A Step-by-Step Guide to Conveyancing
So you have decided to buy. Here is a breakdown of the conveyancing procedure. We aim to simplify the process to leave you with time for the more important things.
Purchaser - Person buying the property
Step
When you find your dream home and the vendor accepts your offer, we will:
- review the contract for you
- discuss the contract with you and if necessary, request changes you want
- arrange any property inspections you want
- work with the real estate agent
At this stage you should contact your broker/lender and advise them that you have found the property you wish to buy.
Step
When you are satisfied with:
- the changes to the contract
- your property inspection reports
- your loan application
we will arrange an exchange of contracts for you (unless the real estate agent has already exchanged contracts with a five day cooling off period) in which case we will attend to the above for you during these 5 days.
Step
When contracts have exchanged, we will:
- confirm exchange and advise you of the settlement date
- keep you well informed on the progress of the matter
- answer any questions that you may have
- work with your lender so that their requirements are met
- carry out property enquires in relation to the property
At this stage you will need to give us a cheque to pay stamp duty. If you are a First Home Buyer, we will send you an application form to sign for us to submit to the Office of State Revenue.
Step
When your matter is ready to settle, we will:
- confirm with you the amount owing to the vendor at settlement (i.e., pro rata adjustment of rates and taxes) and what cheques are required from you (if any)
- arrange a time to settle with the vendor’s conveyancer and your lender
- attend settlement on your behalf (you do not need to attend settlement)
- confirm with you and the real estate agent once settlement has taken place
Prior to settlement (i.e. within 3 days prior to settlement but preferably on the morning of settlement), you should conduct your final inspection of the property to ensure no damage has been done to the property between exchange and settlement (other than fair wear and tear).
Step
The best part, collect the keys from the real estate agent and begin enjoying your new home!
So you have decided to sell. Here is a basic breakdown of the conveyancing procedure for sellers. We can help you through every step of the way.
Vendor - Person selling the property
Step
Once you have decided to sell, we will:
- prepare a contract in accordance with your instructions
- email a soft copy of the contract to your real estate agent in a timely manner so marketing can start
- inform you that the real estate agent has the contract
Step
When a buyer is located and you have accepted their offer, we will:
- negotiate on your behalf any requested changes to the contract
- arrange exchange of contracts with the buyer’s conveyancer (unless the real estate agent has already exchanged contracts with a five day cooling off period)
Step
When contracts have exchanged, we will:
- confirm exchange and advise you of the settlement date
- keep you well informed on the progress of the matter
- answer any questions that you may have
- ensure that arrangements have been made for you to sign the ‘transfer’ form
- ensure the requirements of your discharging mortgagee have been satisfied
At this stage you must sign a ‘discharge request/release’ form with your lender so that your lender is ready come settlement day to settle (only if you have a mortgage).
Step
When your matter is ready to settle, we will:
- confirm with you the amount owed to you by the purchaser at settlement (i.e., pro rata adjustment of rates and taxes) and what cheques you require
- arrange a time to settle with the purchaser’s conveyancer and your lender
- attend settlement on your behalf (you do not need to attend settlement)
- confirm with you and the real estate agent once settlement has taken place
Step
Congratulations, you have now sold your property. At this stage you should arrange to disconnect electricity, gas, telephone and other services. We handle notification with your local council and Sydney Water.
Vendor
Person selling the property
Exchange
There are two contracts. One is signed by the purchaser and another by the vendor. This is when contracts are dated and
become exchanged.
Cooling off period
Normally contracts exchanged with a real estate agent will have a five (5) day cooling off period which gives the purchaser five (5) days to change their mind.
Section 66W Certificate
The vendor in many cases will request that the cooling off period be waived. If the purchaser agrees to have this waived, the purchaser’s licensed conveyancer/solicitor will be required to sign a Section 66W Certificate stating that they have explained to the purchaser that there is no cooling off period, and that contracts will be unconditional at exchange i.e. no changing your mind.
Unconditional loan approval
This means that your loan has been approved and is not subject to any conditions such as valuation.
Certificate of Title
Is the document that shows who owns the property, whether there is any mortgage or other encumbrance etc. effecting the land.
Mortgagee
Is the financial institution providing funds to the purchaser.
Mortgagor
The purchaser is also the mortgagor. This means you are the person receiving funds in exchange for the financial institution obtaining an equitable.
Rescind
Means the contract is taken to have never existed. In this case the purchaser would be entitled to have the deposit returned.