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Conveyancing Solicitors at Effective Legal Solutions provide National Conveyancing services throughout Australia and offer a simple and competitive flat rate for both buying and selling of residential property.
Conveyancing and Property Solicitors
Our Conveyancing Solicitors at Effective Legal Solutions understand that whether you’re a new home buyer, selling your property or purchasing an investment property, using an experienced conveyancing solicitor for your conveyancing transaction is a wise choice.
The conveyancing process moves quickly. From the moment you start looking for your dream home or list your property with a real estate agent, to the day of settlement, there are numerous legal factors to consider.
Time is essential in the conveyancing process and obtaining effective, efficient legal advice is critical to protect your interests and help you to make informed decisions.
Our Conveyancing Solicitors at Effective Legal recognise that buying and selling property can be both exciting and stressful and is generally the largest financial transaction most people undertake.
Accordingly, it makes sense to have your conveyancing transaction handled by a conveyancing solicitor with experience and knowledge of this constantly-changing area of law.
Conveyancing Solicitors at Effective Legal Solutions offers a competitive Flat Rate Conveyancing Solicitors service for residential property sales and purchases.
What is Conveyancing?
Conveyancing is the legal process of transferring property (real estate) from a person or entity to another person or entity.
Although the average conveyancing transaction settles in a matter of weeks there are numerous legal considerations along the way.
Having the guidance of a conveyancing expert throughout this process will ensure your sale or purchase proceeds as smoothly as possible and your legal rights are protected.
Conveyancing and Property Solicitors
What is the difference?
Many people ask what the difference is between a conveyancer and a solicitor. Essentially, both conveyancers and solicitors must be qualified to undertake a conveyancing transaction.
Both must also hold Professional Indemnity Insurance and comply with Professional Codes of Conduct.
Unlike a solicitor however, who has broad knowledge and may practice across various areas of law, a licensed conveyancer may only undertake work that falls within the scope of a property transaction.
Most conveyancers are highly capable of conducting property transactions however are not qualified to advise on incidental matters such as how the transaction may affect a family law property settlement, a family trust or a client’s estate plans.
Solicitors may also advise on the preferred purchasing entity of a property and consequential tax implications.
If a conveyancing transaction is being handled by a conveyancer and the matter becomes complex or litigated, then it will generally need to be referred to a solicitor.
The Conveyancing Process
Buying a property
If you are buying real estate, the role of a conveyancing solicitor is essentially to make sure that you receive ‘clear title’ to the property.
This involves conducting searches and investigations to ensure the property is not adversely affected, that the buildings have been constructed in accordance with local planning regulations and that the title is cleared of financial burdens or encumbrances on settlement.
You should be aware of any restrictions affecting the land or issues with the improvements on the property.
While no building is perfect, if there are construction or building problems then you need to know up-front so that this can be factored into your negotiations or plans for the property.
The process of conveyancing can best be described in three parts:
1. Reviewing the contract and pre-purchase investigations
The contract is the legal document governing your property transaction. Accordingly, it warrants a thorough review by your conveyancing solicitor before it is signed and exchanged.
The contract includes the legal description of the property, the parties and the price and must contain certain documents disclosing information about the property.
At the least, these include a plan of the land, a title search with details of any registered interests over the property such as easements, covenants and mortgages, a local council planning certificate and drainage diagram.
The contract is usually in a standard form which attempts to balance the rights and responsibilities between the purchaser and seller.
Additional clauses however are almost always included by sellers to further protect their interests. These should be carefully reviewed and explained by a conveyancing solicitor.
2. Exchange of Contracts
Contracts should not be exchanged until you are completely satisfied with the nature, use and condition of the property and you have finance approved.
Exchange occurs when signed copies of the contact (one by the buyer and one by the seller) are swapped and dated. This is the legal process of binding the parties to the transaction and triggers the due settlement date which is usually 5 or 6 weeks later.
The deposit (10% or less by negotiation) must be paid on exchange and is usually held by the seller’s conveyancer or solicitor in trust until settlement.
Once contracts are exchanged there is little opportunity for a buyer to rescind or terminate the contract without significant penalties including forfeiture of the deposit.
After exchange, more investigations (most through Government departments) are carried out to determine any adverse affectations that would not be apparent from reviewing the contract. The extent of investigation will depend on the property and its location and can be discussed with your conveyancing solicitor.
Before settlement takes place, a final inspection should be undertaken to ensure that the property is in the same condition as when first inspected that that the seller has removed all items and rubbish and has generally left the property neat and tidy.
Traditionally, completion of your purchase occurred when the legal and lending representatives met to exchange title deeds and the balance of purchase monies. Many settlements today however are taking place online with the introduction of electronic conveyancing.
Property Exchange Australia (PEXA) is Australia’s online property exchange network which enables property industry participants such as solicitors, conveyancers and financial institutions to lodge documents and complete settlements electronically.
Effective Legal Solutions is a PEXA registered user and buyers and sellers can now benefit from the convenience and efficiency of digital conveyancing transactions.
First Home Owner Grants and Stamp Duty Concessions
Eligible first home buyers in New South Wales may be able to access government grants and stamp duty concessions.
These incentives are aimed at improving housing affordability across the state and to assist first-time home buyers get into the market.
These schemes change from time to time and our conveyancing solicitors can explain the requirements for accessing any grants or exemptions and complete the applications for the Office of State Revenue.
Selling your Home
Property owners in New South Wales need to have a written contract with certain disclosure documents in place before advertising the property for sale.
We understand that once you decide to sell, you will be keen to get the house on the market as quickly as possible. No doubt the real estate agent will also be pressing for a marketing contract.
Our conveyancing team can order the relevant documents quickly and prepare a contract, so you can start marketing your property as soon as possible.
It is however essential that the contract be prepared correctly, special conditions included to protect your interests, and all prescribed documents included.
Failing to do so, may mean that a purchaser can later rescind (terminate) the contract.
Sellers must also give warranties that there are no ‘adverse affectations’ regarding the property, such as Government proposals or road widening, and that the zoning is accurately reflected in the planning certificate.
A contract for sale of residential property also implies that the buildings constructed are approved and there are no outstanding work orders concerning any dwellings.
If there are issues regarding non-compliant works, our conveyancing solicitors can discuss these with you. You may choose to fix these defects prior to marketing or include a special condition in the contract that specifically discloses the situation and limits a buyer’s right to rescind.
Each property is different, and it is important to obtain clear advice regarding the extent of your disclosure obligations.
Once a buyer is found and contracts are exchanged, the sale is generally binding and the count-down to completion starts. If you have a mortgage over your property, we will notify your lender, so the appropriate arrangements can be made to pay out and release the mortgage on settlement.
Our conveyancing solicitors will prepare a settlement sheet making the necessary adjustments, including council and water rates, to the settlement date.
You will need to remove all furniture and rubbish and vacate the property in time for completion and ensure it is clean and tidy.
Flat Rate Conveyancing
The team at Effective Legal Solutions has a wealth of conveyancing and property law experience.
With solicitors conveniently located on the Central Coast and at Parramatta, we offer comprehensive services and legal assistance in all areas of property law including:
- Residential sales and purchases
- Auction sales and purchases
- Investment properties
- Strata title sales and purchases
- Buying off the plan
- Retirement village units
- Commercial sales and purchases
- Commercial leasing
- Retail leasing
- Family transfers
- Property disputes
- Easements and acquisitions