Select Conveyancing - Logo

Select Conveyancing

by

The importance of due diligence in NSW conveyancing: protecting your interests

Conveyancing is a crucial process when it comes to buying or selling property in New South Wales (NSW), Australia.

It involves legally transferring the ownership of a property from one party to another.

While the process can be exciting, it’s essential to prioritise due diligence to protect your interests.

In this blog, we will explore the significance of due diligence in NSW conveyancing and highlight the key steps involved in ensuring a smooth and secure property transaction.

  1. Understanding Due Diligence: Due diligence refers to the comprehensive investigation and analysis of a property’s legal and financial aspects before finalising the transaction. It is a vital step to ensure that you have a clear understanding of the property’s history, legal obligations, potential risks, and financial implications. By conducting due diligence, you can make informed decisions and safeguard your interests throughout the conveyancing process.
  2. Property Title and Ownership Verification: One of the primary aspects of due diligence is verifying the property’s title and ownership. This involves conducting thorough searches at the Land and Property Information (LPI) office to confirm the seller’s legal right to sell the property and to identify any encumbrances or restrictions that may affect your ownership rights. By verifying the title, you can avoid legal disputes and protect yourself from purchasing a property with undisclosed issues.
  3. Building and Pest Inspections: Engaging professional building and pest inspectors is a crucial step in due diligence. These inspections help identify any structural defects, pest infestations, or hazardous conditions that may not be visible to the untrained eye. By obtaining a comprehensive inspection report, you can negotiate repairs or reconsider the purchase based on the findings, ensuring that you invest in a property that meets your expectations and is safe to inhabit.
  4. Reviewing Contracts and Legal Documentation: Reviewing contracts and legal documentation is an integral part of due diligence. It involves thoroughly examining the Sale of Land contract, strata reports (if applicable), planning certificates, and any other relevant documents. By carefully assessing these documents, you can identify any unfavourable terms, hidden clauses, or potential liabilities that could impact your ownership rights. Seeking professional legal advice is highly recommended during this stage to ensure that your interests are adequately protected.
  5. Financial and Mortgage Considerations: Due diligence also encompasses financial aspects, including assessing your financial capacity and obtaining appropriate finance approvals. This involves understanding the costs involved, such as stamp duty, legal fees, and any potential ongoing expenses related to the property. By conducting financial due diligence, you can avoid overextending your finances and ensure a smooth settlement process.

Conclusion

Conveyancing in NSW requires a diligent approach to protect your interests throughout the property transaction.

By conducting comprehensive due diligence, you can mitigate risks, avoid legal disputes, and make informed decisions. From verifying property titles to inspecting the building’s condition and reviewing legal documents, each step of the process plays a crucial role in safeguarding your investment.

Remember, seeking professional assistance from qualified conveyancers and legal experts is key to navigating the complex landscape of NSW conveyancing and ensuring a successful and secure property transaction.

Speak to the team at Select Conveyancing Lane Cove today.

by

Avoiding common conveyancing pitfalls: tips for a smooth property transaction

Conveyancing is an integral part of buying or selling property in Australia. It involves legal and administrative processes that ensure a smooth transfer of ownership. However, without proper guidance and knowledge, conveyancing can be a complex and challenging undertaking. To help you navigate this process successfully, we have compiled a list of common conveyancing pitfalls and valuable tips to avoid them.

  1. Engage an experienced conveyancer or solicitor

One of the most crucial steps in ensuring a smooth property transaction is to engage an experienced conveyancer or solicitor. They possess the necessary expertise and knowledge to guide you through the process, review legal documents, conduct searches, and ensure compliance with regulations. Their experience can be invaluable in identifying and addressing any potential pitfalls that may arise during the transaction.

  1. Conduct thorough due diligence

Before committing to a property purchase, conducting thorough due diligence is essential. This involves obtaining comprehensive property reports, including title searches, planning certificates, and building and pest inspections. These reports provide crucial information about the property’s legal and physical condition, ensuring that you make an informed decision and avoid potential issues in the future.

  1. Review contracts carefully

Contracts form the foundation of any property transaction, and it’s vital to review them carefully. Seek legal advice to ensure that the contract terms align with your best interests and protect your rights. Pay close attention to clauses related to finance, settlement dates, special conditions, and any contingencies. Understanding the terms and conditions will help you avoid surprises and negotiate amendments, if necessary.

  1. Be aware of finance and funding requirements

Obtaining finance is a common challenge in property transactions. Ensure that you have a clear understanding of your financial situation and requirements before proceeding with the purchase. Thoroughly review loan agreements, seek pre-approval if applicable, and stay in constant communication with your lender to avoid any delays or complications in securing funds for settlement.

