What is the process of property settlement in Australia?
All states are quite different and you need different licenses for each State. You need a solicitor for Queensland and the ACT.
How is property settlement changing in NSW?
Property settlements are changing in NSW as they are now moving to an electronic format. By July 2019 all transactions will be via an electronic settlement organisation.
Do I need a lawyer to purchase a property?
No, a Conveyancer has a professional licence to work only in the areas of property i.e. buying and selling property and businesses. So, in a sense they are specialised in this work. Solicitors though, can give you legal advice on other aspects of the law.
What is the difference between property exchange and settlement?
Property exchange is when you sign a contract for the sale of land and ‘exchange’ your contract with the contract of the other party. The purchase or sale is then unconditional (unless you have a cooling off period) and you then proceed to settlement. Settlement is when the title is transferred to the new owner in exchange for the balance of purchase monies plus rate adjustments.
What is a property settlement?
A property settlement is when the title of the property transfers from one owner to another for a monetary value.
When do I have to pay for my new house during settlement?
You have to provide your conveyancer with the money for your new home a couple of days prior to settlement to enable the funds to be cleared in readiness for settlement.
Why does it take six weeks to settle on my purchase?
There are certain jobs your Conveyancer needs to do behind the scenes. There are searches to be made to make sure you are buying the right property and there are no defects in the title. We have to liaise with your bank (if applicable) to make sure that funds are available in time for settlement. Prepare a Transfer and have it stamped by Revenue NSW.
Why does it take six weeks to settle on my sale?
Once you have exchanged contracts, you will need to arrange a discharge of mortgage with your bank (if applicable). If no discharge there may be a possibility of a 4 week settlement, dependant on the purchaser’s financial situation.
How about if the other party wants manual (paper) process and not electronic?
At the moment this is possible and it is part of the negotiation process. Once July 2019 arrives all settlements will be electronic.