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 hence 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?
A Section 66W Certificate is a certificate signed by the purchaser’s conveyancer in accordance with Section 66W of the Conveyancing Act 1919 which waives a Purchaser’s statutory right to a five (5) business day cooling off period.
It is often the case that a Section 66W Certificate can be the difference in securing an in demand property. Swift Conveyancing can provide this certificate at short notice provided that we have received a copy of the Contract and have provided you with legal advice.
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 seller must maintain the property during the period from exchange of contracts up until settlement, subject to fair, wear and tear of the property. Usually the Purchaser is entitled to “vacant possession” of the property, unless there is a tenant in the property. This means that all the seller’s belongings (including any rubbish) should be removed from the property prior to settlement. Within three days of settlement, the purchaser should carry out a final inspection of the property to make sure that it has been maintained and that vacant possession of the property is available. If there is any issue in this regard the purchaser should immediately contact their conveyancer so that the appropriate steps can be taken to resolve the matter prior to settlement taking place.
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?
No, we will attend settlement on your behalf or instruct our settlement agents to attend.
What time will settlement take place?
The time for settlement is usually arranged at least one week prior to settlement. The most common time for settlement bookings is between 2.00pm-3.30 pm on a business day.
What is NOT covered in a quote for buying a property?
Property Inspection Reports, for example, pest, building, strata, survey reports etc.
Land & Property Information registration fees – If you are obtaining finance then the bank will usually deduct the Land and Property Information (LPI) registration fees from the mortgage advance. If you are a cash buyer and don’t require finance, then you will need to provide us with a cheque in favour of the Land and Property Information Department for registration fees on settlement.
Stamp duty payable on the purchase.
Vendor's agent's settlement fee - If settlement takes place outside the Sydney CBD or the Vendor’s conveyancer or solicitor holds the title deed then a fee is payable to the Vendor to settle elsewhere and this fee is adjusted in the settlement figures back to the Vendor.
Section 109 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.