  1. Communicate and collaborate effectively

Clear communication and collaboration among all parties involved are crucial for a successful property transaction. Regularly communicate with your conveyancer, real estate agent, mortgage broker, and other stakeholders to stay updated on the progress of the transaction. Address any concerns or queries promptly and maintain an open line of communication throughout the entire process.

  1. Plan for settlement in advance

Settlement day is the culmination of the conveyancing process, and it requires careful planning. Work closely with your conveyancer to ensure that all necessary documents, including the transfer of funds, are prepared and organized well in advance. Being proactive and proactive in your approach will help minimize last-minute complications and ensure a smooth settlement process.

By following these tips and being proactive throughout the conveyancing process, you can minimize common pitfalls and increase the likelihood of a successful property transaction. Remember, thorough preparation, engaging experienced professionals, and open communication are key to avoiding complications and achieving a smooth and stress-free conveyancing experience in Australia.

Contact the team at Select Conveyancing Lane Cove for a smooth property transaction. 

by

Digital Disruption in Conveyancing: How Technology is Changing the Way We Buy and Sell Property

Technology has transformed almost every aspect of our lives, including how we buy and sell property. In Australia, digital disruption in conveyancing makes the process faster, more efficient, and more transparent.

So, what exactly is conveyancing? It’s the legal process of transferring property ownership from one person to another. It involves various legal and administrative tasks such as conducting searches, drafting contracts, and exchanging funds.

In the past, conveyancing was a tedious and time-consuming process that involved a lot of paperwork and face-to-face meetings. But today, digital technology is revolutionising how we convey in Australia.

Here are some ways in which technology is changing conveyancing:

  1. Online Conveyancing Platforms

One of the most significant changes in conveyancing is the rise of online conveyancing platforms. These platforms allow buyers, sellers, and conveyancers to manage the entire process online, from the initial offer to the final settlement.

Online conveyancing platforms make it easier for buyers and sellers to communicate with their conveyancer and keep track of the transaction’s progress. They also provide access to all the necessary documentation, so there’s no need for physical paperwork.

  1. Electronic Contracts and Signatures

In the past, conveyancing contracts had to be printed and signed by hand. But today, electronic signatures are legally binding in most states in Australia. This means that contracts can be signed digitally, saving time and reducing the need for physical meetings.

Electronic contracts can also be stored securely online, making them easily accessible to all parties involved.

  1. Digital Searches

Conducting searches is an essential part of the conveyancing process. Historically, searches had to be done manually, involving trips to local councils and government offices.

But today, digital searches are available for most of the required searches. This means that conveyancers can quickly and easily access information about the property, such as zoning, planning restrictions, and outstanding rates.

  1. Real-time Updates

Digital conveyancing platforms provide real-time updates to buyers, sellers, and conveyancers. This means that all parties can keep track of the transaction’s progress, from the initial offer to the final settlement.

Real-time updates reduce the need for phone calls and emails, making the process more efficient and less stressful.

In conclusion, digital disruption in conveyancing is transforming how we buy and sell property in Australia. It’s making the process faster, more efficient, and more transparent. As technology continues to evolve, we can expect even more changes in the future, making conveyancing a seamless and stress-free process.

Contact Select Conveyancing for all your conveyancing needs. 

by

The Role of a Conveyancer: Why You Need a Professional for Your Property Transaction

Buying or selling a property can be a complex process, with many legal requirements to navigate. This is where a conveyancer comes in – a professional specialising in property law and helps guide you through the conveyancing process.

In this blog, we’ll explore the role of a conveyancer and why you need a professional for your property transaction.

What is a Conveyancer?

A conveyancer is a licensed professional who specialises in property law and the conveyancing process. They provide legal advice, prepare and review legal documents, and guide you through the various steps involved in a property transaction.

Some of the key tasks that a conveyancer will undertake include:

  • Reviewing the contract of sale and advising you of any potential issues
  • Conducting property searches and due diligence to identify any potential risks or concerns
  • Assisting with the transfer of ownership and registration of the property with the relevant land titles office
  • Liaising with your lender or mortgage broker to ensure that finance is in place for settlement
  • Ensuring all legal requirements are met, and the transaction is completed smoothly.

Why Do You Need a Conveyancer?

There are several reasons why you should consider using a conveyancer for your property transaction:

  1. Expertise and Experience

Conveyancers deeply understand property law and the conveyancing process and can provide valuable guidance and support throughout your transaction. They have experience working with various types of property transactions, from residential to commercial properties, and can help you navigate any potential challenges or issues.

