In NSW, you are given a five business day cooling off period when you purchase residential property. The cooling off period once you exchange contracts and ends at 5pm on the fifth business day after.
Read moreQualified or Limited Titles - What does this mean for your property purchase?
When taking a peek at a Certificate of Title you may see a notation referring to qualified or limited title. These notations are placed upon titles that have been converted from Old System Title, to Torrens Title.
Read moreSettlement Delays
Despite best efforts, sometimes your sale/purchase settlement will be delayed by hours, days or even weeks). This can come from a range of factors, including:
Last minute paperwork problems
Issues with finance approval
The property being settled is not in a tidy state and requires cleaning up
Occupant can’t/ won’t leave in a timely manner
Short Term Delays
Moving day can be pretty stressful, particularly if the party moving in was also required to move out of their previous home on the same day. Settlement needs to happen, so they have somewhere to sleep.
On rare occasions, a property settlement may need to be delayed for an hour or two, which forces the removalists to take an extended lunch, which the conveyancers, solicitors and banks use to sort out the transaction. If it’s deemed that the settlement can proceed, the removalists will normally begin unloading onto the driveway, until the keys are received by the new owner.
It’s a little bit of double handling, but the new owners will get to move in.
Longer Delays
In cases where the property settlement is postponed for a day or two, some removal companies can simply leave the truck packed at the depot overnight. In the case of Friday settlements, the truck may possibly be held over until the Monday without any problems.
Check with your chosen removalist at the time of booking, to see what back up plans they normally have and if there is a cost associated.
The worst case scenario is that the truck is unloaded into a storage unit until required further. The purchaser needs to also find temporary accommodation until settlement is completed., so this can become costly.
What Can We Do to Minimise Delays?
If selling:
Ensure the property is neat, tidy and vacant WELL BEFORE settlement day
Complete any loan discharge forms as soon as they are made available, as financial institutions can have traditionally long processes
Get all your relevant property keys to your agent as soon as practicable
If buying:
Conduct your final inspection as early as the agent will allow. This will give parties the most time to sort out minor issues
Complete any required paperwork (particularly from financial institutions) as soon as possible. They normally have standard timeframes for their process which may be 10 business days at the minimum
If you can avoid moving on the day of settlement, give yourself a day or two breathing space. This is probably the biggest stress reduction tactic of all
If you have any questions about your situation, contact me via leah@stevensconveyancing.com.au or call 0414 894 031 to discuss.
Please note that the information contained in this article is of a general nature only and does not constitute legal advice. Stevens Conveyancing does not take responsibility for any errors or omissions obtained from the use of this information.
Mine Subsidence
In the early days Newcastle was well known for mining. Over time, these inactive mines were filled and housing developments have since been permitted on a number of these sites.
From time to time, parts of the old mine workings collapse (subsidence). A range of factors (like water inundation) can cause workings to deteriorate, but is usually localised and may only affect one property.
Read moreTitle Insurance For Your Property Purchase
During your conveyancing process, there are some information aspects of the property that may not be available not everything gets uncovered prior to purchase. These issues can prove costly and for something that wasn’t even your fault!
The best option to achieve some protection is known as Title Insurance.
Read moreImportant Note on Funds Transfers
Important Note on Funds Transfers
Your cyber security is important to us. As you would be aware, email is not a secure means of communication. Please understand and acknowledge the following security procedures we follow as part of your conveyancing transaction to maintain security.
We will NEVER send you an email requesting you transfer funds to an account that is different to the bank account details we advised to you or given to you in person. If a change is required, we will call you first to verbally advise the details and post the details for dual verification.
Do not transfer any funds without first phoning our office on 0414 894 031 (Leah) to verify any changes to banking details.
We will not act on any email from you requesting we transfer funds to a bank account that is different to the bank account details you have advised in person, without verifying this with you via mail or telephone using your original contact details provided.
Joint Tenants or Tenants in Common
When buying a property, simply owning it isn’t enough. HOW this property will be owned can have wide-reaching impacts on your personal & financial wellbeing. In particular, when two or more people own a property, they can hold the land either as Joint Tenants or Tenants in Common.
Read moreBuying a Strata or Community Titled Property?
As urban areas become more densely populated, Australia will see an even greater reliance on units and apartments for housing. You may be a first home buyer, downsizer or even an investor.
Purchasing strata/community titled property has some unique points to consider before signing the contract.
Read moreInspecting a Property
It’s an additional cost and the results could mean that you don't proceed, but that's money very well spent. A few hundred of dollar up front that save you thousands of dollars in the future.
Read moreTips for Selling Your Property
Price differences tend to occur between a properties marketed ‘as is’ and ones that had thought put into the presentation.
Here are a few ideas we have seen work well for some of our clients in the past.
Read moreSelling Tenanted Property
As part of the selling process, you’ll need to decide if you wish to sell your investment property with or without your tenants.
Read moreHanding over the Keys
Once you’ve been informed that your settlement is complete, you’ll naturally want your new keys.
There is a formal process that must be followed, prior to handover. In most circumstances the keys are collected from the real estate agent, but there are a few protocols that need to happen before the agent can do anything
Read moreRegister for Land Tax / Surcharge Land Tax by 31 March
Here’s a quick reminder to everyone that you have until 31 March to register for land tax and surcharge land tax. That’s not far away at all.
Read moreStrata vs Community Title
As the Hunter Region continues to grow, more properties will become part of strata or community groups. Here’s a quick rundown to help you understand the differences.
Read moreConveyancing Terms
Property contracts are SLOWLY evolving into plain English (as opposed to legal-speak), but there is a limit as to how simple they can be made, while still properly informing and protecting the parties.
It’s our job as a Conveyancer to understand and interpret this information for you. Still, knowing a few of the basic terms, can only benefit you as negotiations commence.
Read morePaying the Deposit
When agreement is reached to buy a property, the purchaser is normally required to pay a deposit of 10% of the purchase price. Normally, the deposit will be held in the real estate agent’s trust account until settlement. No-one earns any interest. It just sits there.
Paying the deposit quickly is a sign of good faith, however, it does not “hold” the property for you.
You still need to exchange contracts.
Read moreBuying Off The Plan
Developments are everywhere! Buying into a proposed development can allow buyers to get a cheaper, more customized (and potentially tax effective investment) property than an existing dwelling. However, there are additional factors to consider before signing on the dotted line.
Read moreCyber Security and Conveyancing
Stevens Conveyancing takes our cyber security and the protection of personal data extremely seriously.
Read more