1. What is conveyancing?

Conveyancing is the legal process of transferring property ownership from one person to another. It involves various steps, including preparing legal documents, conducting searches, and ensuring that all conditions of the sale are met.

2. Why do I need a conveyancer?

A conveyancer provides expert advice and handles all legal aspects of the property transaction. They ensure that the process is completed correctly, mitigating risks such as undisclosed liabilities, title issues, or contract errors.

3. How long does the conveyancing process take?

The conveyancing process typically takes 6-8 weeks from the date the contract is signed. However, this can vary depending on factors such as the complexity of the transaction, the speed of searches and inquiries, and the parties involved.

4. What searches are conducted during conveyancing?

Searches conducted during conveyancing typically include title searches, council and water rate checks, zoning certificates, land tax searches, and building or pest inspections. These searches ensure there are no hidden issues with the property.

5. What is the cooling-off period?

In NSW, there is a five or ten -business-day cooling-off period for residential property purchases after the contract is signed. During this time, the buyer can cancel the contract for any reason but may forfeit 0.25% of the purchase price to the seller.

6. What happens on settlement day?

On settlement day, the final payment is made, and the ownership of the property is officially transferred from the seller to the buyer. The conveyancer coordinates with the relevant parties to ensure all documents are lodged, and funds are transferred.

7. What is stamp duty, and when is it payable?

Stamp duty is a tax imposed by the NSW government on property transactions. The amount payable depends on the property's purchase price and must be paid within three months of signing the contract or before settlement, whichever comes first.