The Legal Process

Real estate can be a house with its own back and front yard, an apartment at the top of the World Tower, or it can be a farm in far western New South Wales. Often real estate is simply referred to as land, even if it is an apartment at the top of the World Tower.

The conveyancing law in NSW requires that the Vendor and Purchaser of a land sale sign a written contract before they will be bound by their agreement. This means that if a purchaser telephones an agent with an offer to buy land and that offer is accepted, the agreement will not become binding until it is in writing.

The NSW parliament has introduced conveyancing laws in NSW that impose additional requirements for a land sale contract. Many of these requirements are found in the Real Property Act NSW 1900, the Conveyancing Act 1919, and the Environmental Planning and Assessment Amendment Act 1997.

You can find these Acts at the following website:-
http://www.austlii.edu.au/au/legis/nsw/consol_act/

The NSW land contract which you will sign will include the following documents, at least:-

If you are buying we will :-

  • take you through the contract which the Vendor offers you with one of our experienced conveyancing staff, advise you in relation to it, and negotiate any changes which you require
  • assist you with the formation of the contract, a process known as ‘exchange’
  • conduct searches pertinent to your property purchase
  • ask the Vendor questions about their title, which questions are known as requisitions on title
  • liaise with your lender/mortagagee
  • organise the stamp/mortgage duty payment, or exemption from duty as necessary
  • arrange, prepare for, and attend settlement
  • report to you afterwards with solicitors and staff working in our conveyancing practice available to answer your questions.

On the other hand if you are selling, the things we will do for you include:-

  • prepare your contract guided by experienced conveyancing solicitors and staff
  • send the contract to your agent so that the property can be listed for sale
  • assist with the formation of the contract, a process known as ‘exchange’ in accordance with conveyancing law in NSW
  • answer any questions, about your title, such questions being known as requisitions on title, which the Purchaser serves on you
  • liaise with your lender/mortgagee to make sure they are ready to release your title and its discharge of mortgage at settlement
  • arrange, prepare for and attend settlement
  • report to you afterwards, and send the order on the agent to your agent so that your deposit can be released to you, after the deduction of the agent’s commission.