Residential Conveyancing
Conveyancing refers to the legal process of transferring a property from one person to another. As part of this process, the seller and buyer must prepare documentation and meet certain obligations to complete the transfer. If you are a seller or a buyer in NSW, you need to ensure you have completed each step properly so that each stage of the conveyancing process goes smoothly.
If you are a seller
The Contract of Sale outlines the terms and conditions of the agreement between the purchaser and seller. It is necessary that the seller include certain information about the property within the Contract for Sale to meet the “vendors disclosure requirements” so the Contract may be valid and enforceable. Before you or any agent markets your property, a ‘Contract for Sale’ must be made available to any prospective buyers. Not having a Contact for Sale is an offence under NSW law and can result in heavy fines.The vendor disclosure requirements include title documents, plans, Council Planning Certificates and drainage diagrams. We note these certificates can take up to 14 days to arrive once ordered from the relevant authorities and we will endeavour to draft your Contract of Sale as quickly as possible.
Once the Contract of Sale has been provided to the buyer for their consideration. Normally the buyer will obtain separate legal advice and we note this may take some time. Once the buyer has obtained advice in relation to the Contract they will request any changes. Once all changes have been agreed the parties are now in a position to formally enter contracts.
Contracts are not formally entered into until exchange of Contracts. Once terms have been negotiated, the parties are happy, they have signed the contracts, and any applicable deposit has been paid exchange of Contracts may occur. Exchange of Contracts refers to a contract signed by the vendor being swapped with an identical contract signed by the purchaser and Contracts then being dated. Once this has occurred Contracts are formally on foot and are binding on the buyer and seller.
The settlement period between exchange of contracts and the registration of ownership and title to the buyer can be negotiated between the buyer and the seller prior to exchange . The period can be shorter or longer to suit both parties, however the standard period is between 21-42 days after exchange of contracts. This allows for your solicitor/conveyancer to attend to all your obligations under the contract and/or financier to prepare and be ready to provide your finance on settlement. The settlement period needs to take into account all final legal checks.
The settlement date is the day in which all parties (including financiers) exchange transfer and title documents for lodgement, any funds applicable to the sale and the keys are usually handed to the buyer. On this day, the buyer generally takes possession of the property and all remaining finances are settled. After settlement the property transfers needs to be lodged at the Land Title Office before the conveyancing process is complete.
If you are a buyer
Once the Contract has been provided by the seller to us. We will take your instructions, investigate the property and advise on the contract accordingly with your best interests at heart. Once we have advised you and sort any changes you require to the contract we will begin negotiations with the seller’s solicitor. In order to get the contract to a state in which you are comfortable to enter into the purchase. You may then sign the contract and attend to paying any applicable deposit.
You will be bound by the Contracts once the Contracts are formally exchanged see above process under Formal Contracts and Settlement.
When you are purchasing a property there are many different fees involved in the conveyancing process. On top of the purchase price that you will incur including OSR transfer duty, conveyancing fees, e-conveyancing fees, (if you have a financier) any mortgage related fees (these will vary from bank to bank) and Land title lodgement fees.
Stamp Duty: Calculated on the balance of the purchase price please visit for an estimate https://www.apps08.osr.nsw.gov.au/erevenue/calculators/landsalesimple.php
Standard PEXA E-Conveyancing Fee: $114.07
Land Registry Service Lodgment Fees Transfer: $143.50 (incl GST)
Mortgage: $143.50 (incl GST)
Discharge of Mortgage: $143.50 (incl GST)
Mortgage Fees: Subject to your specific financier
Frequently Asked Questions
The process of seller and buyer is outlined above and as you may find is quite complex. We endeavour to simplify the process for you however, you should note that it is a formal process that requires several steps and these steps can take time (which is often out of our control).
The Contract date is the date in which is displayed on the front page on the contract. This date is the date on which formal exchange of contracts occurs.
Rates are adjusted in accordance with the date of settlement and any rates payable after the contracts have exchange should be left unpaid until settlement where they will be adjusted accordingly. The buyers portion or the seller portion will be accounted for by an adjustment of the amount payable to the seller on settlement. Any outstanding rates will be paid to council at settlement.
In New South Wales, the insurance risk passes from the seller to the buyer on settlement or early possession. Please keep existing insurances on foot until this point.
PEXA stands for Property Exchange Australia and is the only Electronic Lodgement Network (ELN). As of 1 July 2019, the NSW Government has mandated the use of e-Conveyancing to streamline the conveyancing process for buyers and sellers; lawyers and conveyancers; and financial institutions. Due to this change, the NSW Land Registry Service cannot accept most land title documents for paper lodgement and except in exceptional circumstance e-Conveyancing must be used.
Your legal interest in the property only occurs after settlement and upon registration of the transfer. Until this point your interest is an equitable interest only and not a legal interest.
You are not allowed to distribute an estate within 6 months of the date of death. If there is any conflict with an estate or beneficiaries, then no distribution can take place until 12 months after the date of death. If you do distribute prior to the 1 year anniversary of death, as executor, you may be liable to make good any claims on the estate.
You should allow a minimum of 6 months in order to obtain a Grant of Probate in a simple Estate, for more complex estates, you may need to allow for a minimum of 12 months.
This depends on the assets of an estate. If the deceased held any real Property or has funds in the bank exceeding $50,000 then a Grant of Probate is required.
The Court will not normally accept a copy of the last will when applying for a Grant of Probate, however in exceptional circumstances the original will is not required.
Generally, the payment of the funeral account will be paid from the deceased’s bank account or an insurance benefit.
In NSW there is a two (2) year time limit in which you must transfer the deceased real property into the names of a beneficiary or sell the Property without the liability of Capital Gains Tax (CGT) upon the transfer.