeit the .25% deposit. This right is not always afforded to Purchasers as standard in a property purchase or can be waived if the Purchaser provides a 66w certificate.

7. What is a 66w certificate

A 66w certificate is a legal document signed by a Purchaser’s legal representative that waives any right they have to a cooling-off period under a contract.

8. Who should I contact to help me?

For assistance in this area, please call (02) 4044 5495 and ask for Chad Penfold our Conveyancing Lawyer or feel free to email him at Chad@LawRep.com.au

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