Before you sign
What should be checked first?
The contract, the title, the strata report where applicable, and the searches that reveal easements, restrictions and outstanding orders on the property.
LEGAL & CONVEYANCING
The legal side of buying and selling
Conveyancing runs in parallel with your finance. When the two are coordinated, settlements are far less stressful.
WHAT IT COVERS
Conveyancing is the legal transfer of the property
Your conveyancer or solicitor reviews the contract before you sign, makes the searches and enquiries that reveal what you are actually buying, exchanges contracts, prepares for settlement and completes the transfer of title.
The most valuable part happens before you sign. A contract review can identify easements, covenants, unapproved works, strata problems and special conditions that materially affect what the property is worth to you.
We are not a law firm and we do not provide legal advice. What we do is coordinate — making sure your finance approval and the legal timetable line up, so nothing lands unexpectedly close to settlement.
WHAT THEY DO
The three stages
Exchange
When does it become binding?
On exchange of contracts, with the deposit paid. Cooling-off rights vary and generally do not apply to auction purchases — know your position before bidding.
Settlement
How does it complete?
Adjustments for rates and levies are calculated, funds move between the parties and lenders, and title transfers. Most settlements now complete electronically.
COMMON QUESTIONS
Questions about the legal process
Do I need a solicitor or a conveyancer?
A licensed conveyancer can handle a standard residential transaction. A solicitor is generally better where there are complications — a deceased estate, a family transfer, a trust or company structure, a dispute, or an unusual contract.
If your transaction is not straightforward, use a solicitor.
When should I engage one?
Before you sign anything. The contract review is the point at which problems can still be avoided or negotiated, and once you have exchanged, your options narrow considerably.
Engaging early costs little and is the single most useful thing you can do.
Do I have a cooling-off period?
In New South Wales a cooling-off period generally applies to residential private treaty purchases, with a penalty if you withdraw, and it does not apply to auction purchases.
The rules have exceptions and vary by state. Your conveyancer or solicitor will confirm exactly what applies to your contract.
How does the legal work fit with my loan?
Your lender needs the signed contract to progress to formal approval, and the loan must be unconditionally approved and documents completed before settlement can occur.
Delays on either side move the settlement date, which is why keeping both timetables visible to each other matters.
GET IN TOUCH
Buying soon and want the finance and legal timetables lined up?
Would rather talk it through?
(02) 9659 1694Important information
We are not a law firm and we do not provide legal advice. Any introduction to a conveyancer or solicitor is an introduction only, and you should satisfy yourself about who you engage. If we have a commercial arrangement with a referral partner, we will disclose it.
The information on this page is general in nature. It has been prepared without taking your objectives, financial situation or needs into account, so it is not personal advice and you should consider whether it is appropriate for you before acting on it.
Any rates, figures or examples shown are indicative only. Lending is subject to approval, and lender eligibility criteria, terms, conditions, fees and charges apply. Talk to us about what your own circumstances allow.