What is conveyancing?
Put simply, conveyancing is the legal process of transferring the title of a property from one person to another.
Why should I use a conveyancer?
Buying or selling property is one of the biggest financial transactions of your life. A Licensed Conveyancer has an in-depth knowledge of the law concerning property transactions and is both qualified and experienced in this area. Unlike law firms our sole focus is Conveyancing which means that we are not distracted by other legal matters and can give your sale or purchase our undivided attention. A Licensed Conveyancer is required by law to hold Professional Indemnity insurance.
Who holds the deposit?
The deposit is held in the Real Estate Agent’s Trust Account until settlement. If there is no Real Estate Agent involved then it will be held in the vendor’s Conveyancer’s Trust Account.
What is a disbursement?
A disbursement is one of the expenses incurred during the process of searching and obtaining a certificate from local government authorities or local councils etc.
Do I need to attend settlement?
No, you are not required to attend settlement. Settlement is attended by the two Conveyancers and any banks involved. We will call you as soon as settlement has taken place.
When can I collect the keys?
After settlement we will notify the Agent by telephone and facsimile. Once the Agent receives this notice they will then hand the keys over to the purchaser.
Who notifies the authorities that I have purchased a property?
We will notify the local council and strata manager (if applicable) of the change in ownership. However, the local council will often wait to update their records until they are notified by the Land and Property Information. You will need to notify the electricity company, telephone line provider etc.