  1. Legal Advice

A conveyancer can provide legal advice and ensure all legal requirements are met throughout the process. They will review the contract of sale, identify any potential issues or risks, and ensure that all legal documents are prepared correctly and in accordance with local laws and regulations.

  1. Time and Cost Savings

By using a conveyancer, you can save time and money throughout the transaction. They will handle all the paperwork and legal requirements, saving you the time and hassle of navigating the process yourself. Additionally, they can help you avoid potential delays or issues that could result in costly legal disputes.

  1. Peace of Mind

Finally, using a conveyancer can provide peace of mind throughout the transaction. They will keep you updated on the progress of your transaction and ensure that everything is completed smoothly, giving you confidence and reassurance throughout the process.

Choosing the Right Conveyancer

If you’re considering using a conveyancer for your property transaction, choosing the right professional for your needs is essential. Here are some key factors to consider when selecting a conveyancer:

  • Qualifications and Licenses: Ensure that the conveyancer is licensed in your state or territory and has the relevant qualifications and experience in property law.
  • Reputation and Track Record: Look for a conveyancer with a good reputation and a track record of successful property transactions.
  • Communication and Availability: Ensure the conveyancer is responsive and available to answer your questions and provide updates throughout the transaction.
  • Fees: Understand the conveyancer’s fees upfront, and ensure they are transparent and reasonable.

In conclusion, a conveyancer is there to help you every step of the way in finalising your property transaction. If you are looking for a local conveyancer you can trust, contact Select Conveyancing today. 

by

Navigating the Conveyancing Process: Tips for a Smooth Property Transaction

Buying or selling property in Australia can be complex, with many legal requirements. This is where a conveyancer comes in, helping to guide you through the conveyancing process and ensure a smooth transaction.

In this blog, we’ll explore key tips for navigating the conveyancing process in Australia and making your property transaction as smooth as possible.

  1. Choose a reputable conveyancer.

The first step to a smooth conveyancing process is to choose a reputable and experienced conveyancer. In Australia, conveyancers must be licensed by the relevant state or territory and may also be members of a professional body.

It’s essential to choose a conveyancer familiar with the local property market and legal requirements and who has a good track record of successful property transactions.

  1. Understand the conveyancing process in your state or territory

Each state and territory in Australia has its conveyancing laws and requirements, so it’s essential to understand the process in your area.

Some key steps in the conveyancing process may include:

  • Contract preparation and exchange
  • Property searches and due diligence
  • Finance approval and settlement
  • Transfer of ownership and registration with the relevant land titles office

Your conveyancer will guide you through these steps, but it’s helpful to understand what’s involved in anticipating potential delays or issues.

  1. Be prepared with your documentation.

A lot of documentation is involved in a property transaction, so it’s essential to be prepared and organised. Your conveyancer will require various documents from you, including proof of identity, mortgage documents, and information about any previous ownership or tenancy agreements.

Ensure you have all the necessary documentation ready and available, and keep copies of everything for your records. This will help speed up the process and ensure everything runs smoothly.

  1. Be clear about your expectations.

Communication is vital when it comes to conveyancing. Ensure you are clear about your expectations and requirements from the outset, so your conveyancer can tailor their services to meet your needs.

For example, if you must complete the transaction by a specific date, ensure your conveyancer knows this and can work towards that deadline. If you have any particular concerns or requirements, such as a building or pest inspection, make sure you discuss these with your conveyancer.

  1. Keep in touch with your conveyancer.

Throughout the conveyancing process, keeping in touch with your conveyancer and staying updated on any developments is essential. Ensure you have their contact details and ask for regular updates on the progress of your transaction.

If you have any questions or concerns, please contact your conveyancer. They help you navigate the process and ensure that everything runs as smoothly as possible.

Select Conveyancing is here to help you every step of the way; please make sure you get in touch for your next property transaction.

by

What is the Conveyancing Process in NSW

If you are located in NSW, conveyancing is a process for property sellers and buyers to complete step by step. It involves several steps before the contract, the exchange of the contract, awareness of signing the contract and the settlement.

What is the Conveyancing Process in NSW

Before the contract

Sellers – have their solicitor prepare a draft contract to check ownership, rates, charges, restrictions, certificates, and other legal requirements.

Buyers – view a potential property, perhaps receive a contract and have their conveyancer review it before or during the offer process.

