Frequently Asked Questions
Conveyancing is the legal process of transferring the Title of a property from one person to another
A. Purchasing and selling 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.
B. A Licensed Conveyancer has the necessary qualifications and property law experience to take care of your property transfer and protect you from costly mistakes – your own or others.
Under NSW Conveyancing Law, a cooling off period is the Purchaser’s right to cancel the agreement within five days. It offers the Purchaser protection, in the event they have rushed into the Contract, by allowing a period of five days to conduct searches against the Vendor’s property.
However, if the Purchaser cancels the Contract, the Purchaser will forfeit 0.25% of the purchase price.
The cooling off period does not apply at auction, so beware!
The Purchaser’s representative can waive the cooling off period if and only if the Purchaser is happy with such an arrangement and has signed a certificate confirming that fact.
The Vendor can issue a Notice to Complete, which means the Purchaser has 14 days (including weekends or public holidays) to Settle the matter. If left unsettled, the Vendor has the right to terminate the Contract and the deposit is forfeited.
The Purchaser can similarly issue a Notice to Complete. If the purchase does not proceed to Settlement, the Purchaser has the right to terminate the Contract and is entitled to a return of deposit. The Purchaser may also apply to the Court to have the Vendor complete the agreement.
Buying off-the-plan means buying a home or an apartment that does not yet exist other than as a drawing on a proposed plan.
A Disbursement is an expense incurred during the process of searching and obtaining certificates from the various statutory authorities.
Katoomba Conveyancing understands the contractual side of purchasing and selling property can be quite complex and riddled with jargon. That’s why we have simplified the terms you are likely to encounter so you can easily understand your contract or legal documents.
Please download our PDF by clicking here
Buying your first home is both exciting and nerve-racking. Our easy-to-follow guide will arm you with the knowledge of what to look out for when dealing with Vendors, real estate Agents, Mortgage Brokers, Building Inspectors, and Conveyancers.
Please download our Guide by clicking here
To find out if you're eligible to secure a First Home Buyers Grant, please visit the Office of State Revenue website by clicking here