Whether you’ve gone through this process 100 times or you’re a first home buyer, you may have some things you need to discuss first.
Frequently Asked Questions
There can be a lot of unfamiliar language used when it comes to conveyancing, if your question isn’t covered here, feel free to give us a call anytime for an obligation free chat.
What does "settlement" mean?
The word “settlement” and “completion” mean the same thing in conveyancing – all funds have been received, the title of the property has been transfered and the matter is complete.
Should I opt for a "cooling off period"?
A cooling off period allows the purchaser time to obtain inspections, gain final loan approval and complete minor negotiations and they can end the contract at any time before the end of the cooling off period (although they will lose their 0.25% holding deposit). A seller is bound to the contract, and cannot end the contract during “the cool off”, but it does give their purchaser confidence to proceed inspections, etc.
However, every transaction is different so please contact us to discuss what suits you best in any circumstance.
What additional fees are there for selling a property?
Some of the fees to consider include:
- The Pexa Platform Fee. This is the fee now charged to “settle” (or complete) your matter electronically. NSW settlements are all moving to this platform and it will become compulsory to pay this fee.
- Additional legal fees. If your matter is not “standard” (for example, the other party delays, or you need to re-book your dates, etc), then an additional legal fee applies. We will always discuss this with you before it is charged.
- Trust Account Administration Fees. The use of our trust account incurs an administration fee.
All of these fees are broken down clearly and provided to you in our formal cost agreement. We recommend you read this document carefully.
What is stamp duty?
This is a tax you pay on the purchase of your property. First home buyers may be exempt or partially exempt, please call us to discuss what your tax obligations will be.
How long does conveyancing take?
Traditionally, a property contract in NSW is six weeks. However, all transactions are different and you may need longer or shorter, or a variable contract, depending on your circumstances. Please call us to discuss what your timeline needs are so we can some recommendations.
What if I'm buying a property that's not in NSW?
You will need to have your interstate conveyancer/solicitor contact us to coordinate your purchase/sale.
What is a "non-standard" property contract?
A non-standard contract can be unregistered land, off-the-plan, involve additional finance requirements (for example, guarantees or multiple loans), delayed settlement due to your or the other party’s financial circumstances. It can also be that you are acting under a power of attorney, or for a parent or for a deceased party. If you’re not sure, please contact us for an obligation-free conversation.