Allcare Conveyancing understands that buying or selling a residential or commercial property is a big decision and a significant matter for most people.
Here at Allcare Conveyancing, we cater to all people making property transactions in New South Wales.
We appreciate that it may not always be possible for you to see us during normal business hours. This is why we offer after hours and weekend appointments to assist our valued clients.
Allcare Conveyancing can assist you with:
- Preparation of contracts for sale or purchase of land or business
- Contract review
- Property settlements and negotiations
- Commercial & Retail Leases
- Auction enquiries
- Assistance for first home owners & the First Home Owners Grant
- Mortgages, refinancing & property deposit bonds
» Contact us to arrange a consultation with Renee
Frequently Asked Questions
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: Buying or selling property is one of the biggest financial transactions or your life. 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 conveyancer take care of your property transfer, their qualifications and experience can help protect your assets.
A licensed Conveyancer has an in-depth understanding of the law concerning property transactions, is required by law to carry professional indemnity insurance and fidelity insurance, and unlike certain solicitors that offer conveyancing, can focus solely on property transfer iunstead of other legal matters.
Q: What is the cooling off period and how does it affect me?
A: A cooling off period is the right of a purchaser of property to cancel the agreement within 5 working days. It offers some protection to purchasers that may have rushed into a contract to purchase property and can be used to finalise financial arrangements or perform searches (ie pest and building inspections, etc). Cancelling the agreement (or rescinding, as it is known) will cost the purchaser 0.25% of the total purchase price.
The cooling off period does not always apply (at auction, for example) and can be waived providing a 66W certificate is signed by a conveyancer who has briefed his or her client with regard to the implications involved of waiving the cooling off period.
Q: What inspections should be obtained?
A: If you are purchasing a house, it is recommended that a pest and building report be obtained. The vendor does not have to disclose to you any pest infestations or building defects.
The pest inspector will check for evidence of any past or present pest infestations (ie termites) in the property. If past or present activity is found, the report will usually set out the location and what treatment may be required.
The building inspector will check and report on any visible building defects within the property and usually what works may be required to fix the problems.
If you are purchasing a lot within a strata plan (ie a home unit), it is recommended that a strata inspection report be obtained. This inspector will check the records of the strata plan and will report on minutes of meeting, current status of insurances maintained by the strata, levies payable for the property you are purchasing (including any outstanding amounts owed by the vendor), whether any special levies have been struck or are likely to be struck (special levies can be costly), and whether any works are likely to be undertaken to common property, etc.
Q: What is a disbursement?
A: A disbursement is one of the expenses incurred during the process of searching and obtaining a certificate from local government authorities or local councils, etc.
Q: What happens if either party cannot settle on the due date?
A: The vendor or seller can issue a 'Notice to Complete' which means the vendor or seller has 14 days (including weekends and public holidays) to settle the matter. If left unsettled, the purchaser has the right to terminate the contract and is eligible to receive their deposit back. The purchaser may also apply to the Court to have the vendor complete the agreement and hand over possession.
The vendor is entitled to charge the purchaser interest for the number of days settlement is delayed. The contract usually stipulates the applicable interest rate. When a 'Notice to Complete' is issued, but settlement is not completed by the end of the Notice period, the vendor may terminate the contract and keep the deposit, and can legally place the property back on the market to sell.
Q: What happens at settlement time?
A: Settlement is the finalisation of the sale or purchase 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 buyer's conveyancer and in return, receive the Certificate of Title and discharge of mortgage (if applicable) from the seller's bank.
If prior to settlement the property in question has been damaged, there is a sufficient amount of time to take care of discrepancies prior to settlement.
Once the settlement date arrives, the keys can be handed over to the purchaser and the deposit is released (from trust) to the seller. At this stage, the buyer's bank registers the change of title and mortgage, and notifies authorities (such as the water company) of the change.
Q: Who notifies the authorities that I have purchased a property?
A: When your transfer papers are lodged for registration after settlement, the council, water authority and valuer general are automatically notified of the new purchase. Other providers, however, will need to be notified by the vendor and purchaser, such as telephone supplier, electricity company, gas company.
» Contact us to arrange a consultation with Renee