FREQUENTLY ASKED QUESTIONS
WHAT IS SETTLEMENT?
Settlement is the final stage of a conveyance. At settlement, payment of the purchase price is paid to the seller and the ownership of the property is legally transferred from the seller to the buyer. Once settlement occurs, the buyer officially takes possession of the property.
WHAT IS E-CONVEYANCING?
E-conveyancing is the term used to describe the process of conducting property transactions and settlements electronically. E-conveyancing has been introduced to replace the traditional method of settling manually via paper and physical attendance. E-conveyancing has been mandated in various states and as a result, there are various secure online platforms that cater for streamlined settlements.
WHAT ARE ADJUSTMENTS?
Adjustments are financial calculations made between a buyer and seller to ensure each party pays their share of expenses and outgoings in relation to the property. Adjustments are typically made at settlement and are designed to divide costs such as rates, water and taxes between a buyer and seller proportionately in accordance with the time period each party owns the property for in a given financial year.
WHAT ARE SEARCHES?
Searches are enquiries made in relation to a property that provide valuable insights into possible issues that may materially affect the property. The search enquiries made in relation to a property are tailored to an individual’s needs or concerns.
WHAT ARE TRANSFER REGISTRATION FEES?
Transfer registration fees are charges imposed by government authorities for the cost of legally transferring and registering the ownership of a property. The fees payable vary depending on the jurisdiction. It’s important to note these are separate from from stamp duty. We can assist in providing an estimate of any applicable transfer registration fees.
WHAT IS CONVEYANCING?
Conveyancing is the legal process that involves transferring the ownership of a property from one person or entity to another. There are several steps that include drafting the contract of sale, conducting and reviewing searches, arranging payment of the deposit, liaising with relevant parties, transferring settlement monies, attending settlement and transferring the property ownership.
WHY DO I NEED A CONVEYANCER?
Effective communication between all parties including solicitors, financiers and real estate agents is essential in achieving a smooth settlement. Conveyancers correspond and communicate with these parties on behalf of buyers and sellers on a day to day basis and navigate the complexities of a conveyance.
WHAT IS A COOLING OFF PERIOD?
Most contracts are subject to a five (5) day cooling off period that permits a buyer to terminate the contract due to change of mind within the cooling off period. If a buyer does terminate a contract during the cooling off period, the seller is entitled to charge a penalty being 0.25% of the purchase price.