Common Questions

Our Common Questions section provides clear answers to the most frequently asked questions about buying, selling, and transferring property in NSW. From understanding the conveyancing process to key legal requirements and timelines, we aim to provide straightforward guidance to help you navigate your property transaction with confidence.

Categories

Conveyancing is the legal process of transferring property ownership from one party to another. It includes preparing legal documents, reviewing contracts, conducting property searches, and completing settlements. In NSW, this process is typically handled by a licensed conveyancer or solicitor.

A conveyancer manages the legal aspects of buying, selling, or transferring property. They review contracts, conduct property searches, liaise with lenders, and prepare settlement documents. Their role is to ensure the transaction complies with NSW property laws.

While it is not legally required, most buyers hire a conveyancer to manage the legal process. Property transactions involve complex contracts and strict deadlines. A conveyancer helps ensure everything is completed correctly.

Most sellers engage a conveyancer to prepare the contract of sale and manage the legal process. They ensure all required disclosures and documents are included. This helps prevent legal issues during the sale.

You should hire a conveyancer before signing a contract of sale. They can review the contract and explain any risks or special conditions. Early involvement helps protect your interests.

Yes, a conveyancer helps ensure property transactions are legally correct and completed smoothly. They identify risks in contracts and manage complex legal steps. This can help prevent costly mistakes.

The conveyancing process usually takes between 30 and 90 days after contracts are exchanged. The exact timeframe depends on the agreed settlement period. Your conveyancer manages the legal process during this time.

A contract of sale is the legal agreement between the buyer and seller of a property. It outlines the purchase price, settlement date, what is included in the sale, and the conditions of the sale. The contract becomes legally binding once exchanged.

Contract exchange occurs when both parties sign the contract and swap copies. At this point, the agreement becomes legally binding. The settlement process then begins.

The cooling-off period allows a buyer to cancel a property purchase after signing the contract. In NSW, this period is usually five business days. A small financial penalty may apply if the buyer withdraws.

A property deposit is usually around 10 percent of the purchase price. It is typically paid when contracts are exchanged. The exact amount may vary depending on the agreement.

Property searches investigate legal matters affecting the property. These may include title searches, council records, zoning information and planning restrictions. The results help identify potential risks before settlement.

A title search confirms the legal owner of the property and identifies any restrictions. This may include mortgages, easements, covenants, caveats or other encumbrances. Conveyancers conduct title searches to ensure the property can be legally transferred.

Due diligence is the process of investigating a property before completing the purchase. This may include reviewing legal documents, property searches, planning restrictions, and zoning information. It helps buyers understand potential risks.

Once an offer is accepted, the contract of sale is prepared and reviewed. Both parties sign the contract before it is formally exchanged. The conveyancing process then continues until settlement.

Settlement is the final stage of a property transaction when ownership officially transfers to the buyer. Funds are exchanged and legal documents are lodged with the land registry. After settlement, the buyer becomes the legal owner.

On settlement day, funds are transferred and legal documents are finalised. The new ownership is registered with the land registry. Once the settlement is complete, the buyer receives the keys to the property.

Conveyancing costs may include professional fees, property searches, government charges, and disbursements. Additional costs may apply depending on the transaction.

Conveyancing costs vary depending on the property transaction and complexity. Government fees and search costs are usually separate.

Government fees may include title searches, registration fees, stamp duty and transfer duty. These charges vary depending on the property value and location. Your conveyancer can outline the expected fees.

Stamp duty is a government tax paid when purchasing property. The amount depends on the property value and the buyer’s circumstances.

Stamp duty is paid by the buyer of the property. The amount is calculated based on the purchase price and state regulations. Some buyers may qualify for concessions or exemptions.

Yes, a conveyancer can review a contract of sale before you sign it. They explain the legal terms and identify potential risks. This helps buyers make informed decisions.

Settlement delays may occur due to financial issues or missing documents. In some cases, penalty interest may apply for the delayed period. Conveyancers work with all parties to resolve delays quickly.

If a seller withdraws after contracts are exchanged, they may breach the contract. The outcome depends on the contract terms.

A property transfer occurs when ownership moves from one person to another. This can happen through sale, family transfer, divorce or inheritance. A conveyancer prepares the legal documents required for the transfer.

