Below, are some frequently asked questions about conveyancing.
For more information contact Village Green Conveyancing.
Q: What is conveyancing?
Q: Why should I use a conveyancer?
By having a licensed conveyancer take care of your property transfer, their qualifications and experience can help protect your assets.
A licensed Conveyancer has an in-depth understanding of the law concerning property transactions, is required by law to carry professional indemnity insurance and unlike certain solicitors that offer conveyancing, can focus solely on property transfer instead of other legal matters.
Q: What is the cooling off period and how does it affect me?
The cooling off period does not always apply (at auction, for example) and can be waived providing a 66W certificate is signed by a conveyancer or solicitor who has briefed his or her client with regard to the implications involved in waiving the cooling off period.
Q: What is a disbursement?
Q: What happens if either party cannot settle on the due date?
The vendor is entitled to charge the purchaser interest for the number of days settlement is delayed. The contract usually stipulates the applicable interest rate. When a ‘Notice to Complete’ is issued, the vendor may terminate the contract and keep the deposit, and can legally place the property back on the market to sell.
Q: What happens at settlement time?
On settlement, the purchaser’s bank will exchange cheques as per the instructions of the buyer’s conveyancer and in return, receive the Certificate of Title and Discharge of Mortgage (if applicable) from the seller’s bank.
If prior to settlement the property in question has been damaged, there is a sufficient amount of time to take care of discrepancies prior to settlement.
Once the settlement date arrives, the keys can be handed over to the purchaser and the deposit is released (from trust) to the seller. At this stage, the buyer’s bank registers the change of title and mortgage, and notifies authorities (such as the council and water company) of the change.