New Australian Conveyancing Rules

Home Buying Treks — Wed, 30 Dec 2009 23:38:11 +0000

Misunderstood by most Australians, conveyancing is a very difficult and complex process. Just to make things even more complicated, every state has different conveyancing rules. Thankfully in March 2010, the Government has agreed that all states will follow the same rules making this process somewhat easier. This article outlines the conveyancing process in easy terms.

Conveyancing refers to the transfer of ownership of a property and starts when you sign contracts. The owner is presented an offer from the purchaser which he either accepts or counter offers. Once agreement has been met by both buyer, and seller, the contracts of sale are then signed. It’s more or less standard at this time for the buyer to give the seller a 10% deposit.

A five day cooling off period then follows where the purchaser is able to change their mind and not follow the sale through. If this does happen then the buyers deposit will be returned but a small administration fee charged.

Transfer Papers are now to be organised – usually by the purchasers solicitor. Once the seller has signed these papers they are then returned to the buyer’s solicitor where they will stay until final settlement has been made. Eventually these transfer papers are lodged at the Titles Office where the transfer into the new owners name will be carried out.

Use the time available between the cooling off period and the settlement to sort out property inspections, land enquiries etc. If a mortgage is going to be needed then contact various banks to see what are the best offers they have to offer. It is important during this time to ensure nothing is amiss with the property. The purchaser must also make sure the property has ample insurance.

The buyer will then be presented a ‘Settlement Statement’ explaining exactly what is included in the sale. The last part of the conveyancing process is the ‘Settlement’. A final search will be carried out on the day to make sure the property is free of any restrictions. When this has been agreed and the transfer of funds has been carried out, the title and title deeds will then be exchanged and the purchaser will pay the final balance of settlement.

The majority of real estate offices now have their own conveyancing solicitor or can recommend one for you. The conveyancing process can take between four and 12 weeks but making sure you choose the right conveyancing solicitor will make sure the whole process runs as smoothly as possible.

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New Australian Conveyancing Rules

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