Introduction
Welcome to Urban Family Lawyers’ Conveyancing Quick Guide. This document aims to provide a clear and concise overview of the conveyancing process in New South Wales, ensuring you are well-informed and prepared for your property transaction. Our goal is to make the conveyancing experience as smooth and stress-free as possible.
What is Conveyancing?
Conveyancing is the legal process of transferring property ownership from one person to another. It involves preparing, verifying, and lodging various documents to ensure the transfer complies with legal requirements.
Buying a Property
Stage 1: Prior to Contract Execution/Signing (Prior to “Exchange”)
What We Will Do:
- Review your Contract on your behalf prior to execution.
- Provide advice and guidance in relation to the contract.
- Offer advice on possible grants available.
What You Need to Do:
- Provide your contract to us for review.
- Order pre-purchase property reports such as building, pest, and strata.
- Provide confirmation of finance approval if the contract does not allow for a finance condition.
Stage 2: Exchange of Contracts
What We Will Do:
- Prepare the final contract for signing.
- Coordinate with the other party’s solicitor to arrange the exchange.
- Handle the deposit payment process.
What You Need to Do:
- Review the final contract with our assistance.
- Sign the contract.
- Arrange for the deposit payment, usually 10% of the purchase price.
Stage 3: Pre-Settlement
What We Will Do:
- Conduct necessary searches (e.g., title search, council rates) to uncover any issues affecting the property.
- Liaise with your lender to ensure finance approval.
- Prepare all necessary documentation for settlement.
What You Need to Do:
- Ensure your loan is approved and ready for settlement.
- Arrange a final inspection of the property.
- Provide any additional information or documents as requested.
Stage 4: Settlement
What We Will Do:
- Coordinate the settlement date and time with all parties.
- Prepare and verify all documents required for settlement.
- Arrange for the payment of the balance of the purchase price.
What You Need to Do:
- Confirm settlement details and be available for any last-minute queries.
- Ensure the final payment is ready for settlement.
- Attend the final inspection if necessary.
Stage 5: Post-Settlement
What We Will Do:
- Lodge documents with the Land Registry to register the transfer of ownership.
- Notify relevant authorities (e.g., council, water supplier) of the change in ownership.
- Provide you with copies of all relevant documents for your records.
What You Need to Do:
- Confirm receipt of all documents and ensure they are safely stored.
- Notify your insurance company and any other relevant parties of the property transfer.
Tips for a Smooth Conveyancing Process
- Stay Informed: Keep in regular contact with your solicitor and promptly provide any requested information.
- Budget for Costs: Be aware of all associated costs, including legal fees, stamp duty, and other disbursements.
Frequently Asked Questions
- How long does the conveyancing process take?
The process typically takes between 6 weeks but can vary depending on the circumstances of the sale. - What is a cooling-off period?
A cooling-off period is a timeframe during which the buyer can withdraw from the contract without significant penalty. In NSW, this period is usually five business days. - What is stamp duty?
Stamp duty is a state tax on property transactions. The amount varies based on the property’s value and location. If you are a first home buyer, you may be eligible for a full or partial exemption of stamp duty in NSW. To see if you are eligible, click here.
Contact Us
Urban Family Lawyers
Suite 3.2, 5-7 Littleton St, Riverwood NSW 2210
Phone: 02 9580 9011
Email: [email protected]
For further assistance or to book a consultation, please contact us. Our experienced team is here to guide you through every step of the conveyancing process.
This guide is intended for general informational purposes only and does not constitute legal advice. For specific advice tailored to your circumstances, please consult a qualified solicitor.