Yes, property can be legally transferred between family members. The process still requires legal documentation and registration. Government fees or stamp duty may apply depending on the situation.

Property can be transferred between spouses following a divorce or separation agreement. Legal documentation is required to complete the transfer. A conveyancer can manage the legal process.

If a buyer cannot settle on the agreed date, they may be in breach of the contract. The seller may charge penalty interest for the delay. In serious cases, the contract may be terminated.

If the seller delays settlement, the outcome depends on the contract terms. Conveyancers usually work together to resolve settlement delays.

Yes, settlement can occur earlier if both the buyer and seller agree. All parties involved, including lenders, must be ready. Your conveyancer can coordinate an earlier settlement if possible.

Electronic settlement allows property transactions to be completed digitally through platforms such as PEXA. Funds and legal documents are exchanged electronically. This system is widely used in NSW property transactions.

PEXA is an electronic platform used to complete property settlements online in Australia. It allows conveyancers, banks, and government registries to exchange documents and funds securely. Most property settlements in NSW are now completed using PEXA.

After settlement, the new ownership is registered with the NSW Land Registry. The buyer receives the keys and becomes the legal owner of the property. Your conveyancer finalises the remaining paperwork.

In NSW, it is legally possible to handle your own conveyancing. However, property transactions involve complex legal requirements and risks. Most people choose a licensed conveyancer to manage the process.

A property title is a legal record showing who owns the property. It also lists any restrictions, mortgages, easements, covenants, or other interests affecting the land. Title information is held by the NSW Land Registry.

An easement is a legal right allowing someone to use part of another property for a specific purpose. Common examples include drainage, sewer access, utility services, or shared driveways. Easements are recorded on the property title.

A covenant is a legal condition attached to a property title. It may restrict how the property can be used or developed. Buyers should review covenants before purchasing a property.

It is strongly recommended to have finance approval before exchanging contracts. Once contracts are exchanged, the buyer becomes legally committed to the purchase. Delays in finance may risk losing the deposit.

If a loan is delayed, settlement may need to be postponed. This could result in penalty interest depending on the contract terms. Your conveyancer will coordinate with the lender to minimise delays.

Yes, conveyancers regularly communicate with lenders during property transactions. This coordination helps ensure a smooth settlement.

Mortgage registration is the process of recording the lender’s interest in the property title. This gives the lender legal rights over the property until the loan is repaid. The registration is completed through the land registry.

If finance is declined after contracts are exchanged, the buyer may still be legally bound to complete the purchase. In some cases, the deposit may be forfeited. Buyers should confirm finance approval before exchange.

Yes, buyers may pay additional costs such as stamp duty, conveyancing fees, property searches (pest, building and strata) and government registration fees. Lender fees and inspection costs may also apply. These expenses should be considered when budgeting for a purchase.

Settlement adjustments ensure property expenses are fairly divided between the buyer and seller. These may include council rates, water charges, strata fees, or land tax. Adjustments are calculated before settlement.

Yes, sellers usually pay conveyancing fees for preparing legal documents and managing the sale process. The cost varies depending on the conveyancer and the complexity of the transaction.

In some situations, conveyancing fees may be tax-deductible for investment properties. This depends on individual financial circumstances and tax regulations. Buyers should seek advice from a tax professional.

A commercial lease agreement allows a business to occupy property for commercial purposes. It outlines rent, lease duration, outgoings and the responsibilities of the tenant and landlord. Legal advice is recommended before signing a lease.

Before signing a commercial lease, review the rent terms, lease duration, repair obligations and permitted use of the premises. It is also important to check termination clauses. A conveyancer can review the lease agreement.

Breaking a commercial lease may result in financial penalties or compensation claims. The tenant may be required to cover remaining rent or re-letting costs. Legal advice is recommended before terminating a lease.

Sellers must disclose certain information about the property in the contract of sale. However, buyers are also responsible for conducting inspections. Conveyancers ensure required disclosures are included.

If a property is damaged before settlement, the contract may determine who is responsible for repairs. In some cases, insurance may cover the damage. Buyers should inspect the property before settlement.

A real estate agent manages the marketing and sale of the property. They work alongside conveyancers during the transaction. The conveyancer handles the legal aspects of the transfer.

