Conveyancing
Save On Commission advises all vendors of the importance of instructing a solicitor or conveyancer to conduct all work associated with selling your property. They will protect your legal rights and prevent costly errors. They will be responsible for :
Conveyancing FAQs
Below, some frequently asked questions about conveyancing.
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: 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 or registered conveyancer take care of your property transfer, their qualifications and experience can help protect your assets.
A licensed or registered Conveyancer is tertiary qualified and has an in-depth understanding of the law concerning property transactions, is required by law to carry professional indemnity insurance and fidelity insurance, and can focus solely on property transactions instead of other legal matters.
Q: What is the cooling off period and how does it affect me?
A: In some States, there is a legislative right for a purchaser to “cool off” or cancel the Contract within a certain time after the agreement has been made. It offers some protection to purchasers who may have rushed into a contract to purchase property or simply change their mind. There are rules of course and there are some exceptions where the cooling off period does not apply.
Please note: As legislation regarding the right to “cool off” varies from State to State, if you are not sure which rules apply to your sale, enquiries should be made with Asset Conveyancing.
Q: What is a disbursement?
A: A disbursement is one of the expenses incurred during the process of searching titles, plans, or certificates from government authorities or local councils etc.
Q: What happens if either party cannot settle on the due date?
A: Most Contracts make settlement “time of the essence”.
Care should be taken before signing any Contract and the dates for settlement should be strictly adhered to at all times. The purchaser, in extreme cases, has the right to terminate the contract and is eligible to receive their deposit back. The vendor, if a purchaser fails to complete, may terminate the contract, keep the deposit, and legally place the property back on the market to sell.
Q: What happens at settlement time?
A: Settlement is the finalisation of the sale 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 purchaser’s conveyancer and in return, receive the Certificate of Title and ‘discharge of mortgage’ (if applicable) from the seller’s bank.
Q: Who notifies the authorities regarding the sale of a property?
A: After settlement, the conveyancers will notify the Council, Water authority and the Strata or Community Corporation (if applicable) of the new purchase.