Some of the most frequently asked questions regarding conveyancing
In Australia much of the land which was first colonised by the United Kingdom and is still Common Law (also known as Old System). Torrens title was introduced in 1858 and most land is now under the new system of conveyance. Conveyancing is usually completed by a licensed conveyancer or a solicitor. A common conveyance by Sydney Conveyancing usually takes 4–6 weeks. Sydney Conveyancing offer fixed price conveyancing services which usually includes costs of searches, legal advice and other expenditure. In NSW a typical conveyancing process for buying a property includes, but is not limited to, the following: Due to the three level system of government in Australia (federal, state and local), it must be made sure that all rights and title are properly awarded to the seller. Most information is retrieved from state or local (council) authorities. A standard search package could include: Sydney Conveyancing have provided conveyancing services to hundreds of happy clients in Sydney and across NSW. Please contact us via the website or phone for a quote.
At Sydney Conveyancing, your sale or purchase will be looked after by a Certified Practising Conveyancer (CPC) who will keep you informed at all times so your transaction is as comfortable for you as possible. A Certified Practising Conveyancer is a qualified professional, who specialises in this single field of law (conveyancing) and as such is up to date with all changes to legislation & procedures that may effect your transaction. Usually, this conveyancer will be a member of the Australian Institute of Conveyancers which means that they abide by the rules and codes of conduct of the AIC and also complete the annual continuing education requirements that are required to renew a conveyancer's licence each year as set out by the Office of Fair Trading (OFT).
All licensed conveyancers are covered by a policy of professional indemnity insurance. This is done for your protection in the unlikely situation that something goes wrong with your transaction. At Sydney Conveyancing, your transaction will be handled by a licensed conveyancer who is a member of the Australian Institute of Conveyancers, a CPC and who holds Professional Indemnity Insurance.
There are several costs involved in buying any real estate. It is vital that you know what they are before you commence the transaction in order to budget for them. Costs can blow out if you are not prepared so please make yourself aware of the costs involved.Other costs to be aware of:
Before proceeding with any conveyancing transaction it is important to know exactly what the costs are, selling a property is no different. Sydney Conveyancing can provide written quotation of the conveyancing fees and charges. You should also make sure the estate agent gives you a written quotation of his fees and charges or at least the manner in which they will be calculated. The standard costs when selling real estate are;
Yes. You cannot list or advertise your property for sale in any way whatsoever until you have the contract for sale. Anyone who makes an inquiry or an offer on your property is entitled to ask for a copy of the proposed contract for sale, there are fines payable if a copy is not available on request. Sydney Conveyancing can help you with preparation of the contract for sale. It is important that if you are going to sell without an agent then you consult Sydney Conveyancing before you do anything further.
Transfer Duty is a form of Indirect tax levied on the transfer of, or other dealings in dutiable property. Dutiable property can be classified as land, a chattel, or a business asset. Certain dutiable transactions include:Business Transfer Duty is levied on the transfer of business assets in New South Wales.
The buying and selling of a property is a long drawn process and involves many stages. Settlement is the last stage of the process when the terms of sell or purchase are finalised and the transfer of ownership is initiated. The following aspects are usually required to be finalised before settlement:
- completion of all searches and clarifications relating to the property;
- completion of negotiation regarding payment of amount due on Settlement;
- completing formalities with the financer and making due arrangements for the money to be paid on Settlement; and
- payment of all the relevant duties and taxes like Stamp Duty.