A conveyancer or solicitor usually prepares the contract of sale. It contains the legal terms and required disclosures. Contracts must be prepared before listing the property or showing it to prospective purchasers.

Buyers are often advised to arrange building insurance from the date of contract exchange. This helps protect the property before settlement. Lenders may also require insurance.

In many cases, the buyer arranges insurance after the exchange of contracts. Buyers should confirm this with their conveyancer.

Yes, buyers are usually entitled to a final inspection before settlement. This inspection ensures the property is in the same or similar condition as when it was purchased. Any issues should be raised with the conveyancer before settlement.

Fixtures are items permanently attached to the property, such as built-in appliances or light fittings. Fittings are movable items that can be removed by the seller. The contract of sale usually specifies what is included in the purchase.

Yes, buyers and sellers can negotiate settlement terms before contracts are exchanged. This may include the settlement date, deposit amount, inclusions or special conditions. Once agreed, these terms become part of the contract.

If a dispute arises, the parties usually attempt to resolve the issue through their conveyancers. This may involve negotiating solutions or adjusting settlement arrangements. In rare cases, legal action may be required.

A special condition is an additional clause added to a contract of sale. It may cover specific agreements between the buyer and seller. Conveyancers review these clauses to ensure they are legally appropriate.

Council rates, water charges, strata levies and other expenses are adjusted at settlement. The buyer and seller each pay their share based on the settlement date. The conveyancers calculate these adjustments.

If a property is sold with tenants in place, the existing lease usually transfers to the new owner. The buyer becomes the new landlord and must honour the lease agreement. The tenancy details should be disclosed in the contract of sale.

Yes, in most cases, the lease remains valid after settlement. The new owner assumes the landlord's rights and responsibilities. Tenants must continue to comply with the existing lease agreement.

The legal conveyancing process is generally the same for both owner-occupied and investment properties. However, buyers should review any existing leases and tenant arrangements. A conveyancer ensures these details are properly documented.

At Strictly Conveyancing, we offer fixed-fee conveyancing services so clients know the cost upfront. The exact fee may depend on the property transaction and any additional searches required. Contact us to receive a personalised quote for your conveyancing matter.

A conveyancer understands the legal complexities involved in property transactions. They review contracts, conduct searches, liaise with the Land Registry and manage settlement. Their role is to ensure the transaction proceeds smoothly and complies with property laws.

The Commercial Leasing Act regulates aspects of commercial lease agreements and protects the rights of landlords and tenants. It outlines rules relating to lease terms, notices, security deposits and dispute resolution. Legal advice should be sought when entering a commercial lease.

Commercial lease agreements commonly run between three and five years. However, the length of the lease can vary depending on the agreement between the tenant and landlord. The terms of the lease should always be reviewed before signing.

While it may not always be legally required, it is strongly recommended to use a conveyancer or lawyer when buying a business. They review contracts, conduct due diligence, handle settlements, and help manage legal risks. Professional guidance helps ensure the transaction is completed correctly.

Due diligence is the process of investigating a business before completing the purchase. This may include reviewing financial records, contracts, licences and liabilities. The goal is to identify potential risks before the transaction proceeds.

Goodwill refers to the intangible value of a business, such as its reputation, customer relationships, brand recognition, and location advantage. When purchasing an established business, part of the purchase price may reflect this goodwill. It represents the ongoing value of the business beyond its physical assets.

When a property is purchased with tenants in place, the existing lease agreement usually transfers to the new owner at settlement. The buyer becomes the new landlord and must comply with the terms of the current lease. A conveyancer reviews the lease documents during the conveyancing process.

If problems are discovered during the final inspection, the buyer may request that the seller complete repairs before settlement. In some cases, the parties may negotiate a financial adjustment instead. Conveyancers usually assist with resolving these issues before settlement.

If the property is not in the agreed condition, the buyer may raise the issue with their conveyancer before settlement. The parties may negotiate repairs, compensation or settlement adjustments. In some cases, settlement may be delayed until the issue is resolved.

Yes, real estate agents regularly work with conveyancers during property transactions. The agent manages the sale and buyer negotiations, while the conveyancer handles the legal documentation and settlement process.

Real estate agents usually arrange for the contract of sale to be prepared before listing the property. However, the contract itself is typically prepared by a conveyancer or solicitor to ensure it meets legal requirements.