Conveyancing & Property Law
Property is big business – whether you are buying, selling, leasing, or developing land, it is typically one of the largest financial transactions we make. If you are involved in a property transaction, it is important to get help from experienced professionals who can guide you through the complex process and ensure your legal rights are protected every step of the way. We can help with all your property matters including:
- Residential and commercial sales and purchases
- Strata, vacant land sales and purchases
- Auction purchases and sales
- Off-the-plan contracts and purchases
- Mortgages and refinancing
- Retail, commercial and residential leasing
- First Home Owners Scheme and duty concessions
- Internal and family transfers/deceased estate property transfers
- Advice on purchases by companies
- Self-managed superannuation fund property purchases
Conveyancing in New South Wales
Conveyancing is the process of transferring the legal interest in real estate from one party to another.
Once you enter a binding contract to buy or sell property there are strict deadlines and specific conditions to be met. Breaching a contract term can have significant consequences for both buyers and sellers. It is important to read all the information provided, understand your obligations, and carry out any additional due diligence to ensure your interests are protected.
All our conveyancing work is carried out by experienced lawyers and/or licensed conveyancers who have many years of experience in New South Wales conveyancing transactions and property law.
Buying residential property
When buying property, the principle of caveat emptor (buyer beware) typically applies – you need to do your research before contracts are exchanged so you know exactly what you are getting. While the contract will provide certain information about the property you propose buying, certain matters may not be obvious from the contract documents or a layman’s inspection of the property. Reports from pest and building inspections provide details about the condition of a property. They can flag potential issues and help you avoid costly problems. These reports may also be used to negotiate a reduction in the purchase price. Various other enquiries and investigations can also be used to make an informed choice about your proposed purchase.
If you are happy to proceed after carrying out your due diligence, you can make an offer and may be asked to pay a small initial deposit. This is refundable if you do not end up signing the contract but does not mean that the property is yours yet either, as the agent can take other offers.
In New South Wales, contracts become legally binding when they are signed by the seller and buyer and exchanged. You will need to pay a 10% deposit unless otherwise agreed. The deposit is held with the real estate agent and released to the seller after the transaction is settled. If you do not have a 10% cash deposit available, we can advise about getting a deposit guarantee in lieu of cash.
Contracts may be exchanged with or without a cooling-off period. Statutory cooling-off rights enable you to rescind (cancel) the contract within five business days if you choose not to proceed with the purchase. However, if you cool off, you will lose 0.25% of the contract price. We will explain the proposed contract and attachments, and any cooling-off rights and guide you through the entire process.
After the contract has become binding, there are several tasks to perform including:
- Arranging payment of stamp duty
- Liaising with the lender regarding the mortgage
- Checking with government authorities to see if they have a vested interest in the property
- Checking to see if there are any outstanding debts to local council
- Calculating adjustments for council, water and strata rates
- Making final checks on the title
- Arranging settlement
Selling residential property
If you are selling, you will have specific obligations as a vendor and need a written contract for sale prepared with certain disclosure material attached. The contract will include the legal terms and conditions of the sale, specify what items are included or excluded, and any other special requirements you might have like a longer or shorter settlement than usual. There are many ways a contract can be varied, so it is important to discuss your situation in detail with your lawyer.
We can prepare your contract, explain your rights and disclosure obligations as a vendor, help you with any special conditions and liaise with your agent and buyer’s legal representative.
Settlement (the day that the money is exchanged for the property and keys handed over) is scheduled in accordance with the contract and is typically around six weeks after signing/exchange. While waiting for settlement to take place, we will liaise with your lender, if relevant, in relation to releasing any mortgage held on the property.
Before settlement, the purchase price will be adjusted to reflect the council rates, water rates and strata fees that need to be shared between the parties. There may be other adjustments, based on the contract. Once settlement takes place, the real estate agent will be authorised to release the deposit to you, less their fees.
Settling your property transaction online
Traditionally, completing a conveyancing transaction involved a physical meeting between lawyers and bankers to check and swap documents and bank cheques, and the lodgement of documents with government authorities to change ownership details.
E-conveyancing now removes the location and time barriers of a physical settlement by enabling lawyers, conveyancers, and financial institutions to transact online. This improves transparency and efficiency and streamlines manual processes and paperwork. We are fully conversant with this relatively new system of conveyancing, which visually tracks the progress of each stage of your matter, facilitates the online lodgement of documents and faster access to sales funds.
Property ownership interests
The way that legal interests are held in property between co-owners is an important consideration when it comes to asset protection, succession, and estate planning.
When you hold property as ‘joint tenants’, the interests are held as a whole and cannot be separately apportioned. Joint tenancy is subject to the rules of survivorship. If a co-owner dies, their share passes to the remaining owner/s.
Property held as ‘tenants in common’ can specify the individual shares held by each owner which need not be equal and may be transferred, sold, or left to a beneficiary in a will.
Complications and disputes concerning property can be triggered by changing circumstances – a relationship or business breakdown, financial stress, or the death of a co-owner.
If you are buying or own a property with another party, it is important to understand the legal implications of your respective interests. Depending on your circumstances, it may be beneficial to change your ownership interests and we can help you to do this.
If you need help, contact [email protected] or call 02 9997 7200 for expert legal advice.