Conveyancing FAQ

A conveyancer handles the legal transfer of property from seller to buyer — reviewing the contract, conducting searches, explaining special conditions, arranging settlement, and registering the transfer on title. In some states the work can be done by licensed conveyancers as well as solicitors.

A contract for sale typically includes the parties, property details, price, deposit, settlement date, special conditions, and prescribed disclosure documents (such as section 32 in Victoria or the section 10.7 certificate pack in NSW).

A cooling-off period is a short window after exchange during which a buyer can rescind the contract, typically with a small penalty. Cooling-off rights and periods differ by state and do not apply to auctions or commercial sales in most jurisdictions.

In NSW the cooling-off period is 5 business days (forfeiting 0.25% of the price). In Victoria it is 3 business days. In Queensland it is 5 business days with a 0.25% penalty. Other states vary. Cooling-off can be waived with a section 66W certificate in NSW.

Typical searches include title search, plan, section 10.7 or equivalent planning certificate, rates and water, land tax, building certificates, and environmental or heritage searches depending on the property type. Commercial and rural properties need broader searches.

Stamp duty (transfer duty) is a state tax on the transfer of land, paid by the buyer on settlement. Rates are tiered and each state has concessions for first home buyers, off-the-plan purchases, and some pensioners.

All Australian states and territories offer first home buyer stamp duty exemptions or concessions up to specified property value thresholds, and most offer a First Home Owner Grant for newly built homes. Eligibility rules and thresholds are updated regularly.

At settlement, the buyer pays the balance of the purchase price, the seller delivers title documents, and the transfer is registered with the land titles office. Most Australian settlements now occur electronically through PEXA rather than in person.

PEXA is the electronic lodgement network used for the overwhelming majority of property settlements in Australia. It allows participants to lodge documents and transfer funds electronically without the parties meeting physically.

If settlement is delayed by a party in breach, penalty interest usually accrues under the contract, and the innocent party may issue a notice to complete. Failure to complete after a valid notice can entitle the innocent party to terminate and claim damages.

A section 32 statement is a vendor's statement required in Victoria under the Sale of Land Act. It must disclose information about title, planning restrictions, outgoings, easements, building permits, and other prescribed matters. Errors can give the buyer rescission rights.

An off-the-plan purchase is where the buyer enters a contract before the lot or building is completed or the plan is registered. The risks include construction delays, changes to plans and specifications, sunset clauses, and market movements between contract and settlement.

Sunset clauses allowing developer termination on non-registration by a set date are regulated. In NSW the developer must have purchaser consent, a court order, or prescribed circumstances to terminate under a sunset clause.

A section 10.7 certificate (previously section 149) is a NSW planning certificate issued by the local council that discloses zoning, planning controls, and relevant environmental and contamination matters. It must be attached to contracts for sale.

Not legally, but they are strongly recommended for residential purchases. Reports can reveal structural, termite, and compliance issues that affect value and the decision to proceed. Conditions allowing rescission for unsatisfactory reports are common.

At settlement, rates, land tax, water charges, and owners corporation fees are typically adjusted between the parties up to the settlement date, so each party pays their proportionate share. The settlement statement records these adjustments.

The deposit is usually held in the agent's trust account or the seller's solicitor's trust account. It is released to the seller at settlement, or earlier if the contract allows (for example under section 27 of the Sale of Land Act in Victoria).

A caveat is a notice lodged on title that warns the public of a claim to an interest in the land. Buyers sometimes lodge a caveat after exchange to protect their equitable interest against subsequent dealings before settlement.

Yes. A standard finance condition makes the contract conditional on the buyer obtaining formal loan approval by a set date. If approval is not obtained, the buyer can typically terminate and recover the deposit, provided they have complied with the condition.

Conveyancing fees for a standard residential purchase typically range from $700-$2,500 plus disbursements. Complex matters (off-the-plan, rural, commercial, strata issues) cost more. Search and government fees usually add several hundred dollars.