Buying & Selling Property

What is Conveyancing?

Conveyancing is the legal process of transferring the title of a Property from one person to another, and ensuring that the property transfer occurs in precisely the manner you have agreed with your vendor or purchaser.

What is a Power of Attorney?

A Power of Attorney is a document by which you can appoint another person to act on your behalf and sign documents for you; for example, if you are going to be overseas during the conveyancing transaction.

Experience

Buying and selling property is obviously a significant financial transaction. By using a qualified property lawyer to take care of your property transfer, our qualifications and experience can help you protect your valuable property assets.

Expertise

Day Legal Specialist Property Lawyers have an in-depth understanding of property law and we carry comprehensive professional indemnity insurance as required by the Law Society of New South Wales.

Can Day Legal review a contract and give me legal advice?

Yes. We give legal advice on all Contracts for properties to be purchased by private treaty or at auction.

We can usually review your contract on the same day we receive it from you.

Call us on 02 9361 4242 to start the process.

What is a cooling off period and how does it affect me?

A cooling off period is the right the purchaser has to cancel the purchase of a residential property within 5 business days. It can be used to finalise financial arrangements, obtain property reports (e.g. building, pest or strata reports) and to obtain legal advice on the contract from Day Legal.

Cancelling the Contract (known as rescinding) will cost the purchaser 0.25% of the purchase price. The cooling off period does not always apply (it never applies at auctions) and can be waived provided a Section 66W Certificate is signed by Day Legal and we have advised you of the implications of waiving the cooling off period.

Do I have to pay stamp duty?

Yes, unless you are an eligible First Home Owner. To calculate the stamp duty payable please visit the NSW Office of State Revenue.

For more information regarding First Home Owner benefits, click here.

What happens if the vendor cannot settle on the due date?

The purchaser can issue a “Notice to Complete” which means the vendor has 14 days to settle the matter. If left unsettled, the purchaser has the right to terminate the contract and is entitled to receive their deposit back or the purchaser can apply to the court to have the vendor complete the agreement and hand over possession.

What happens at settlement?

Settlement is the finalisation of the purchase process. On settlement, the purchaser’s bank will exchange cheques on the instructions of the purchaser’s solicitor and, in return, will receive the Certificate of Title and Discharge of Mortgage (if applicable) from the vendor’s bank. If prior to settlement the property in question has been damaged, there is usually sufficient time to take care of rectification prior to settlement. After settlement, the keys are handed to the purchaser and the purchaser’s bank registers the change of title and mortgage.

Important Considerations

If you are buying or selling a strata title or company title apartment, there are several important factors you need to be aware of and consider.

Day Legal can assist you to:

•  Review strata plans and strata by-laws.
•  Review company constitutions.
•  Understand your rights and obligations in the strata scheme.

How quickly can Day Legal prepare my Sale Contract?

We can usually prepare a contract on the same day we receive your instructions.

Call us on 02 9361 4242 to start the process.

What happens if the purchaser 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 will usually stipulate the applicable interest rate. The vendor can also issue a “Notice to Complete” which means the purchaser has 14 days to settle the matter. If left unsettled, the vendor has the right to terminate the contract and retain the deposit up to an amount equal to 10% of the sale price and can legally place the property back on the market to sell.

What happens at settlement?

Settlement is the finalisation of the sale process. On settlement, the purchaser’s solicitor will hand over the balance of the sale proceeds and, in return, will receive the Certificate of Title and Discharge of Mortgage (if applicable) from the vendor’s bank. After settlement, the deposit is released to the vendor, and the Transfer in favour of the Purchaser is registered.