Exchange of the contract – binding the buyer and the seller

Sellers – Provide a signed copy of the contract, contracts are checked and confirmed to be identical, and contracts are exchanged between the seller and the buyer. Both the buyer and the seller are now legally bound.

Buyers – The deposit is usually given to the real estate agent to be held in trust, and a signed contract is given along with the deposit. Contracts are checked to be identical, and the contract binds both parties.

Stamp Duty

In NSW, stamp duty is payable; it is liable from the day that the contracts are exchanged. Stamp Duty must be paid within 90 days of the exchange; it can, however, be paid in full before settlement or at settlement if required.

Cooling off or 66W certificate

It is a legal requirement to have a cooling-off period of 5 business days. This time allows the purchaser to change their mind, but if, then they must forfeit 0.25% of the purchase price. For example, on a $500 000 property, this would be $1,250.

Most sellers request a 66W certificate – this waives or shortens the cooling-off period and speeds up the exchange and settlement process.

Inspection of the property

A property purchaser can have a prepurchase inspection within three days before settlement. This inspection ensures that the property will be left clean and clear and all possessions have been removed. At this time, the purchaser can pause the settlement until any problems are rectified/resolved. The settlement may even continue with the buyer withholding part of the final payment until any issues are resolved.

Settlement

This is the party of the process where ownership exchanges hands. Before this moment, the conveyancer will complete all the required checks and finalise the figures for the settlement. The transaction will be registered and the transfer official.

Keys – Immediately following settlement, keys, remotes, security codes, and more will be handed over. Generally, the seller will have given all these items to the real estate agent who completed the sale.

Note

Not all sales and purchases are this straightforward – For all your conveyancing requirements, please speak to Select Conveyancing.

by

Buying a Property with a Pool

Are you looking at buying a property with a pool? Pools can be a wonderful addition to a home, but some laws came into effect in 2016 that need to be observed when you are buying, selling or leasing a property.

NSW Fair Trading

From 29 April 2016, new laws apply to the sale and lease of properties with a swimming pool in NSW. The new laws have an impact on anyone who is selling, buying or leasing a property with a pool.

These changes have been introduced to further protect the safety of children under five around backyard swimming pools.

Properties to be sold with a pool must have:

  • A certificate of compliance; or
  • A relevant occupation certificate and a certificate of registration; or
  • A certificate of non-compliance.

Properties to be leased with a pool must have:

  • A certificate of compliance; or
  • A relevant occupation certificate and a certificate of registration

What is exempt?

These new laws do not apply to properties with more than two lots and a shared pool, such as units in strata complexes or community schemes. This information sheet should be read in conjunction with the NSW Conveyancing (Sale of Land) Amendment (Swimming Pools) Regulation 2016.

Your obligations:

  • At the request of the owner, inspect the swimming pool barrier.
  • If the pool barrier is compliant, issue a certificate of compliance within three days of the inspection date.
  • If the pool barrier is non-compliant, issue a written notice under section 22E of the NSW Swimming Pools Act 1992 and a certificate of non-compliance within seven days of the inspection date.
  • Certificates of compliance, certificates of non-compliance and registration certificates are only valid when issued by the NSW Swimming Pools Register.
  • The local council must be notified immediately if you are of the opinion that the swimming pool poses a significant risk to public safety.
  • A copy of section 22E written notice should be provided to the relevant local council:
  • Immediately where the pool poses a significant risk to public safety; or
  • Within five days after the expiry of six weeks from the date of inspection if the owner fails to rectify pool barrier non-compliance.

Properties to be sold with a pool must have

  • A certificate of compliance; or
  • A relevant occupation certificate and a certificate of registration; or
  • A certificate of non-compliance.

Properties to be leased with a pool must have:

  • A certificate of compliance; or
  • A relevant occupation certificate and a certificate of registration.

What is exempt?

These new laws do not apply to properties with more than two lots and a shared pool, such as units in strata complexes or community schemes. This information sheet should be read in conjunction with the NSW Conveyancing (Sale of Land) Amendment (Swimming Pools) Regulation 2016.

Information sourced from Fair Trading NSW

 

For all your property conveyancing needs, contact Select Conveyancing Lane Cove.

by

Buying property in 2022 or 2023

Are you planning on purchasing property in 2022 or 2023?

Here are a few tips to get you to achieve your property goals for the future.

Purchasing property is a great investment and one that traditionally increases and continues to increase over time. Property tends to be a long-term investment for most people as their home or investment property for long term. It can also prove to be a great stepping stone to larger or better properties as prices increase over time.

With lower property prices, it is a great time to buy either your first or investment property.

