In Australia much of the land which was first colonised by the United Kingdom and is still Common Law (also known as Old System). Torrens title was introduced in 1858 and most land is now under the new system of conveyance. Conveyancing is usually completed by a licensed conveyancer or a solicitor. A common conveyance by Sydney Conveyancing usually takes 4–6 weeks. Sydney Conveyancing offer fixed price conveyancing services which usually includes costs of searches, legal advice and other expenditure. In NSW a typical conveyancing process for buying a property includes, but is not limited to, the following:
Due to the three level system of government in Australia (federal, state and local), it must be made sure that all rights and title are properly awarded to the seller. Most information is retrieved from state or local (council) authorities. A standard search package could include:
Sydney Conveyancing have provided conveyancing services to hundreds of happy clients in Sydney and across NSW. Please contact us via the website or phone for a quote.
At Sydney Conveyancing, your sale or purchase will be looked after by a Certified Practising Conveyancer (CPC) who will keep you informed at all times so your transaction is as comfortable for you as possible. A Certified Practising Conveyancer is a qualified professional, who specialises in this single field of law (conveyancing) and as such is up to date with all changes to legislation & procedures that may effect your transaction. Usually, this conveyancer will be a member of the Australian Institute of Conveyancers which means that they abide by the rules and codes of conduct of the AIC and also complete the annual continuing education requirements that are required to renew a conveyancer's licence each year as set out by the Office of Fair Trading (OFT).
All licensed conveyancers are covered by a policy of professional indemnity insurance. This is done for your protection in the unlikely situation that something goes wrong with your transaction. At Sydney Conveyancing, your transaction will be handled by a licensed conveyancer who is a member of the Australian Institute of Conveyancers, a CPC and who holds Professional Indemnity Insurance.
There are several costs involved in buying any real estate. It is vital that you know what they are before you commence the transaction in order to budget for them. Costs can blow out if you are not prepared so please make yourself aware of the costs involved.
Other costs to be aware of:
Before proceeding with any conveyancing transaction it is important to know exactly what the costs are, selling a property is no different. Sydney Conveyancing can provide written quotation of the conveyancing fees and charges. You should also make sure the estate agent gives you a written quotation of his fees and charges or at least the manner in which they will be calculated. The standard costs when selling real estate are;
Yes. You cannot list or advertise your property for sale in any way whatsoever until you have the contract for sale. Anyone who makes an inquiry or an offer on your property is entitled to ask for a copy of the proposed contract for sale, there are fines payable if a copy is not available on request. Sydney Conveyancing can help you with preparation of the contract for sale. It is important that if you are going to sell without an agent then you consult Sydney Conveyancing before you do anything further.
Transfer Duty is a form of Indirect tax levied on the transfer of, or other dealings in dutiable property. Dutiable property can be classified as land, a chattel, or a business asset. Certain dutiable transactions include:
Business Transfer Duty is levied on the transfer of business assets in New South Wales.
The buying and selling of a property is a long drawn process and involves many stages. Settlement is the last stage of the process when the terms of sell or purchase are finalised and the transfer of ownership is initiated. The following aspects are usually required to be finalised before settlement:
In NSW it usually takes place up to 6 weeks after the exchange of contracts happen and terms are finalised. The Title Deed is exchanged after the payment of the due amount.The possession of the property is transferred after settlement. However, an early possession may be taken ‘under licence’ after an agreed payment of rent.
Special conditions are supplementary conditions incorporated in a contract. Whether you are the seller or the buyer, to protect your interest it is advisable to consult your Solicitor to determine as to what conditions can be deemed ‘special’ for inclusion in the contract. Special conditions can be included in a contract at the request of either the seller or the buyer and which are mutually agreed upon by both the parties. Though special conditions depend upon the terms of a particular contract, however you may include the following conditions set out herein by way of special terms:
All the special conditions in a contract must be as precisely worded as far as possible in order to avoid future disputes. All amendments and extra conditions should be signed and dated by the parties to the contract. It is advisable to seek expert advice to ensure that the special conditions are drawn up correctly. Furthermore, any special condition should clearly state as to what action ought to be done and when, who will be responsible for the action being done, who is responsible for payment of the action being so done and what are the consequences if such action has not been completed within the due date as given in the contract.
Before purchasing a property, it is a standard procedure to conduct a due diligence to confirm whether it is worth investing in a property. Normally the purchasers will be satisfied and proceed to purchase the property once they verify that the property is free from encumbrances. However, there may be a range of other important searches which the purchasers need to conduct before closing the purchase deal. Types of Property Searches in New South Wales (NSW) The types of searches a purchaser may conduct before deciding to buy a property in NSW are as follows:
If you are contemplating to buy a property in NSW, Sydney Conveyancing can assist you in conducting the property searches.
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