What to ask a conveyancer: Outlined below are the top ten questions Tracey Warden gets asked on a frequent basis.
How long does the process take to completion?
After exchange of contracts or expiry of the “Cooling off” period, usually 6 weeks. Of course this time can be varied if the parties agree.
Can I modify this?
Yes when buying a property you can ask the Vendor to agree to changes. When selling a property you can modify the contract to suit your terms and conditions.
What happens if I change
You can have a change of mind before exchange of contracts and/or the expiry of the “Cooling off” period only.
How do I sell and buy property at the same time?
This is called a simultaneous sale and purchase. It is advisable to sell your property before you buy another. This way you can use the deposit paid on your sale as a deposit on your purchase. Also you would co-ordinate the sale and purchase to settle on the same day.
What if I’m buying property that’s tenanted?
The Vendor’s contract will have annexed to it a Residential Tenancy Agreement setting out the Rental Agent, terms, conditions and rental amounts. However you should be aware that there is no guarantee the tenant will still be in the property at settlement.
Can I move in before settlement?
Yes, it can be agreed between the parties if the property is vacant for a purchaser to take possession of the property before settlement at an agreed rental. The rental amount can be adjusted at settlement in the settlement figures. The purchaser must take out appropriate building and content insurance at the time of occupation.
Can I waive my “cooling off” period without unconditional finance approval?
You can waive your “Cooling off” period only when you have received written unconditional finance approval. Therefore if you receive unconditional approval and time remains under the “Cooling off” period you can waive the remainder of the time.
When I’m selling, when do I have to move out?
The contract states that the Purchaser will be given vacant possession at the time he pays you the purchase price. It is advisable to make your last moving arrangements by the morning of your settlement day.
Do I have to attend settlement?
No, your conveyancer will represent you at settlement.
As a first home owner, how do I apply for stamp duty exemption?
To apply for a First Home – New Home exemption and/or grant, discuss it with your conveyancer who can provide you with the appropriate documentation that suits your circumstances.