Conveyancing is the legal process of transferring the title and ownership of a property from one person to another.
A written contract is required by law for the transfer of a property. It must be signed by all parties and is then exchanged, usually by the Real Estate Agent. The contract contains all the details of the property, inclusions, price, deposit and the terms and conditions of the sale. It also contains government and legal certificates required by the Conveyancing Act.
In New South Wales the standard contract calls for a settlement 6 weeks after exchange of contracts. However, the parties can negotiate and agree on a shorter or longer time for settlement.
Endeavour Conveyancing Services are Conveyancing Specialists and therefore can concentrate on the legal and financial aspects of your property transfer. We have University qualified Conveyancers with more the 60 years combined experience in Conveyancing. Also, for your protection, Conveyancers must have Professional Indemnity and Fidelity insurance. We focus solely on your property transaction. You do not need a solicitor for Conveyancing.
In New South Wales purchasers of residential property have a right to a 5 business day Cooling Off period. In this time the purchaser can finalise loans and have building and pest inspections completed. Vendors do not have the benefit of a Cooling Off period.
For the purchase of a house, Endeavour Conveyancing Services can arrange both building and pest inspections of the residence. These will satisfy the purchaser of the structural condition of the property.
For the purchase of a Strata property, endeavour Conveyancing Services can arrange an inspection of the records of the Strata corporation. This will disclose the financial position of the Body Corporate and show the building rectification works completed for each apartment.
Stamp Duty is a State Government charge a purchaser must pay before settlement. It is calculated on the price of the property.
$500,000 price – approximately $18,000 stamp duty. $1,000,000 price – approximately $40,500 stamp duty.
The purchaser is entitled to inspect the property, in the 3 days prior to settlement, to ensure the property is in the same condition as it was at echange of contracts and that all inclusions, noted on the contract, remain in the property. The inspection will be arranged with the Real Estate Agent.
All settlements in NSW are now done electronically. Property Exchange Australia (PEXA) is a recently formed internet platform established by Conveyancers, land Registry Services and Banks to facilitate property settlements electronically. The system is modern and very efficient. Endeavour Conveyancing Services is a leading PEXA user in the Sutherland Shire.
For a Vendor: Sale funds are deposited to vendors account, as cleared funds, within a couple of hours after settlement.
For a Purchaser: The transfer is registered on title immediately.
The contract provides for the Vendors Conveyancer to issue a Notice to the purchaser for settlement to occur within the next 14 days. If the purchaser fails to settle it will forfeit the 10% deposit to the Vendor.
Endeavour Conveyancing Services will advise the Real Estate Agent and the Purchaser can then collect the keys and move in. The Agent will then pay the balance of the deposit to the Vendor. Endeavour Conveyancing Services will notify Council, Water Authority and Strata Corporation (if applicable) of the change of ownership. Endeavour Conveyancing Services will advise you of settlement and confirm all the details.