CBD Conveyancing Sydney offers their clients first class services when buying and selling Real Estate in Sydney. With fully qualified conveyancers/property lawyers who help you protect your valuable property assets.
General Questions
What is Conveyancing?
Simply put, conveyancing is the legal process of transferring the title of a property from one person to another.
Why should I use a property lawyer?
Selling or purchasing property is obviously a significant financial transaction.
By using a qualified property lawyer or licensed conveyancer to take care of your property transfer, our qualifications and experience can help you protect your valuable property assets.
CBD Conveyancing solicitors and conveyancers have an in-depth understanding of property law and we carry comprehensive professional indemnity insurance as required by the NSW Law Society.
What is a Power of Attorney?
If you need another person to act for you in legal and financial matters, you can appoint that person as your "attorney". For example, you may be going overseas or you may be physically disabled. Your attorney can do anything on your behalf that you can do in financial and legal matters. This appointment ends automatically if you die, but can continue after you have lost mental capacity - such a grant is called an enduring power of attorney.
Selling Real Estate
How quickly can CBD Conveyancing prepare my Sale Contract?
We can usually prepare a contract on the same day we receive your instructions.
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 willstipulates the applicable interest rate. The vendor can also issue a "Notice to Complete" which means the purchaser has 14 days (including weekends and public holidays) 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 time?
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 turn, 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.
Purchasing Real Estate
Can CBD Conveyancing review a contract and give me legal advice?
Yes. We give legal advice on all Contracts for Sale for properties purchased by private treaty or at auction. We can usually review your contract on the same day we receive it from you.
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 agreement within 5 working days. It offers some protection to purchasers that may have rushed into a contract and can be used to finalise financial arrangements, obtain property reports (eg. building, pest or strata reports) and to obtain legal advice on the contract from CBD Conveyancing .
Cancelling the agreement (known as rescinding) will cost the purchaser 0.25% of the purchase price. The cooling off period does not always apply (and never applies at auctions) and can be waived provided a Section 66W Certificate is signed by CBD Conveyancing 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:
http://www.apps05.osr.nsw.gov.au/erevenue/calculators/landsalesimple.php
For more information regarding First Home Owner benefits please visit:
http://www.osr.nsw.gov.au/benefits/first_home/
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 (including weekends and public holidays) 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 time?
Settlement is the finalisation of the purchase process. On settlement, the purchaser's bank will exchange cheques as per 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 discrepancies prior to settlement. After settlement, the keys are handed to the purchaser and the purchaser's bank registers the change of title and mortgage.
