In simple terms, conveyancing is the process of transferring ownership of a property from one person or entity to another person or entity.

A written offer to purchase real estate is usually the buyer signing of the contract. The contract will be completed with the buyer’s offer price, settlement time frame and include any special conditions or requirements.

The Seller counter signing is the act of acceptance. At this point the contract is “exchanged” and binding on both parties. In some instances, an agent may require the buyer to sign a written letter of offer prior to the buyer signing the contract of sale.

The contract should only be signed after being either prepared or reviewed by property lawyer. A contract is signed by both parties after the seller accepts the buyer’s offer and when both parties agree to the terms of the contract.

It can be signed either before or after a property lawyer has provided advice, however it is strongly recommended to obtain legal advice before signing the contract.

It is an amount paid by the purchaser to show that you are genuinely interested in purchasing the property.

It may vary by agreement but is usually 5-10% of the property sale price.

The deposit is typically held by the real estate agent and held in their trust account until eligible for release to the vendor which is usually after settlement has been completed.

No, unless the buyer has other conditions in the contract which allow it to end the contract should an event occur or not occur; for example finance clauses which allow it to end the contract should finance not be approved within a specific time frame.

A caveat is a notice which appears on the property’s title. A caveat is placed on title where a party has a caveatable interest in the property. It has the effect of informing the world at large that the party has such an interest in the property.

Adjustments are the calculation of a portion of various rates (water, council etc) on to the property. The seller would have paid their bill for a particular period but will not receive full benefit from payment because they are likely to move out before the end of billing period. It is the buyer’s reimbursement for the seller of payment of rates. Adjustments are an important step to the conveyancing process and is typically performed by the buyer’s legal representative.

Stamp duty is calculated a few different ways and certain variables will have an effect on stamp duty such as state requirements, purchase price and whether it is your first property.

Settlement occurs when all parties meet or digitally authorise to exchange various documents for the purpose of affecting registration. Title passes when the registration process is completed and the new owners details appear on the title.

Since the introduction of PEXA most settlements are now done digitally. There are still some circumstances where a paper settlement will occur but this will not require you to attend and the team at Convey will take care of all requirements whether that be a digital or paper settlement.

We will notify you as soon as the conveyancing process is complete and settlement has occurred. You can then arrange to collect your keys.

They are usually collected from the real estate agents office. You can collect your keys as soon as the vendor’s solicitor or conveyancer gives notice that settlement has occurred.

Legal disbursements are expenses incurred by the law firm or conveyancer on behalf of the client during the legal process. Disbursements are third party fees for expenses and can include, but are not limited to:: document searches, fees charged by PEXA, government charges and mortgage registrations.