FAQs

Buying a home is possibly the most significant purchase you can make. We're here to guide you through the process and into your dream home sooner! We know you'll have questions, so we've included some of the most common ones below to help you begin your journey.
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What is conveyancing?

Conveyancing is the process of transferring the legal ownership of a property from one person or entity to another.

Why should I use a Conveyancer?

Buying or selling property is one of the biggest financial transactions you will make in your life. It can also be a very stressful and costly experience if not done correctly. A licensed and experienced conveyancer is a specialised professional who will take the stress and hassle out of selling your current property and purchasing your new home or block of land.

Our licensed conveyancers have more than 20 years of experience successfully managing the settlement process for houses and land in NSW. They have a comprehensive understanding of property law and the steps and transactions required and are covered by professional indemnity insurance.

How much will conveyancing cost me?

Unlike many other conveyancers, MyChoice Conveyancing offers one all-inclusive, low fixed price for our services of $1,320. This excludes conveyancing services for the purchase of land owned or controlled by the MJH Group or a payment on completion package from the MJH Group, both of which are provided at no cost to you (excluding government and financial institution costs).

In addition, we don’t charge for administration fees, such as printing, paper and emailing, like many other conveyancers do.

What is the cooling off period and how does it affect me?

This is a right the purchaser has to change their mind after contracts are exchanged. The purchaser can cancel the agreement to buy the property within five business days. If they choose to cancel, they will forfeit 0.25% of the deposit and the remainder is refunded to them.

What are the key dates in a conveyancing transaction?
  • The contract date – when all parties have signed the contract and agreed to its terms. This date may determine other key dates in the process, for example ‘45 days after the contract date’.
  • The end of the ‘cooling off period’ – the cooling off period is the set amount of time that the buyer has to terminate the contract without needing to rely on a term within the contract and with limited potential for the seller to charge a penalty.
  • The finance approval date - the date by which a buyer must advise the seller that finance approval has been obtained. In some states, this date is not applicable as the finance approval is often arranged before the contract is signed.
  • The building and pest inspection date – the date by which a buyer must indicate to the seller their satisfaction or otherwise with the inspections they have obtained. You should get a licensed building inspector to perform the inspection as quickly as possible to meet this date. As with the finance condition, in some states this is finalised before the contract is signed and therefore this date may not be applicable to your unique circumstance.
  • The settlement date – the date on which settlement of the transaction is scheduled to occur.
What happens at settlement?

Settlement is the exciting day when you finalise the sale of your property or purchase of your new home/block of land. All parties, including any financiers, meet at a prearranged time to exchange legal documents. Once a final check on these documents is performed to ensure accuracy and that all details are complete, the exchange takes place, both parties sign the document and payment of the purchase price is completed.

Following settlement, the registration of the property transfer takes place at the Land Titles Office, concluding the conveyancing process.

Is it possible to settle my sale and purchase on the same day?

Depending on the completion dates of both contracts, it is possible to settle the sale of your current property and purchase of your new home/block of land on the same day. Let your Conveyancer know if you believe you are eligible to exchange both contracts on the same day. He/she can then start the process of arranging the sale and purchase to exchange simultaneously and arrange for settlement on the same day.

What happens if either party cannot settle on the due date?

The Vendor or Purchaser can issue a ‘Notice to Complete’ if the other party is unable to settle on a set date. This gives the defaulting party a further 14 days to complete the contract. If settlement does not take place within this timeframe, the party who issued the ‘Notice to Complete’ can either extend the notice timeframe or terminate the contract. If the purchaser is in default, they forfeit the deposit and the vendor can place the property back on the market. If the Vendor is in default, the purchaser can apply to the court to have the Vendor complete the contract and hand over possession.

Do I need to attend settlement?

No, one of our licensed conveyancers will attend settlement on your behalf or else we will appoint a settlement agent to attend.

What is a sunset date?

If you have purchased unregistered land, the sunset date is the required time by which the developer needs to have all works completed for the land to be registered. If the land is not registered by the sunset date, then you will usually have a right to rescind the contract if you wish to.

When is stamp duty payable?

Stamp duty is payable within 3 months from the date of exchange. However, in circumstances where there is an incoming mortgagee the stamp duty must be paid prior to settlement. Your incoming mortgagee will not accept the documents for registration without them being stamped.

Conveyancing dictionary

 

When working through a property contract you may at times notice phrases you may not be familiar with if you haven't previously purchased a home or other real estate. To keep you in the loop we've outlined the meaning of the most commonly used terms below.

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Completion date

The date when the property transaction is completed.

Conditions of sale

The contract will contain terms regarding the sale that must be agreed upon by both the seller and buyer. Additional special conditions can also be set by the seller’s conveyancer.

Contract

The legally binding agreement specifying the details and conditions of the property sale/purchase. The seller’s conveyancer will draw up the contract for each party to sign. Once signed this commits both parties to the transaction.

Conveyancing

Conveyancing is the process of transferring the ownership of the legal title of land (property) from one person/entity to another.

Conveyance

The process of transferring ownership of real estate.

Deposit

The purchaser of a property generally pays a deposit (usually around 10% of the sale price) at the time of the exchange of contracts.

Disbursements

A disbursement is one of the expenses incurred when the conveyancers obtains the required searches /certificates from local council or other government authorities.

Exchange of contract

This is when both parties agree on the conditions in the contract and an exchange takes place after the contract is signed.

Registered land

Registered land means (subject to approvals, etc.) your block has been defined and is ready to be built on.

Stamp duty

Stamp duty is a revenue levied by states on transactions including the sale of property. The amount of stamp duty you pay will vary depending on the value of the property you intend to buy and is determined by your state’s government.

Unregistered land

This is land that is part of a sub-division, i.e. a large parcel of land being divided up into individual lots. This land is referred to as unregistered until the developer of the site completes all the work required to create the individual lots. This has to be approved by council and the plans sent to Land and Property Information for each individual lot to be registered. This can take a while to do and often the contract will specify in a clause that the developer has 12 to 18 months to complete this, with an extension of time clause often included.

Vendor

A person/company offering something for sale.

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