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As part of our One-Stop-Shop strategy, we offer access to full conveyancing services through our referral partner network.

 

What is conveyancing?

Conveyancing is the process of transferring the ownership of a property from the seller (Vendor) to the buyer (Purchaser). Conveyancing is generally carried out by Solicitors or Conveyancing Agents. Here are some of the terms you are likely to come across when dealing with a Purchase Contract:

Cooling Off Period

The 'cooling-off period' refers to a period of time during which the buyer may cancel the contract. The cooling-off period is not available for properties purchased at auction. This period commences immediately after the exchange of contracts and lasts for a defined amount of time that varies from State to State, so check with your legal adviser.

In Western Australia there is no cooling-off period.

The cooling-off period has been put in place to allow buyers to make an offer and quickly sign a contract before seeking legal advice, undertaking a property inspection and receiving financial approval. This period ensures you are not 'gazumped' which would involve another offer being received and accepted by the vendor following verbal agreement to sell to you.

As a Purchaser you may be able to withdraw from a Contract within three business days after signing the Contract unless:

  • The property was purchased at an auction or within three business days before or after the auction date, or
  • You received independent legal advice from a Solicitor before signing the contract.

Verifying the Land Size

Contracts of Sale deal with the Transfer of Land in particular, together with any improvements on the land.

It is essential therefore to measure the dimensions of the land being transferred as shown on the copy of Title contained in the Vendor's Statement or Section 32.

You should compare these measurements with the physical measurements you undertake. You should also check the boundary measurements and their location from the nearest street or intersection.

Chattles

The list of chattels included in the Contract of Sale includes all the additional items that pass on to you at settlement together with the physical residence.

Items such as electric light fittings, floor coverings, window coverings, alarm systems, security doors, dishwasher, and TV aerials all need to be listed if you require these to be transferred to you upon settlement. If these and like items are not listed as chattels you may not be legally entitled to them.

You are responsible for checking that gas and electrical appliances are in working order at the time of signing the Contract.

Zoning of the Property

It is important to verify the zoning of the property (generally found on the Planning Certificate) and any information about restrictions on the use of the property. The zoning of the property can affect your borrowing capacity if you need to apply for a loan for the purchase of that property.

Structures

You have the right to have the property inspected by a builder or architect. Should you require this, it should be stated as a condition in the contract.

Any structures that are built without the relevant permit may have to be demolished or repaired if the relevant authority is alerted of its existence. You need to be aware of policy variations between states. Eg:  is the vendor or purchaser liable for any rectifications identified by the council inspection?

You may need to check with the Building Department of the Local Council that all relevant permits have been issued for structures that exist on the land. Discuss all applicable searches with your solicitor prior to purchase.

Purchasing at Auction

When purchasing a residential property at auction there are additional matters which you should be aware of, namely: -

  • There is no cooling off period at auction.
  • All auction contracts are unconditional and as such cannot be signed subject to obtaining finance approval. NYMAC Home Loans offers a "Pre-Purchase Approval", which eliminates most of the risks.
  • If you intend to purchase a property at auction you should obtain a copy of the contract from the Real Estate Agent before the auction and let your Solicitor review the document and advise you prior to signing.
  • A building inspection prior to the auction will ensure no hidden surprises at settlement.
  • Upon signing, you are required to pay a 10% deposit immediately.

Insurance

Despite the buyer possibly having the benefit of any insurance which the Vendor has on the property, there is no guarantee the vendor has adequately insured the property. In Queensland the real estate contract requires the purchaser to insure the property within 24hrs of signing the contract. Contracts in each state differ however, it is highly recommended that you arrange your own insurance immediately upon signing the contract.

Final Inspection Before Settlement

You should arrange for a final inspection of the property just a few days prior to settlement to ensure that the property is in the same condition as when the contract was signed. You should pay particular attention to the chattels and advise your Solicitor immediately of any discrepancy.

Rate Adjustment

If you are using our conveyancing referral partner, they will conduct all enquiries about Council rates, Water rates and Land Tax and make the appropriate adjustments at settlement. Our Solicitor or Conveyancer referral partner will ensure that all outstanding rates are paid by the Vendor from the sale proceeds.

Settlement Day

On the day of settlement you are not required to attend the physical settlement. Your Conveyancer will attend on your behalf and will advise you once settlement has occurred, at which time you may collect the keys to the property from the Real Estate Agent.

Liaise with your solicitor to ensure sufficient cleared funds are available the day prior to settlement.

 

More Information, call us today on (07) 5535 7804 or fill out our <online enquiry form>.

NYSWON Pty Ltd T/As NYMAC Finance is Corporate Credit Representative No: 479796 for BLSSA Pty Ltd  ACN: 117 651 760.  Australian Credit Licence No: 391237