What is a Conveyancer?
Further, a Certified Practicing Conveyancer must hold Professional Indemnity Insurance and must complete a minimum amount of training each year to ensure that each Conveyancer remains up-to-date with any changes to the conveyancing profession.
David Petty Conveyancing is a member of and has the support and backing of the only professional body representing the conveyancing profession in NSW, the Australian Institute of Conveyancers NSW Division.
What is conveyancing?
Put simply, conveyancing is the legal process of transferring the title of a property from one person to another.
Why should I use a conveyancer?
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 instead of other legal matters.
What is the cooling off period and how does it affect me?
Canceling 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.
What is a disbursement?
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.
What happens if either party cannot settle on the due date?
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, the vendor may terminate the contract after the 14 days has expired and keep the deposit, and can legally place the property back on the market to sell.
What happens at settlement time?
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.
Who notifies the authorities that I have purchased a property?
When your transfer papers are lodged for registration after settlement, the council and water provider are automatically notified of the new purchase. Other providers, however, will need to be notified by the purchaser.