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.

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