We provide answers to your questions
Why do I need a conveyancer?
A conveyancer will manage the process of transferring the title of property between two parties.
What's the difference between a conveyancer and a solicitor?
Both a conveyancer and a solicitor can help you with a straightforward property purchase or sale. However a conveyancer specialises in property and are therefore the expert on matters pertaining to property ownership.
How long does a conveyancer usually take?
The conveyancing process does vary due to the amount of parties involved, and the individual time-frames in which they operate.
Cremorne Conveyancing does offer a 24-hour review of purchasing contracts as we understand that property purchases move very quickly.
Can I have multiple contracts reviewed?
In some cases we are able to review multiple contracts. Please contact us to find out more.
How long does a contract review take?
Cremorne Conveyancing offers a 24-hour contract review for purchasers as we understand that the property market moves quickly. For sellers, the review process may take longer. Please contact us to get a quote.
What's the standard settlement time?
In NSW the standard settlement period is 42-days. In some cases, you may be able to negotiate an alternate settlement period should both parties agree.
How can I shorten or lengthen the settlement period?
If you are wanting to shorten or lengthen the settlement period you can should both parties agree.
When do I need to organise a contract?
The first thing you need to do if you’re selling your house or apartment is to prepare a contract for sale. Putting your house on the market without having a proper contract is an offence under NSW law and could lead to you being fined.
Selling by private treaty versus auction
Most properties in NSW are sold by private treaty. This is where you advertise the amount you’d like to achieve for your property and then negotiate the final price with any prospective buyers.
If you choose to sell by auction, the contract won’t include a ‘cooling off’ period. Instead, if the property is ‘on the market’ (ie your reserve has been met) and the hammer comes down, the winning bidder is bound to go through with their purchase (unless, of course, there is a serious problem with the contract for sale).
How does the cooling off period work?
A cooling off period gives a buyer the chance to consider whether they really want to enter the contract once the emotion of making an offer has subsided (it also gives them the chance to carry out any building and pest inspections before the contract is final).
Potential buyers will usually only forfeit 0.25% of the purchase price if they pull out during the cooling off period.
In some circumstances you can ask the buyer to waive the cooling off period, especially if they have a solicior acting for them and have done their searches and inspections.
What is exchange?
A contract to sell a property becomes binding when the buyer and seller sign their copy of the contract for sale and then ‘exchange’ them. At exchange, the buyer also usually hands over a deposit (usually 10%). At an auction, exchange happens immediately after the winning bid is accepted. Your solicitor or agent will usually effect contract exchange by delivering your signed contract to the buyer and collecting the buyer’s signed copy as well as the deposit. However, it’s not unusual to exchange contracts by mail.
Stamp Duty and GST
In NSW only buyers have to pay stamp duty on the sale of a property. However, there may be other taxes you’ll need to pay, particularly if you’re selling an investment property.
GST doesn’t generally apply to the sale of residential property. But you will be liable for GST if the property you’re selling has a commercial use (and in some other limited circumstances).