A conveyancer is a licensed professional who specialises in property law and facilitates the transfer of property ownership from one party to another.

Conveyancers handle legal documents, give legal advice and guidance, conduct property searches and ensure the smooth transfer of property titles from sale to settlement.

It is important to engage the services of a licensed conveyancer because they have extensive knowledge of property law and undertake property transactions daily.

Cost can vary depending on the type of property, searches, and other fees charged by different authorities. Then there is also the old saying, “You get what you pay for". Buying or selling property is a big decision, therefore you need to make sure that the level of service that is being provided is the right service.

The cheapest conveyancer may not always provide the best service. You want to ensure the conveyancer you choose provides a quality service which will give you peace of mind throughout the process. You don't want to risk your property transaction falling through or encountering legal issues later on due to a lack of attention to detail being provided by your conveyancer,

At Quay Conveyancing, we go above and beyond. We are thorough in what we do and prefer to provide our clients with too much information rather than little to no information.

In New South Wales, the cooling-off period for buying residential property is five business days following the exchange of contract. At the time of exchange, the purchaser can request through the Real Estate Agent for an extended period from 5 business days to 10 business days. This is also when the purchaser is required to pay a 0.25% holding deposit.

The cooling-off period allows the buyer to determine whether to continue with their purchase or terminate the contract. It allows buyers to do things such as engage with a conveyancer or solicitor to review the contract, arrange a building/pest and or strata report, obtain unconditional home loan approval, etc.

If you decide to terminate the contract within the cooling-off period, the 0.25% holding deposit paid is forfeited to the seller as it is non-refundable.

If you decide to proceed with your purchase, then you must pay the balance of the deposit, which is usually either 5% or 10% of the sale price, to the listing Agent before the expiration of the Cooling-off period. Contracts will not become unconditional until this has been paid and the cooling-off period has expired.

Before committing to purchase a property, it is important that all pre-purchase inspections and due diligence is completed. A buyer should undertake a pest and building report to ensure there are no obvious building defects or infestation problems with the property.

A strata report details important information on the running of the owner’s corporation, such as the financial status of the plan, if any special levies have been struck or will be struck by the owner’s corporation, shows all expenses for the past two years, details past works history and raises if there are any issues that the owner’s corporation has flagged in respect of the property. A strata report is a report that all purchases of a strata-titled property should invest in. The records of the Owners Corporation must comply with the Strata Schemes Management Act. Sometimes, a pre-purchase inspection report can raise existing building issues that the Owners Corporation has not been made aware of. Therefore, we always recommend obtaining both when considering purchasing a strata-titled property.

Disbursements are costs incurred as part of the conveyancing process but are not included in the professional fee. These costs are estimated & paid to external third parties, such as obtaining certificates from the government (e.g. title search) & other public authorities (e.g. local council, road, and water authorities).

We order all searches we deem necessary but make no money from our searches. All this ‘information gathering’ by us is excellent due diligence, allowing you to make an informed choice about your purchase.

When buying a property, many people dont realise that you don’t just pay the purchase price. There are other costs associated with any property purchase. A couple of days before settlement, your conveyancer or solicitor will provide you with Statements of adjustments.

A statement of adjustment is a statement that contains all the apportionment of outgoings and liabilities attached to the property and required by the contract to be adjusted. The items usually included in a statement of adjustments are mortgage discharge fees, council rates, water charges, owners corporation levies, land tax liabilities, etc.

The information needed to prepare a statement of adjustment is all handled by your Conveyancer or Solicitor. When buying, ensure you have extra funds set aside to cover other associated costs such as these.

If you are looking to buy your first home to live in but don't have a 10% deposit and don't want to pay Lender's Mortgage Insurance(LMI), you should be aware of "The First Home Guarantee (FHBG)" The First Home Guarantee (FHBG) allows eligible home buyers with deposits as low as 5% to get a home loan without paying Lenders Mortgage Insurance (LMI) fees. It is an initiative from the Australian Government designed to support eligible home buyers purchase a home sooner.

If you are looking to buy your first home, then we recommend that you speak with a broker or bank and explore all options available to you.

Settlement takes place on PEXA (Property Exchange Australia) in real-time and is Australia's online property exchange network. Having a virtual workspace (PDEXA) means a conveyancer who is registered in NSW can settle any property in NSW, without physically having to attend a meeting location. Similarly, clients do not need to attend on the day of settlement as it is all handled by the legal representatives.

There are usually four parties involved at settlement on PEXA: the vendors and purchasers conveyancer or solicitor, and the banks acting on behalf of the vendor and purchaser.

Upon completion, the buyer's financial institution will process payments in accordance with the buyer's legal representative's instructions. In exchange, the seller's financial institution will provide the Certificate of Title and any necessary documentation indicating the discharge of the mortgage if applicable.

On the day of settlement, once settlement has taken place on PEXA, the keys can be handed over to the purchaser. The deposit will be released by the deposit holder, typically the agent, to the seller in accordance with the seller's instructions.

The relevant authorities, such as the council and water, will also be notified of the transfer.

Owners selling property with a swimming/spa pool must ensure the contract for sale includes a registration certificate issued from the Swimming Pool Register, & one of the following:

- a valid swimming pool certificate of compliance, or

- a relevant occupation certificate issued within the last 3 years, or

- a certificate of non-compliance.

If one of the above isn't included, the purchaser may rescind the contract within 14 days of exchange unless settlement has already occurred. If a certificate of non-compliance is attached to the contract, the purchaser takes on the obligation to obtain a certificate of compliance within 90 days of settlement

Title insurance is a specialised type of insurance that provides home buyers with protection against certain unknown and hidden risks which may exist at the time of purchase.

Property purchasers are exposed to various risks that could affect their legal use and ownership of their property and cause them a financial loss.

Title Insurance provides cover in relation to certain unknown and hidden risks that may cause them loss or affect their ownership, such as:

- Demolition or upgrading orders issued by Council in relation to structures illegally built on the property by a previous owner or in relation to illegal alterations to your strata unit for which you are now liable to comply with (maximum of $160,000 to be provided for a claimable event);

- For properties with a land area of 50 acres or less, any adverse matters that would have been revealed in an up to date survey report;

- Forced removal of a structure illegally built by a previous owner over an adjoining boundary (excluding boundary walls and boundary fences);

- Non-compliance with zoning and planning laws and conditions;

- Non-compliance with easements and covenants which burden your land;

- Non-compliance with By-Laws or other obligations which are registered on their title; and

- Complete loss of legal ownership due to a fraudulent sale or mortgage of their property.

Some issues with a property can be hidden, and not even the best legal advice/pre-purchase inspections would be able to reveal such issues.

The premium is a one-time payment and provides coverage for the life of ownership. There is also no excess payable when making a claim.

A licence agreement is a contractual agreement made by two parties, the licensor and licensee, and it provides the licensee with the right to use the property for a specific length of time. Depending on the circumstances, the Vendor and the purchaser can be either the licensor or the licensee. Each situation will differ completely as every conveyance is individual and unique.

A licence agreement allows purchasers to have early access to a property and can allow the Vendor to remain in the property after settlement. It protects the rights and interests of all parties to the agreements.

What you need to be aware of is that both parties must consent to the agreement and are under no obligation to agree to it. Therefore, a licence agreement is not always an option in some circumstances.