Completion DateThis is the date that ownership of the property passes from the seller to the buyer.

The seller and buyer should discuss dates with the agents. The usual completion date will be either 28, 35 or 42 days from the date of exchange, although there can sometimes be unforeseen delays. For this reason you should not make any firm commitments such as giving notice on a job, arranging removals or making holiday bookings without first contacting us so that we can advise you of the situation.

It is usual for the completion date to be known only after the exchange of contracts.  You are not required to be present on the completion date as we will arrange settlement with your financier and the other party.

ContractThis is the agreement between the buyer and the seller. It sets out the main terms of what has been agreed such as the property, the price and the names of the parties. It also deals with the process if something goes wrong. Rather than making the buyer and the seller meet to sign the same contract, the seller’s solicitor draws up two copies of the same contract, and each party signs their own copy. When both parties are ready to legally commit, the two contracts are exchanged.

Cooling off periodIf the sale is a sale of residential property the buyer has 5 days after exchange to change their mind and pull out of the contract. If the buyer does this , the they loose .25% for the purchase price.

DepositOn exchange of contracts the buyer usually pays a deposit of 10% deposit of the purchase price to the agent. On some occasions a  reduced deposits is accepted. You should be aware, however, that if you are a buyer and you pay a reduced deposit then fail to complete the purchase through no fault of the seller, you will, under the terms of the contract, be required to make the deposit up to the full 10%. You may also have to pay compensation to the seller if the seller loses out through your failure to complete.

Another way to arrange a deposit is through a deposit bond. this is an insurance policy where the insurance company guarantees the deposit.

DisbursementsThese are charges paid by your solicitor or conveyancer that are then passed on to you. Many quoted fees do not include disbursements and are therefore additional to the fee. These can include application.

Our fee includes disbursements, and therefore our quoted fee is what you pay.

Exchange ContractsExchange of contracts occurs when either the agent or the sellers solicitor or conveyancer has a contract signed by each party. The agent, solicitor or conveyancer then dates the contract and passes control of the contract signed by each party to the other party. This is a very important moment. From the minute contracts are exchanged, the sale becomes binding. From that moment on, the seller must sell, the buyer must (subject to their cooling off period) buy, it must be done at the price stated in the contract. Until contracts are exchanged NOTHING is binding – either party can walk away from the transaction with no penalty.

FreeholdLand owned by the registered proprietor (owner) and not leased from the Government and that has a Certificate of Title. Land which is freehold is shown on the Certificate of Title. Not all land in New South Wales is Freehold. Other types of land holdings are Leasehold and Old System Title.

Inclusions and exclusionsThis is a list of the items at the property which are either included or excluded from the sale. These items are included in the contract so that both parties understand what is included in the selling price.

Land and Property InformationAlso known as LPI. A Government department that retains records of who owns the land.

LeaseholdTemporary use of the property. When the lease expires use of the property reverts back to registered proprietor.

Legal FeeThis is a fixed cost that covers the cost of the time our property lawyers spend on your conveyancing.

MortgageThis is a loan to help you buy the house. The mortgage is registered on your title deeds, and means that you cannot sell the property without paying out the Mortgage.

Contracts should not be exchanged until an acceptable written mortgage offer has been received. It is not enough that you have had verbal confirmation from you bank , building society or financier that they will grant you a mortgage.

If you are selling, we will contact your mortgage lender at an early stage to arrange a discharge of your mortgage.

SearchesThese are requests to Local Councils and Government departments to see weather there is any money owing or any proposals over the property.

We search the local council, the water authority (such as Sydney Water) and the Office of State Revenue to see if there is any money owing. These are the searches included in our fee.

There are many other searches we can carry out. We don’t do them unless you ask us to. The main reason for this is each government department charges for each search and it can get expensive to search each department. These fees will be passed on to you. It is important that you let us know at the start of the transaction if you require information on any particular point or if you wish us to search any particular department.

Stamp DutyThis is a tax charged by the government. Everyone who buys or sells  land, unless you are entitled to an exemption, must pay stamp duty.

SurveyThis is a report carried out by a surveyor that identifies the land and any buildings on the land and states weather they are build wholly within the land.

If you are buying a property you should be aware that the property is “sold as seen”. It is your responsibility, as the buyer, to discover any physical defects by means of inspections and surveys.

Title Deeds or Certificates of TitleThese documents firstly act as evidence that the person selling the property actually owns it, and secondly set out any rights or obligations that affect the property.

If you are selling, then valuable time can be saved if the whereabouts of your title deeds can be ascertained at an early stage. If you have a mortgage then your bank or building society will be holding your title deeds. We will need to know your mortgage account number and the name and address of the lender.

TransferThis is the document that passes the ownership of the property from the seller to the buyer.

It is dated with the completion date, and will be sent to LPI after completion. LPI need this deed to change their records, and show the buyer as the new owner of the property.

4 Step Process of Property Settlement
Buying a Home by Auction vs. Sale
Swimming Pools Amendment Act 2012, NSW
Buying a Home or Residential Property
Buying, Selling Or Leasing a Residential Property With A Swimming Pool
Caveats
Can I change my mind after I have put a deposit on a home?
FAQ’s about Property Law
Corporate Scheme Registration And Community Management Statements
Flood Damage and Contracts
How To Ensure A Smooth Property Transaction
Professional Fees Quote and Total Costs Quote
Purchasing a Home or Residential Property

Off the Plan Sales/Purchases
Search that Should be Completed By Buyer – Due Diligence
Searches Required to be Attached to the Contract of Sale
Selling A Home Or Residential Property
Settlement Process
Strata Management Body
Strata Management Law and Regulations
The Right To Cool Off In 2013
Watching out for the Special Conditions of a Sale of Land
What Does The Standard Contract Of Sale Cover?
Selling A Home or Residential Property
Useful Terms
Boarding Houses Act 2012

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