FAQs
Whether you’re buying, selling, or transferring property, our FAQs cover the most common questions to help guide you through the process with confidence and clarity.
What is Conveyancing?
Conveyancing is the legal process of transferring property ownership from one party to another. It is essential to ensure the transaction is legally sound and protects your interests and property rights.
You do not require a solicitor or lawyer. A licensed conveyancer, such as Gillian Rendall, is qualified and has completed legal studies at Macquarie University. Licensed conveyancers specialise in property law.
What is Strata and Torrens Title?
A strata property, also known as strata title, is where individuals own a specific unit within a building or complex while sharing ownership of common areas and facilities with other owners. It's a common arrangement in multi-unit developments like apartments, townhouses, and villas. You will pay regular contributions to manage the strata block and building insurance. If you are buying into strata, you should obtain a strata report prior to your contract becoming unconditional. You should also familiarise yourself with the strata by-laws, which are rules to live by in the block.
A Torrens title property is generally for houses and freestanding properties. You are solely responsible for the property and land, you are responsible for maintenance and insurance. If buying this style of property, we recommend a pest and building inspection, as well as title insurance.
What is PEXA & What does it do?
PEXA, which stands for Property Exchange Australia, is an electronic platform that facilitates property transactions in a secure and efficient manner. It allows for the electronic settlement of property transactions, including conveyancing and financial settlements.
You have an option to download the PEXA app to follow your Conveyancing transaction.
What is the difference between Section 66W Certificate or Cooling Off Period ?
A cooling off period you sign the contract and pay 0.25% deposit then you have 5 business days to complete your due diligence, property reports and finance approval. At the completion of the cooling off period you pay the balance of the 5 or 10% deposit. If during the cooling off period you change your mind you will forfeit the 0.25% deposit.
A Section 66W Certificate is a cooling off waiver which waives your cooling off rights. This certificate can only be issued by your Licensed Conveyancer when you are 110% ready to commit to the purchase following satisfactory property inspections, finance approval and the contract being reviewed in detail.
Once this has been issued and contracts exchanged you will be locked into the contract and bound to proceed with your purchase. It is similar to buying at auction.
Do I have to have a 10% deposit to buy a property?
Not necessarily. A 10% deposit is the standard deposit payable however you can negotiate with the Vendor to have them accept a 5% deposit which is commonly accepted. Another option is to arrange a deposit bond or bank guarantee if you don’t have any cash available.
Agents may ask for 0.25% to exchange with a 5 business day cool off period then at the end of the Cooling Off period you pay the balance of the 10% (or 5%) deposit. Keep in mind if you are buying the property is still on the market until you sign contracts and pay a deposit. What ever you pay at each stage is what you can forfeit.
What is Stamp Duty & When is it due?
Stamp Duty is a government charge that is payable on a scale depending on your purchase price. Please click the links below to calculate the amount of Stamp Duty you may need to pay. Stamp Duty is due within three (3) months of the date of exchange or settlement which ever is earlier. If you purchaser off-the-plan to live in you may be entitled to a further twelve (12) month extension for payment of this.
What is formal loan approval? I have pre-approval. Is this good enough?
Formal loan approval is when your bank has done their final checks on the property you have found, to ensure they are happy with the security and that they value the property at the same price you are purchasing. It is very important you have formal loan approval in place prior to proceeding with your property purchase unconditionally otherwise you are at risk of the bank not approving your loan for that property and your 10% deposit may be at risk.
We recommend you have pre-approval prior to looking to purchase a property.
I am thinking of selling my property. What do I need to do?
Before your property can be put on the market and shown to any perspective buyers, the agent requires a Contract for Sale of Land (otherwise there is a $20K fine for both you and your agent!). In order for a contract to be prepared we have a questionnaire that needs to be completed and returned to us.
It normally takes 1-5 working days for a contract to be prepared subject to necessary searches being returned. If you have a pool you must obtain a Pool Compliance or Non Compliance report. Please contact us for further information.
What is and do I need to attend to a final inspection?
Final Inspection is done 1-4 days before settlement to ensure the property is in the same condition as when you originally signed the contract. We suggest if possible you attend on the morning of settlement to eliminate something occurring between the time of when you inspect the property and when settlement actually goes through and you receive keys to your new property. The final inspection is organised through your agent. The Seller can not refuse you are entitled this inspection at a mutually convenient time.
If the property is not in the same condition call AGR Conveyancing immediately and we will discuss solutions. Once settlement is completed you will receive an automatic email from PEXA and you can collect the keys from the agent.