How Does Property Conveyancing Work? The Conveyancing Process.

Conveyancing typically begins with the Seller and Buyer (or Vendor and Purchaser) entering into a Contract of Sale, detailing all terms of the agreement.

A Contract of Sale is a legally binding agreement between the Buyer and the Seller that outlines the terms and conditions of a property transaction. This document specifies the details of the sale, including the purchase price, deposit amount, settlement date, and any special conditions that must be met by either party. It also includes descriptions of the property and any fixtures or fittings included in the sale.

Once both parties sign the Contract of Sale, they are committed to completing the transaction under the agreed terms, subject to any cooling-off periods or conditional clauses.

In some cases, such as property transfers between family members, a contract may not be used.

Once both parties agree to the terms, the contracts are exchanged.

This means the Buyer’s conveyancer holds the Seller’s signed contract and vice versa, making the contract legally enforceable.

Usually, a 10% deposit is paid upon exchange, although this can be adjusted or replaced with a Deposit Bond.

A cooling-off period is a set duration of time after the signing of a contract of sale during which the buyer has the right to withdraw from the contract without facing severe penalties. This period allows the buyer to reconsider the purchase decision and conduct further due diligence, such as property inspections or financial arrangements.

In NSW, QLD and the ACT, for residential properties, a 5-business-day cooling-off period allows the Buyer to withdraw, forfeiting 0.25% of the deposit. The cooling-off period can sometimes be waived. These conditions vary for other states and territories.

Typically, there are about 5 weeks (35 days) between exchange and settlement, although this can be adjusted by agreement.

During this time:

• Searches are conducted to ensure no outstanding issues with the property.
• Stamp Duty is paid.
• The Buyer’s loan is processed, and the Seller’s loan is discharged.

Before settlement, the Buyer should inspect the property to ensure it is in the agreed condition.

Settlement is the final step in the conveyancing process.

This is when the property officially changes hands.

The buyer’s conveyancer will arrange the transfer of funds, and the seller will hand over the property keys.

All legal documents are lodged with the relevant authorities to finalize the transfer of ownership.

FNCC handles all settlement details, ensuring all documents are correctly prepared, executed, and that funds are accurately transferred.

We will notify you once the settlement is complete.

The current Title Deed is then forwarded to the Land & Property Management Authority (LPMA), and a new Title Deed is issued in the Buyer’s name.

Navigating the property market can be a complex endeavour, especially when it comes to the conveyancing process. Whether you’re buying or selling a property, understanding conveyancing is crucial for a smooth transaction. FNCC are here to help.

Conveyancing is the legal process of transferring property ownership from one person to another. It involves several steps, including preparing legal documents, conducting searches, and ensuring all conditions of the sale are met.

The costs for conveyancing services can vary depending on the complexity of the transaction and the conveyancer’s fees. Typically, these costs include legal fees, search fees, and government charges. At FNCC we are proud to offer you competitive pricing.