Special conditions are supplementary conditions incorporated in a contract. Whether you are the seller or the buyer, to protect your interest it is advisable to consult your Solicitor to determine as to what conditions can be deemed ‘special’ for inclusion in the contract. Special conditions can be included in a contract at the request of either the seller or the buyer and which are mutually agreed upon by both the parties. Though special conditions depend upon the terms of a particular contract, however you may include the following conditions set out herein by way of special terms:
- your licensed surveyor or a structural engineer or a person holding professional indemnity insurance to finalise and provide a ‘Land Inspection Report’ confirming the structural reliability of the property;
- a registered termite inspection company to prepare and provide a ‘Termite Inspection Certificate’;
- working order clause with respect to setting up of electrical lines, piping and plumbing fittings, drainage system or such other things which the parties to the contract may deem proper;
- payments to be made by either party with regard to necessary maintenance and repairs to the land or property;
- schedule of payment of deposit amount in installments such as first installment to be paid on signing of the sale contract while the balance amount to be paid upon financial sanction from a bank or other financing companies;
- penalty(ies) for delay in settlement;
- the sale of the land or property is subject to lease;
- nominating and authorising any person to accept the contract on your behalf by facsimile;
- any repair that the parties have agreed to do;
- approval of the sale contract by a nominated Solicitor;
- time limitation for acceptance of offer by the buyer in circumstances where the seller is hard to get hold of or the existence of several offers to buy the land are in place;
- purchasing a strata-titled property only upon satisfactory inspection of body corporate records;
- simultaneous settlement wherein you are selling off one of your properties and the fund so obtained is being used to purchase another property;
- testing the soil for the purpose of pool installation and checking whether such installation complies with the applicable local bye-laws or not;
- accepting the property in its current condition subject to all the latent and patent defects;
- accepting to buy the land within a certain time period from the date of making the offer; and
- a special condition wherein the seller can also accept or reject the offer within a certain date.
Before purchasing a property, it is a standard procedure to conduct a due diligence to confirm whether it is worth investing in a property. Normally the purchasers will be satisfied and proceed to purchase the property once they verify that the property is free from encumbrances. However, there may be a range of other important searches which the purchasers need to conduct before closing the purchase deal. Types of Property Searches in New South Wales (NSW) The types of searches a purchaser may conduct before deciding to buy a property in NSW are as follows:
- Title Search and Title Plan Search: Land Title Search provides various details of the land or property such as the name(s) of the registered owner(s), physical description of the property, encumbrances attached to the property like mortgages, easements, caveats and covenants. Title Plan Search shows the registered extent of the land or property, its administrative area, lane title number and general positioning of the boundaries. These searches are usually accompanied by the “Land Title Register” containing the folio number, plan number, the local government area, parish and county of the property, details pertaining to the names of the owners, details of the mortgages, existence of easement rights and encumbrances.
- Survey Plan or Strata Plan Search: Land Survey Plan provides information pertaining to the dimension of the land and the location of buildings and structures on the land. A Strata Plan reveals the lot dimensions of the property, building outlines, wherever applicable, Certificate of Title number of the lot, details of unit entitlement and common property, notification and encumbrances affecting the strata plan.
- Lease Data Search: A Lease Data Search provide details in relation to the leasing out of the land or property, lease agreement details, names and addresses of the Lessor and the Lessee, tenure of the lease, lease amount, renewal terms and details of covenants, restrictions and easements contained in the lease.
- Deeds and Instrument Search: Through this search, a purchaser can obtain information concerning various deeds or instruments such as title deed detailing the transfer of property to the existing owner, lease or sub-lease deed, mortgage deed, restrictive covenants and easements.
- Historical Search: Historical Land Title Search reveals about the local history of a land or property. This search can be performed by accessing the following registers:
- Old Form Torrens Register: This shows the ownership chain affecting the title of the property over a considerable period.
- Charting Maps: These are cadastral land boundary guide used to search plan and title information relating to a property.
- Crown Plans: These are survey diagrams demonstrating the State’s terrestrial boundaries, natural topographies and include references to early leasing and ownership of the land or property.
- Boundary Search for two adjoining properties: This search includes the land title register, survey plan, strata plan and an instrument for each of the adjoining properties and signifies most of the registered property information and documents for two adjoining properties.
- Right of Way and Right of Access Search: This search discloses another person’s right of way and access to and from a property or a land.
- Zoning Search: Certificate issued from this search shows the planning controls applicable to a particular land or property. The Zoning Certificate is issued by the relevant council and it specifies the true status and permitted use of the property.
- Drainage or Sewer Details Search: This search shows the location of the internal and external service lines or the main sewer of the property. A drainage or sewer diagram can be obtained from the concerned local water authority.
- Pest Inspection: Search should be made to find out whether the land or property is infested with destructive pests that may have caused or are likely to cause damage to the property. A Pest Inspection Report can be obtained from a qualified pest controller.