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Frequently Asked Questions
Leverage Lifestyle Conveyancing
At Leverage Lifestyle Conveyancing, we provide full-service conveyancing to the Australian property market. Our property solicitors strive to provide our clients with sound legal advice at a reasonable cost, every time. Our solicitors are available to advise on a range of areas in property law, including acquisitions, sales and leasing of residential and commercial real estate. If you need a reliable lifestyle conveyancing team, arrange a consultation with us today.
Conveyancing FAQs
Q: What is the cooling off period and how does it affect me?
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 carry out building, pest and strata inspections. 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.
Q: 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.
Q: What happens if either party cannot settle on the due date?
The vendor or purchaser can issue a 'Notice to Complete' which means the vendor or purchaser 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 that the 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 for sale.
Q: What happens at settlement time?
Settlement is the finalisation of the sale or purchase process. There are usually four parties involved - the vendors and purchasers 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 conveyance, 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?
When your transfer papers are lodged for registration after settlement, the council, water and Registrar General are automatically notified of the new purchase. Other providers, however, will need to be notified by the purchaser.
If we did not answer any of your questions here, we welcome you to contact us by phone, fax, email or through our on-line form.
If you would like to meet us in person, we encourage you to take advantage of our free consultation and arrange a meeting at our office. We are currently located in Sydney CBD & Norwest Business park Baulkham Hills.3
DISCLAIMER:
The content of this publication does not constitute legal advice and is intended only to provide a summary and general overview. We do not guarantee that it is current. You should seek specialist legal advice about your specific circumstances.
Your access to this publication is not intended to create nor does it create a solicitor-client relationship between you and Leverage Lifestyle Conveyancing.
Why should I use a property lawyer?
Experience
Buying and selling property is obviously a significant financial transaction. By using a qualified property solicitor to take care of your property transfer, our qualifications and experience can help you protect your valuable property assets.
Expertise
Leverage Lifestyle Conveyancing Specialist Property Lawyers have an in-depth understanding of property law and we carry comprehensive professional indemnity insurance as required by the Law Society of New South Wales.
Purchasing Property
Can Leverage Lifestyle Conveyancing review a contract and give me legal advice?
Yes. We give legal advice on all Contracts for properties to be purchased by private treaty or at auction.
We can usually review your contract on the same day we receive it from you.
Call us on (02) 9659 4025 to start the process.
Selling Property
How quickly can Leverage Lifestyle Conveyancing prepare my Sale Contract?
We can usually prepare a contract on the same day we receive your instructions.
Call us on (02) 9659 4025 to start the process.
Strata & Company Title
Important Considerations
If you are buying or selling a strata title or company title apartment, there are several important factors you need to be aware of and consider.
Leverage Lifestyle Conveyancing can assist you to:
- Review strata plans and strata by-laws.
- Review company constitutions.
- Understand your rights and obligations in the strata scheme.