Why do I need a Conveyancer?

You need a conveyancer when you buy or sell real estate.  A conveyancer is a professional who specialises solely in property transactions.  A conveyancer will ensure all the legal work is done to transfer the property into your name if you are purchasing and do all things necessary to transfer the property out of your name if you are selling.

What sort of insurance do conveyancers need?

All licensed conveyancers are covered by a policy of professional indemnity insurance.  This is done for your protection.

How long does it take to complete conveyancing of a property?

The number of time between signing/exchange of contracts and settlement day is usually 6 weeks. This may be negotiable and we will negotiate this on your behalf if you would like a different date.

Can I buy and sell and move on the same day?

Yes but you must ensure the completion date/settlement date is the same on both contracts.
This is imperative it is considered before you exchange contracts on either the sale or the purchase.

What is a final inspection or pre-settlement inspection?

On the morning of settlement or a day before settlement, the purchaser is entitled to visit the property for an inspection to ensure that it is in the same state it was when they inspected it prior to signing the contract. Also the property should be reasonably clean and all inclusions (fixtures and fittings) still there. 

If you are the purchaser you should obtain a building inspection and also have a secondary inspection of the property prior to exchanging the contract, or prior to the end of the cooling off period, to make sure all inclusions are in good working order and there is nothing damaged, then there will be no argument at settlement as to whether an item was in good working order or not.

What is the difference between Joint Tenants and Tenants in Common?

Joint tenants is where each owner owns the property in an equal undivided share and upon death of one party their share is automatically transferred to the other owner(s).  Tenants in common is where buyers can buy in different shares and upon death their share is transferred in accordance with their will.  Tenants in Common may be a consideration if you have children from a previous marriage that you would like to leave your share of property to.

When do I have to pay stamp duty?

Stamp duty must be paid on the earlier of settlement or three months from the date you exchange contracts.  If you have bought a residential property off the plan then you have up to 15 months to pay stamp duty, unless it is an investment or you are not a citizen or permanent resident. Please note where the land is commercial or vacant land you only have 3 months to pay stamp duty. If stamp duty is not paid on time penalty interest will accrue.

Do I need to attend settlement?

No.  We attend settlement on your behalf.  Settlement can take up to an hour to finalise depending what is involved.  Once settlement is confirmed we immediately notify the agent and they will then release the keys to the purchaser and attend to disbursing the deposit less their commission to the vendor.