FAQ
Here are some common questions asked by our clients concerning legal advice for conveyancing and our fee structure:
What can a licensed conveyancer do for me?
A licensed conveyancer may help you out in the legal work for your sale, purchase, or lease of a property or the sale or purchase of a business. A licensed conveyancer can prepare, review, provide you with advice on, and register the necessary documents for your conveyancing transaction.
What is an exchange?
In New South Wales, the Contract for the Sale of Land is prepared in counterparts (2 identical versions), where one is to be signed by the vendor and the other by the purchaser. When the terms of the contract have been agreed to by both parties the signed counterparts are physically exchanged. The vendor will then hold the copy signed by the purchaser, and the purchaser will hold the contract signed by the vendor.
What is a s66W Certificate?
In New South Wales, a purchaser of residential property is given a cooling-off period of five (5) business days. If the purchaser wishes to waive this period, the licensed conveyancer or solicitor explains the consequences of the waiver to the purchaser and then issues the s66W Certificate.
What is the settlement?
Settlement is the final leg of the conveyancing transaction. Title and other documents required to register the transfer of the property are checked as to their correctness and authenticity. The balance of the purchase price is also paid to the vendor at this stage in exchange for the title documents.
Do I need to attend settlement?
No. We make the process as hassle-free to you as possible. We attend the settlement on your behalf.
How do I collect the keys?
You may collect the keys from the agent unless other special arrangements are made beforehand. The usual practise is for us to advise the selling agent and yourself immediately after settlement that everything necessary has been attended to at settlement and so that the keys may be released to you.
What is a Certificate of Title? Who holds this?
This is the official document that evidences you as the registered proprietor of the property. If there is a mortgage, this document is held by your lender and will only be released to you when the loan has been paid out in full. If you do not have a mortgage, the Certificate of Title is given to you after the property transfer has been registered at the Land Titles Office following settlement.
What is the difference between owning as Joint Tenants and Tenants-in-Common?
In a joint tenancy, the tenants have one undivided and indistinct interest in the whole property. A feature of this tenancy is the right of survivorship, meaning the surviving tenant automatically obtains the interest of the deceased. Any joint tenant, nevertheless, may during his/her lifetime can, in accordance with law, sever the tenancy. While common law does not prefer this type of tenancy, the 2005 standard contract overrides the common law preference and this type of tenancy is adopted in most matrimonial situations
In tenancy-in-common, the tenants have several and distinct interests in their respective parts which may be in equal or unequal shares. Each tenant may dispose of his/her share individually as for example by Will. The right of survivorship does not apply in this case, which means that the interest of the deceased tenant may pass either in accordance with the Will or intestacy and will not automatically pass to the surviving tenant.
What is stamp duty?
This is the duty assessed by the State for the sale or transfer of land (including its improvements) or for the sale or transfer of business. You may obtain more information about this duty from the following link http://www.osr.nsw.gov.au/taxes/transfer-land/about.
When should I pay stamp duty?
In a purchase of property the duty is payable within three (3) months from exchange. If you are purchasing a property “off the plan” the duty is generally payable within fifteen (15) months from exchange or at completion, whichever comes first. You may obtain more information about this from the following link http://www.osr.nsw.gov.au/taxes/transfer-land/about.
If you are obtaining a loan for the purchase, then stamp duty has to be paid on or before settlement. This is because your lender will not accept the transfer documents and release the loan advance unless the stamp duty has been paid. Settlement is usually within 42 days from exchange in the great majority of conveyances.
Can I purchase property in the name of my children?
Yes, you may, but there are certain restrictions and conditions. There are several avenues to doing this. Please instruct us beforehand if you wish to purchase in your children’s names. We may recommend solicitors and accountants to advise you in this regard. This will entail additional fees for which solicitors and accountants can provide you a quote.
Can I purchase property in Australia even if I am not an Australian citizen or permanent resident?
Yes you may, depending on your specific circumstances. We will help you apply for approval from the Foreign Investment Review Board. You may obtain more information about this from the following link http://www.firb.gov.au/content/default.asp.
I found a property that I would like to purchase and I have spoken with the selling agent. What is the next step?
Please forward to us the contract (soft or hard copy) for our review. We will then confirm instructions and we will create an account for you so you may log-in to our client portal.
Should I wish to sell my property, what is the first step?
Please fill-out our online enquiry form. We will then confirm instructions and we will create an account for you so you may log-in to our client portal.
What are the usual property searches?
After exchange and before settlement, we search government records to establish if there are outstanding statutory outgoings, for example, unpaid council rates, water rates and strata levies. We also ascertain whether there is any land tax charge over the property and whether there are proposals for resumption and the like.
Do I need to pay fees if I am unsuccessful in my purchase?
We charge a minimal administrative cost for aborted purchases. It does not matter how much work we have done on your file.
What fees are payable?
We will quote you a fixed fee inclusive of estimated disbursements; we guarantee to give you the best value for money.
For any further queries please do not hesitate to contact Live Conveyancing.