Saving for a deposit

This is probably the most difficult part but also the most necessary part of buying a property. The amount you need varies along with the property you want to buy. Is it to live in, or is it an investment? Your deposit will vary depending on your individual circumstances.

If you are buying an investment property, you may be able to use the equity in your current property to purchase another.

Buying a Property

The first thing you will need to do is ensure that you have your finances ready. Speaking with a mortgage broker is the best way to clearly indicate what you will need. The mortgage broker will let you know how much you can borrow and hopefully obtain a pre-approval for a mortgage.

You can then look at a property with a clear understanding of what you can afford.

Shopping for a Property

This is often the most difficult part, and depending on where you are looking, there may be a lot of competition. Different areas and types of property are more popular than others, as are certain price points within the property market.

Make sure to research the suburbs where you are looking to buy so that you have a good idea of where the prices should be.

Engage a Conveyancer

Buying property in 2022 or 2023; at Select Conveyancing, we like to make the process as easy as possible. Contact Select Conveyancing 

Note: This is only general advice, please seek advice so that your individual circumstances can be taken into account. 

by

Should you buy off the plan

As with most things, buying off the plan has both positives and negatives. You may see press about developers not doing a good job and developers going bust. Rarely does the media report any positive outcomes.

Buying off the plan

This means that you sign a contract to buy a property that is not built or it may be in the process of building. There is no physical property to inspect, and there may only be drawings and diagrams of the proposed building. You may have a display suit to walk through or a display house.

What are the positives?

The first positive is that you get to agree on a purchase price and only offer a small deposit. Second, you potentially pay less today as, by the time it is built, it is worth more than it was at the time of your contract agreement. Make sure you do your research though it is vital that you understand the market where it currently is and may be in the future.

A new property that you are the first owner and resident in has to be a huge positive. Potentially it will be more energy efficient, leading to lower energy bills in the future.

What are the risks?

One of the most obvious is that property prices may reduce and you end up contracted to pay more than it is currently worth. If you hope to sell immediately upon completion, this is an issue, as you may lose money.

The developer may go bankrupt, or the sunset clause may expire before completing the project. Sunset clause = Designed to protect buyers, it also allows the developer to delay the project, return the deposits and list the property for sale at a high price.

Get legal advice

Make sure that your contract is reviewed and you do all your research before getting tied into a purchase. Take the time to carefully consider all the positives and negatives of buying off the plan and ensure that it will be the best choice for you.

Speak to the team at Select Conveyancing for all your conveyancing needs. 

by

What does a conveyancer do?

When you are ready to buy a home, signing the purchase contract is just the beginning.

Who can do conveyancing work?

  • A licensed conveyancer
  • A solicitor
  • If you choose to do your own conveyancing, take the time to research what is required and the risks involved. Do-it-yourself kits are available but generally provide guidance material only. You will still be personally liable if there is a problem with the sale, even if you followed the instructions. It may also be difficult for you to purchase the same level of insurance available to a licensed conveyancer or solicitor.

The conveyancing process

Conveyancing can involve these steps:

  • examining the contract for sale
  • arranging building and pest inspections
  • examining a strata inspection report (if the property is in a strata scheme)
  • arranging finance if necessary
  • exchanging the contract of sale
  • paying the deposit
  • arranging payment of stamp duties
  • preparing and examining the mortgage agreement
  • checking if there are outstanding arrears or land tax obligations
  • checking if swimming pool compliance documentation is needed
  • finding out if any government authority (e.g. local council, Sydney Water, Transport for NSW) has a vested interest in the land or if any planned development could affect the property
  • finding out any information that may not have been previously disclosed, such as a fence dispute or illegal building work
  • calculating adjustments for council and water rates for the property settlement
  • overseeing the change of title with NSW Land Registry Services
  • completing any final checks before settlement
  • attending settlement.

Costs

Fees will vary between solicitors and conveyancers. As well as a legal service fee, you will usually be charged for disbursements, which may include:

  • a title search
  • certificate fees charged by authorities responsible for water, electricity, roads, schools etc.
  • photocopying
  • registering the mortgage
  • registering the transfer.

Conveyancing costs, other than legal fees and disbursements, may include:

  • building and pest inspections
  • survey report
  • establishment of mortgage
  • home building insurance
  • valuation fees
  • mortgage insurance
  • stamp duty and mortgage duty
  • levies, if the property is in a strata or community scheme
  • council and water rates.

If you have any questions about how as conveyancers, we can help you with your property purchase, contact Select Conveyancing today.