Property Frequently Asked Questions

Buying / Seller Real Property

(Residential and Commercial)

What is conveyancing?

This is the term used for describing the process where ownership of the title is passed onto another person or entity. Normally, this involves the process of drafting, agreeing and signing a Contract for Sale, ordering land property information documents from relevant authorise and councils to ensure the land/property is what it is claimed to be. Finding our if there are restrictions on the land/property, and finally, paying the agreed sum and registering the transfer.

At Concisus Legal, we offer the above services such that you will not have to concern about the process.

What is the difference between using a solicitor and a conveyancer?

A solicitor is a licensed legal practitioner authorised to provide legal advice and act on behalf of the client in all legal issues. They are also qualified and experienced to research the law, understand the law, and provide advice based on the client's situation.

A conveyancer is a person authorised to only act on behalf of a client to perform a conveyance (buy or sell property/business). They cannot give legal advice or if any dispute arises, they may need to refer the matter to a solicitor to act.

I am a First home buyer/purchaser, does it make a difference?

For certain First Home Buyers, concession or exemption on stamp duty may apply. Our solicitors will advise you on this once we sight your Contract for Sale and know more about your personal details (for eligibility for the concession and exemption, conditions apply, see the Office of State Revenue website for details: http://www.osr.gov.au).

Since our solicitors will make sure all our clients understand the process and the Contract for Sale, your matter will be well looked after by us even if it is your first time purchasing / selling.

Transfer between family members, what do I need to do?

If it is a close relative, then a valuation must be performed to show the true value of the property. This is for stamp duty purposes. Otherwise, a formal contract may or may not be necessary, especially between a husband and wife, where the contract can be skipped.

If you plan to do this, the first step would be to talk to your bank to make sure they will be willing to change the ownership of the title. If the property is not mortgaged, then this can also be skipped.

Talk to our solicitors for more information on how this can be done efficiently.

Buying at an auction

The most important things to note are, there is no cooling off period, and you buy the property as it is. It is therefore very important to have all your research, investigations and reports done prior to auction, and make sure your finances are ready to complete the purchase.

Talk to our solicitors to find out more about the process at auction and what it means to you if you win/lose.

Advice on Auction Contract

It is very important to get advice on the Contract for Sale before going to auction. If there are changes that are needed in the Contract, they should also be done before going to auction. This is to make sure there will not be any hidden nasties when you win at auction.

At Concisus Legal, we offer review of Contract at $250.00 plus GST per Contract for Sale. We will patiently explain all aspect of the Contract for Sale to you, and assist you in negotiating any changes that are necessary.

If you are successful at auction, the review fee will be factored / credited into a fixed fee quote we give you for a full conveyance service.

"off-the-plan" purchase

Strata units or retirement village homes are advertised for sale before the building has been constructed. The design of the building and sketches of its final appearance may be included in advertising material well before occupation is possible. Buying a property under these circumstances is commonly known as buying 'off the plan'. The plan and sketch may be subject to change, it is important to know your rights prior to buying these type of property.

There are a number of issues to be aware of when buying off the plan because you are entering into a contract to buy a property without having first been able to view the final product, or even a final plan as it is subject to change.

You should contact a legal representative to make sure you understand the risk and implications of these purchases.

What do I need to do to sell my property?

You will need to have a Contract for Sale prepared and drafted before you can market the property. In most circumstances, we only need your full name and contact details, plus the property's address in order to start preparing this document. While we are efficient, we cannot control how quickly the local council can prepare the planning certificate.

Once the contract for sale has been prepared we will submit the Contract to an agent of your choice or to you directly should you wish to privately market the property.

What is a contract for sale?

The contract is a legal document which sets out information about the property including zoning, ownership, and the plan of the property. It further contains the terms of purchase/sale, which can be customised to the client's needs.

Joint tenants / Tenancy in Common, what is it?

As joint tenants you buy the whole property as one. When one owner passes away, ownership is automatically distributed to the remaining owners on the title.

As tenants in common, you own an actual share. This share can be any amount from 1% to 99%. When an owner passes away, these share(s) are distributed according to the last Will of the deceased only.

What is a "cooling off" period?

The "Cooling off" period is the period of time during which the purchaser of real estate is allowed to cancel the contract and walk away from the purchase on a "no questions asked" basis. In NSW, any purchaser who exercises this right will lose 0.25% of the deposit.

What is 'exchange of contracts'?

This is when both parties (Vendor and Purchaser) commits to the Contract for Sale, signs it and give the other party the signed document. At this stage, both parties are committed to the conveyance and cannot withdraw from the purchase and sale.

Who do I pay the deposit to?

This is usually paid into either the Real Estate Agent's trust account, or the Vendor's solicitor's trust account if there is no agent. It can be done by way of EFT or personal cheque.

What is settlement?

The completion date of the contract, where possession and ownership is taken and balance of money on the Contract for Sale is paid to the Vendor.

A representative of each solicitor/conveyancer and of the lender for both the seller and the buyer is usually present. Cheques are exchanged for the Certificate of Title and 'discharge of mortgage'.

Can settlement date be changed?

Yes, either by agreement by both parties, or if there is an event that makes one party cannot settle, and then the date will be postponed. However, in the case of the Purchaser, penalty interest may apply.

How does fixed fee work?

Our fee for conveyancing is a fixed fee service. This means we will only charge you for a fixed amount for the work done. However, this does not include disbursements such as document cost we need to order, or any additional work which is not in the scope of our normal conveyance work.

Our cost agreement will outline the exact work to be performed, and you will be guaranteed there will not be additional cost or surprise when you finish your purchase.

If you are interested in our services, please contact us by email on admin@concisus.com.au or phone +612 8002 1281.