General - Frequently Asked Questions
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?
Selling or purchasing property is one of the biggest financial transactions of 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 unlike some solicitors that offer conveyancing, can focus solely on property transfer instead of other legal matters.
Are my interests protected when I use a conveyancer?
Absolutely. All licensed conveyances in New South Wales must be fully trained and qualified before being granted a licence and are required to have professional indemnity insurance in place to ensure your rights are protected.
Do we need to use a solicitor as well as a conveyancer?
No. Conveyancers are specialists who are educated and qualified to provide expert advice in relation to matters on conveyancing law. We do not handle other legal matters such as wills, divorces, criminal matters, personal injury claims and the like. This means our attention is not diverted by other legal matters.
Is a conveyancer cheaper than a solicitor?
Usually yes. Generally conveyancers will charge a flat fee plus any associated disbursements, whereas solicitors usually charge on a scale depending on the sale or purchase price of the property.
What is a Power of Attorney?
If you need another person to act for you in legal and financial matters, you can appoint that person as your "attorney". For example, you may be going overseas or you may be physically disabled. Your attorney can do anything on your behalf that you can do in financial and legal matters. This appointment ends automatically if you die, but can continue after you have lost mental capacity - such a grant is called an enduring power of attorney. Donna Westwood is authorised to provide enduring powers of attorney.
Selling - Frequently Asked Questions
If I sell my property without the intervention of an agent do I still need a conveyancer?
Yes. You cannot market your property for sale until your conveyancer has prepared the contract. Anyone who makes an inquiry or an offer on your property is entitled to ask for a copy of the contract and there are fines payable if a copy is not available on request. Therefore, if you are going to sell your property without the intervention of an agent then it is important to consult your conveyancer before you do anything further.
How quickly can Westwood Conveyancing prepare a contract on my behalf?
We can prepare a contract in less than an hour. We are able to obtain most "prescribed documents" instantly online. The only document that may cause some delay is the Section 149 Zoning Certificate, which some councils are still working on a way to provide online.
What happens if the purchaser 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. The vendor can also issue a "Notice to Complete" which means the purchaser has 14 days (including weekends and public holidays) to settle the matter. If left unsettled, the vendor has the right to terminate the contract and retain the deposit up to an amount equal to 10% of the sale price and can legally place the property back on the market to sell.
What happens at settlement time?
Settlement is the finalisation of the sale process. There are usually four parties involved - the vendor and purchasers' conveyancers and the banks for the vendor and purchaser. On settlement, the purchaser's conveyancer will hand over the balance of the sale proceeds by way of cheques and, in turn, will receive the Certificate of Title and Discharge of Mortgage (if applicable) from the vendor's bank. After settlement, the deposit is released to the vendor.
Purchasing - Frequently Asked Questions
Can Westwood Conveyancing review the contract and give me free legal advice?
Yes. We give free legal advice on a contract for sale for a property purchased by private treaty or at auction. We will only start charging for our services once contracts are exchanged and legally binding.
How quickly can Westwood Conveyancing advise me on a contract?
We can advise you on most contracts within 24 hours either in person by appointment or in writing.
What is a cooling off period and how does it affect me?
A cooling off period is the right the purchaser has to cancel the agreement within 5 working days. It offers some protection to purchasers that may have rushed into a contract and can be used to finalise financial arrangements, obtain property reports (for example, building, pest or strata reports) and to gain legal advice on the contract from our office. Cancelling the agreement (or rescinding, as it is also known) will cost the purchaser 0.25% of the purchase price. The cooling off period does not always apply (at auction, for example) and can be waived provided a Section 66W Certificate is signed by a conveyancer who has briefed the purchaser with regard to the implications involving waiving the cooling off period.
Do I have to pay stamp duty?
The purchaser can issue a "Notice to Complete" which means the vendor 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 entitled to receive their deposit back or the purchaser can apply to the court to have the vendor complete the agreement and hand over possession.
What happens at settlement time?
Settlement is the finalisation of the purchase process. There are usually four parties involved - the vendor 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 purchaser's conveyancer and, in return, will receive the Certificate of Title and Discharge of Mortgage (if applicable) from the vendor's bank. If prior to settlement the property in question has been damaged, there is usually sufficient time to take care of discrepancies prior to settlement. After settlement, the keys are handed to the purchaser and the purchaser's bank registers the change of title and mortgage.
Who notifies the authorities that I have purchased a property?
When your transfer papers are lodged for registration after settlement, then the council and the water authority are automatically notified of the change in ownership. Other authorities, however, will need to be notified separately. To save time, you can have
Direct Connect notify the other authorities of the change in ownership for free.
Disclaimer: The answers to these frequently asked questions are for information purposes only and must not be relied on as a substitute for legal advice.
