Q: What parts of the process can Karlene’s Conveyancing NOT assist with?
We do not offer advice or assistance with finance or taxation issues. We are not qualified to do so. You should consult an accountant on these issues. In some circumstances a financial planner may also be important.

Q: Do I have to attend settlement?
No, Karlene’s Conveyancing will attend settlement on your behalf.

Q: If purchasing, when can I re-inspect the property?
You should re-inspect just before exchange to ensure the working order and condition of the property as a whole. You are then entitled to a final inspection within the 3 days prior to settlement taking place. You should make an appointment with the real estate agent for these inspections.

Q: I need to organise a removalist – can you tell me what time settlement is?
A settlement time is usually confirmed at least 1 week prior to settlement, the most common timing is between 2-3pm. If you need to book removalists well in advance, please advise our office as to what time you have arranged with the removalists and we will endeavour to book settlement as close to that time as possible. You should note the time cannot be guaranteed however, as your lender and the other side’s lender will have to agree to your preferred time for settlement and some will only complete settlement in the afternoon.

Q: My property has just settled, when do I get my money?
If you provide Karlene’s Conveyancing with your bank, BSB and account details, we can deposit the bank cheque for the proceeds due to you on the same day as settlement for all major banks. If settlement takes place outside of the CBD or not local to our office, the bank cheque/s will be returned to Karlene’s Conveyancing generally by the next business day. Any balance of deposit by the agent will be authorised to be released to you on the day of settlement.

Q: What are adjustments?
These are apportionment’s of rates and outgoings to the property from the date of settlement or any date required by the special conditions in the Contract prior to settlement between the parties. Adjustments generally include the current installment of Council land rates, a daily average rate for water usage and fees for any discharge of any mortgage or caveat.

Q: Why is there a difference between the conveyancing prices for sales and purchases?
There are more complex and comprehensive searches performed and additional disbursements incurred when you are purchasing a property, hence the fees are higher.

Q: What are disbursements?
Disbursements are monies paid out by Karlene’s Conveyancing on your behalf prior to settlement for example: searches and government enquiry certificates.

Q: What is covered in a quote for selling my property?
Obtaining certificates and searches for inclusion in a Contract for sale ie:

  • Title search issued by the Land & Property Information Office
  • Section 149 Planning certificate issued by your local Council
  • Drainage and/or Sewer Mains Diagram issued by your local water authority or Council
  • GST
  • Postage, telephone, photocopying fees

Q: What is NOT covered in a quote for selling my property?

  • Settlement fee (if settlement takes place off the NSW Central Coast)
  • Section 109 certificate (body corporate certificate – if a strata property)

Q: What is covered in a quote for purchasing property?
Property & Rate enquiries issued by various Government Departments including Council, Office of State Revenue and various other Government Departments.

  • Certificate of currency for Strata Title Properties (if required)
  • Stamping fee for stamping the Contract and Transfer with duty
  • Final search on the day of settlement
  • GST
  • Postage, telephone, photocopying fees

Q: What is NOT covered in a quote for purchasing property?

  • Pest Inspection report
  • Building Inspection report
  • Strata Inspection report (Strata Title Units and/or Townhouses)
  • Survey report (Torrens Titles houses and/or land)
  • Registration fees
  • Title Insurance
  • Stamp duty
  • Settlement fee (if settlement takes place off the NSW Central Coast)

Q: What happens at settlement?
On this day the balance of the monies are paid by the purchaser to the vendor in exchange for the Certificate of Title. The vendor must vacate the property on or prior to the actual day of settlement. Once settled, the purchaser is entitled to the keys to the property and the vendor is entitled to receive the deposit paid on exchange.

Q: What happens at exchange?
This is when the contract becomes legally binding between the vendor and the purchaser. Two identical contracts, one signed by each party and the contracts are “swapped” (exchanged) so that each party holds the signed contract for the other party. At this time the deposit is paid and the contract is dated the day of exchange.

Q: What is a deposit bond?
A deposit bond is used in place of a cash deposit on exchange. It is a guarantee of payment of the deposit to the vendor if the purchaser defaults. If there is a default, the issuer of the bond pays the deposit to the vendor and purchaser must reimburse the issuer of the bond for such deposit.

Q: What is Conveyancing?
Basically, it is the process involved in legally transferring the title of a property from a seller (vendor) to a buyer (purchaser). Conveyancing is the branch of law concerned with the preparation of documents for the buying and selling of property. Conveyancers need to be licensed and fully qualified to deal with property transactions in NSW.

Q: What is a cooling off period?
This is a statutory period of 5 business days after exchange of contracts that the purchaser has in which to “cool off”. It allows the purchaser to use this period to obtain finance approval, seek legal advice and to obtain any necessary pre-purchase reports. It also allows the purchaser to cancel the contract no later than 5.00pm on the last business day of the cooling off period and if this occurs the purchaser forfeits to the vendor 0.25% of the sale price. If there is no cooling-off period this means that the contract has been explained by the purchaser’s conveyancer and certificate attached to the contract waiving the cooling-off period has been signed by the conveyancer. This is when the purchaser has obtained finance approval and their pre-purchase reports before entering into the contract.

Q: When should you take out building insurance?
The risk of insurance passes on the day of settlement. The vendor should keep the property insured up until settlement. The purchaser should arrange building insurance a few weeks prior to settlement as your lender will require a copy of the policy before the lender will agree to settle.

Q: When is stamp duty payable?
It is paid after contracts have exchanged and before settlement of the transaction.

Q: Who notifies the authorities of the change in ownership following settlement?
Once the Transfer document has been registered at the Department of Lands, the local Council, Water authority and the Valuer General are immediately notified of the new purchase details. The electricity, gas and telephone authorities need to be notified by you approximately a few weeks prior to settlement as these authorities do not accept instructions from a third party. In relation to a strata property, a notice (s118 notice) is forwarded to the strata managing agent or secretary immediately after settlement notifying them of the new purchaser details.

Q: Why is pre-approval finance not enough?
Having been pre-approved for finance usually means that the purchaser’s loan has been approved subject to certain conditions yet to be satisfied by the lender such as a valuation of the property. It is strongly recommended that before a purchaser commits to purchase a property that the purchaser has obtained written unconditional loan approval from the lender (not from the broker) meaning that the purchaser has satisfied all of the lender’s conditions to enable the purchaser to proceed with the purchase.