The process of conveyancing may be complicated. This is the case if you are new to property transactions. Even if you are not, regulations, schedules, and procedures may differ.

Below, we answer some FAQs about conveyancing in Sydney. You will know what to expect and how to prepare.

What is conveyancing?

The transfer of the ownership of property between two parties is known as conveyancing. It starts with the preparation of a contract of sale and concludes upon settlement. This is when ownership is transferred, and money is exchanged.

Your conveyancer in the process is involved with:

• Contract checks
• Legal searches
• Communication with the other party
• Settlement arrangements, among other things.

They are supposed to defend you legally and financially. Click here to learn about these tasks in more detail.

Should I have a conveyancer or a solicitor?

In Sydney, you can seek the services of a licensed conveyancer or a property solicitor. This depends on the complexities of the transaction.

Conveyancers are specialists in property law. They carry out typical residential transactions effectively. Solicitors might be better suited to more complicated issues like:

• Property disputes
• Commercial property
• Unusual ownership arrangements.

A licensed conveyancer is adequate in the majority of residential purchase and sale transactions.

When do I engage a conveyancer?

When purchasing, engage one before making an offer or attending an auction. They will review the contract and see whether it favors you.

When you are selling, have your conveyancer prepare the contract right before listing the property.

You need to hire the services of a conveyancer as soon as possible. This minimizes risks and eliminates hasty decisions.

How long does conveyancing take?

Time under conveyancing is determined by the agreed settlement period. It usually falls between 30 and 90 days. Certain transactions can be settled faster. Others can take longer because of:

• Finance approval
• Special conditions
• External delays.

Your conveyancer will handle deadlines along the way.

What are conveyancing searches and why are they important?

Searches are legal examinations undertaken on the property. They help to identify matters like:

• Easement
• Zoning restriction
• Pending rates
• Planning controls.

These searches inform you of how the property can be used and whether it has any risks. Omission or misinterpretation of searches may result in an expensive post-settlement surprise.

What are the standard conveyancing costs?

Conveyancing fees typically involve a professional fee and other disbursements. For instance, search fees and registration fees. The amount of fees depends on:

• The property
• Location
• The complexity of the transaction.

Find out whether your quote is fixed or subject to change.

Can I back out of a contract once signed?

Yes, in most cases. But again, it depends on the terms of the contract. Cooling-off periods do apply to private sales, but not to auctions. Terminating a contract under other conditions can lead to fines.

Before committing, your conveyancer will clarify your rights and risks.

What happens on a settlement day?

• Signing of legal and financial documents
• Transferring of funds
• Recording of ownership occurs.

The majority of settlements are now done electronically.

You do not have to attend the settlement. Your conveyancer handles it.

The last word

With the right planning and guidance, property transactions are less stressful. Having the right conveyancer makes everything easy.