FAQ
Frequently Asked Questions
What is conveyancing?
Conveyancing is the legal term used to describe the transfer of a property from one owner (the seller or vendor) to another (the buyer or purchaser).
Licensed Conveyancers are experts in the field of conveyancing (property matters). Because we can handle many varied property matters, we not only have wide experience in the usual agent sales, but also in auction, “off the plan”, options and private sales.
A conveyance comes into being by a Contract of Sale of Land. This is normally prepared by a legally qualified person, such as a conveyancer acting for a vendor and is checked by the purchaser’s conveyancer.
Besides dealing with the actual contract and transfer, many ancillary functions are involved such as checking to see if the property is affected by:
- Government Authority Proposals
- Local council and state government compliance
- Condition of the property as regards building and pests
- Surveys
- Leases
- Strata reports
- Easements and covenants
- Stamp duty
- Mortgages
- GST
- Land tax, council and water rates
Other types of conveyancing work include:
- Sale/purchase of business
- Residential tenancies
- Commercial leases
- Mortgages
- Refinancing
Do I need a solicitor as well as a conveyancer when buying or selling property?
No, Conveyancers are specialists who are educated and qualified to provide expert advice in relation to matters of conveyancing law. We do not handle other legal matters such as wills, divorces, criminal matters, personal injury claims and the like. This means that our attention is not diverted by other, more pressing matters.
Will I save money using a conveyancer?
Yes. Generally conveyancers will charge a flat fee plus any associated disbursements such as searches, whereas Solicitors usually charge on a scale dependent on the purchase or sale price.
Is it safe to use a conveyancer?
All Conveyancers in NSW are required to hold Professional Indemnity Insurance. It is compulsory for Licensed Conveyancers to undertake additional professional training every year in order to renew their licence.
How conveyancing assists buyers
For the buyer, a conveyancer will:
- Prepare, clarify and lodge legal documents – e.g. contract of sale and memorandum of transfer
- Research the property and its certificate of title – check for easements, type of title and any other information that needs addressing
- Provide advice on when to pay required deposit into a trust account
- Calculate the adjustment of duties, rates and taxes
- Settle the property – act on your behalf, advise when the property is settled, contact your bank or financial institution when final payments are required
- Represent your interest with vendor’s conveyancer
- Finalising settlement via PEXA platform
How conveyancing assists sellers
For the seller, a conveyancer will:
- Complete legal documentsincluding compiling the Contract of Sale (marketing contract to be prepared before property can be advertised for sale
- Represent you in dealings with the buyer – e.g. request to extend critical dates, coordinating contract exchange
- Liaising with mortgagee to discharge current mortgage on settlement
- Preparation of settlement adjustments
- Finalising settlement via PEXA platform
Helpful Links
NSW Office of State Revenue (stamp duty calculator)
https://www.apps09.revenue.nsw.gov.au/erevenue/calculators/landsalesimple.php
Vic State Revenue Office (stamp duty calculator)
https://www.sro.vic.gov.au/calculators/land-transfer-stamp-duty-calculator
Stewart Title
https://www.stewartau.com/consumer-resources/consumerlibrary/premium-schedules
NSW First Home Owner information
https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer
Vic First Home Owner information
https://www.vic.gov.au/support-first-home-buyers
Vic Pensioner card/health care card concession from stamp duty
https://www.sro.vic.gov.au/calculators/pensioner-land-transfer-stamp-duty-calculator
PEXA network (electronic settlements)
https://www.pexa.com.au/company/