Conveyancing
A settlement should proceed quietly, because the detail was addressed early.
Conveyancing is the legal process by which ownership of property is transferred. In New South Wales it is a sequence of defined steps, each governed by legislation and each carrying its own risks and timeframes.
Harvard Legal acts for purchasers and vendors in residential and commercial transactions, attending to the contract, the searches, the adjustments and the registration of title.
Key elements of conveyancing
- Contract preparation and exchange
- The process begins with preparation of a Contract for Sale complying with the Conveyancing (Sale of Land) Regulation 2022. The contract sets out the terms and conditions of sale and includes the required disclosures and certificates, such as zoning and council information.
- Cooling-off period
- Buyers are afforded a cooling-off period of five business days after exchange of contracts under section 66S of the Conveyancing Act 1919 (NSW), allowing the purchaser to rescind the contract subject to a financial penalty.
- Searches and inquiries
- Various searches must be conducted during conveyancing, including title searches and review of any encumbrances noted on title, as contemplated by the Real Property Act 1900 (NSW).
- Financial settlement
- Settlement involves the adjustment of rates and taxes and payment of the purchase price in full, together with payment of stamp duty in accordance with the Duties Act 1997 (NSW).
- Registration of transfer
- Upon settlement, the transfer of title must be registered with NSW Land Registry Services so that the change of ownership is legally recognised under the Real Property Act 1900 (NSW).
Frequently asked questions
How long is the cooling-off period in NSW?
Five business days after exchange of contracts, under section 66S of the Conveyancing Act 1919 (NSW). A purchaser who rescinds during that period forfeits a financial penalty under the contract.
What searches are carried out during conveyancing?
Searches typically include a title search and a review of encumbrances noted on title, together with council, planning and other certificates relevant to the property.
Discuss your matter with Harvard Legal.
We will explain your options, the process ahead and how we can assist.