Can you please explain what conveyancing is?
Conveyancing pertains to the legal process of transferring a title of a property between a buyer and a seller. This process can begin before the signing of the contract of sale. It can continue to the settlement and to the post-settlement notifications that one needs to send to the relevant authorities.
Are there standard terms to a conveyancing contract?
Yes. These terms usually contain the purchase price, a proposed settlement date, additional dates of relevance, if any, and conditions of the contract itself. For more information on NSW conveyancing fees, contact us.
How long is the standard duration for a conveyance?
In general, it should take four to six weeks once the necessary parties have signed the required contracts. The transfer of title usually takes another week or two after that. It is indeed possible to negotiate shorter settlement terms before signing the contract, and that is something our professionals can discuss with you further if necessary. We also liaise with other parties, such as a mortgage broker or real estate agent, about transferring property and overall property law. If you want more information on the property transaction process or our conveyancing work, get in touch.
You have mentioned ‘searches’, to what do these refer?
Searches are a vital part of the buying or selling of any property. They provide evaluation and identification of any property, legal, or ownership issues. Considering most conveyancing contracts allow for the buyer to have particular rights, such as termination of the contract or compensation in certain scenarios, it is important to do searches to ensure you are happy with everything before moving forward. Not going ahead with searches can become a costly process down the road when issues arrive that you didn’t identify previously. Contact us for more information on conveyancing costs in NSW.
What are the most important dates in a conveyance?
First is the contract date, which is the date on which the last required party signs the contract, and it comes into effect. Second is the finance date. The finance date is the day the buyer must advise the seller regarding whether they achieved finance approval or not. Third, we have the building and pest inspection date. This day is when the buyer must advise the seller regarding whether they obtained the required building and pest reports. Lastly is the settlement date, the day upon which settlement takes place, subject to the agreement of all involved parties.