Frequently Asked Questions
Why choose a conveyancer?
Swift Conveyancing can look after your sale or purchase from start to finish. If you are selling property we will help you from the moment you decide to sell and list your property for sale until settlement has taken place and the property is transferred to the Purchaser. If you are buying property we will help you from the moment you find the property that is right for you until settlement has taken place, you have paid for the property and the title is transferred to you. Conveyancers specialise in property transfers and are very experienced with any issues that may arise during your purchase or sale.
Has the agent asked you to provide a section 66W certificate?
Every NSW residential contract has a standard 5 business day cooling period. For an Off the Plan unregistered property, the standard cooling off time is 10 business days. A section 66W Certificate is a certificate signed by a conveyancer or solicitor waiving your cooling off period. When the section 66W certificate is provided to the agent or seller’s legal representative and you have signed the contract, then you will be locked into the contract and unable to change your mind about the purchase.
Can the agent still hold “open house” inspections if I have signed a contract with a cooling off period?
Yes, the agent can hold “open house” inspections until the contract is unconditional. Unconditional means when the cooling off period has expired (see above). The seller can’t sell the property to anyone else during the cooling off period, but the purchaser can change their mind and if they do then the purchaser loses 0.25% of the purchase price to the seller to compensate the seller for taking the property off the market while the purchaser made up their mind about buying the property. This is why the agent holds open house inspections, to ensure they have another buyer lined up if the purchaser changes their mind.
When do I get the keys for the property?
The keys for the property are available for you to collect on the day of settlement after settlement has taken place. The keys are usually available at the selling agent’s office. The agent will be notified that settlement has taken place and will be authorised to release the keys to you. If the purchase has been negotiated without an agent, then usually you will collect the keys directly from the seller or we will collect the keys at settlement from the seller’s conveyancer.
Is the seller required to have the property professionally cleaned?
The short answer is no. The seller should keep the property clean and tidy after exchange and before settlement so that the property is in a similar condition as when you inspected the property before exchange of contracts, but you cannot delay settlement if the property is not in a clean condition. Usually, you have an opportunity to carry out a final inspection of the property within the three days before settlement to check that the seller hasn’t taken any items that were supposed to remain in the property on settlement. We recommend carrying out your final inspection the afternoon before or the morning of settlement so that there isn’t a long time between the final inspection and settlement.
Do I need to take out building insurance?
You are liable for the property once settlement has taken place, so you must ensure you have home building and contents insurance in place to start from the settlement date. If you are buying a strata property, then you only need contents insurance as the owners corporation takes care of the building insurance. Contents insurance should be taken out to cover you in the event of fire, burst pipes etc as you are responsible for the inside of the property.
When is stamp duty paid?
Stamp duty must be paid within three months of exchange of Contracts otherwise penalty interest for late payment of stamp duty will be incurred. However, stamp duty must be paid on or prior to settlement of your Contract so that the Transfer can be registered. So if your settlement period under the Contract for purchase is less than three months (ie. a standard 42 day Contract), then stamp duty must be paid on or before settlement of the Contract.
Do you need to attend settlement?
Settlements take place electronically, which means we attend settlement for you and you don’t have to worry about being available for settlement.
What time will settlement take place?
Settlements usually take place electronically between 2.00pm-4.00pm on a weekday. If your settlement date falls due on a weekend or public holiday, then your settlement date will take place on the following business day.
What is NOT covered in a quote for buying a property?
Property inspection reports such as strata, pest and building reports and survey reports.
PEXA settlement fee of approximately $140.58 for the 25/26 financial year. PEXA stands for Property Exchange Australia and is an online settlement platform.
NSW Land Registry Services registration fees – If you are obtaining finance then the bank will usually deduct the registration fees from the loan. If you are a cash buyer and don’t require finance, then you will be required to transfer the funds to the PEXA source account a few days before settlement. Before transferring any funds to the PEXA source account, please verbally confirm the bank account details with our office if we are acting on your behalf.
Stamp duty payable on the purchase.
Section 184 strata levy certificate (if you are buying a strata property) – this certificate is usually paid for by the Vendor’s conveyancer prior to settlement and the Purchaser reimburses the Vendor by allowing an adjustment of the fee in the settlement figures.