Frequently Asked Questions

Frequently asked questions

Why use a NSW Conveyancing Service?

A NSW Conveyancer handles property transactions within New South Wales on a daily basis. Boyd Conveyancing Services therefore have a comprehensive knowledge as well as experience in all land and property transactions within NSW.

A Conveyancer will also ensure that your rights as a purchaser or seller are enforced. It is not unusual that things will not go as smoothly as planned when selling or purchasing your house. It is as simple as a purchaser or seller not completing in time. Usually a person who has not employed a representative to act on their behalf often find that their rights are not fully enforced.

Conveyancers must comply with a high standard of professional conduct as set by the Office of Fair Trading and Australian Institute of Conveyancers.

Why use Boyd Conveyancing Services?

Boyd Conveyancing Services is a family ran business who knows how to ensure your rights are enforced. Boyd Conveyancing Services will look after all technical matters of the transaction on your behalf leaving you to worry about other important issues.

We take the extra time to answer all your questions and will ensure that your NSW conveyancing transaction is as smooth as possible.

Boyd Conveyancing Services is a licensed conveyancer servicing all NSW. We are located in Lake Macquarie and offer an after hours service within the Newcastle, Hunter valley, Lake Macquarie and Central Coast areas. This is available at no extra cost to visit you at a time and location of your convenience.

We are available any time of the day, 7 days a week!

As a Certified Practising Conveyancer, we are bound to maintain a high standard of conduct and professionalism. So, leave the worrying to us and you just need to make sure you are packed and ready to move.

Do I need a Solicitor?

No, you do not need a solicitor. Conveyancers deal with property transaction on a daily basis and that is all we do. The difference between a solicitor and a conveyancer is that a solicitor can go to court whereas a conveyancer cannot. We do not expect that a Conveyancing matter would need to go to Court and are more than competent in handling your matter from start to finish.

Generally Conveyancing Services are cheaper than solicitors and offer a more personalised service. Solicitors who can also act for you in relation to a Conveyancing transaction can be held up in court or conferences and may not have the time to meet your needs as quickly as Boyd Conveyancing Services.

How much will it cost?

Our professional fees are fixed with no hidden costs! And we mean No Hidden Costs

However, disbursements incurred will vary depending on the property location, documents already provided and searches that you may wish to obtain. Please contact us for a more accurate quote.

What do I need to do to sell my property?

If you are selling a residential property you must have a contract prepared before your property is placed on the market for sale. The Contract must contain prescribed documents as provided by the Conveyancing Act.

If you are selling a commercial or rural property you do not need a contract to advertise a property for sale but will need a contract once a sale has been negotiated. If you would like a quick transaction then we would recommend preparing the contract once you decided to market the property.

If you are able to locate the contract from when you purchased the property this will save time and costs involved. It can take up to two weeks to receive some searches. If you are able to provide some of these documents from when you purchased the property, we are able to have a contract available on the same day.

Please provide us with details of the property by completing the Seller Online Request or contact us.

Once the Contract for Sale has been prepared we shall submit the Contract to an agent of your choice or to you directly should you wish to privately market the property.

What do I need to do now I have found the property I wish to purchase?

At this stage you should be aware of your maximum spending price and should place an offer to purchase the property through the agent. Once your offer has been accepted you will need to contact Boyd Conveyancing to provide your instructions. You will also need to contact your bank or broker so that they may start working towards having an unconditional written home loan approval.

Consideration will need to be given as to whether you wish to obtain pest and building inspections as properties sold in NSW are sold on the basis of what is known as “buyer beware” and you purchase the property with any defects.

You may also wish to consider obtaining survey report to confirm the location of easements, fencing irregularities and encroachments. Please feel free to contact Boyd Conveyancing to discuss the pre-purchase searches that are recommended.

If you are borrowing funds from a financial institution you will need to contact them to organise formal loan approval. Most loans are approved verbally subject to income verification and valuation of the property.

It is important to be aware that until contracts exchange the property will remain on the market for sale and you are at risk of losing the property to another purchaser or the vendor changing their mind.

After exchange we will guide you through the steps required to be taken by you (which should be minimal) including signing mortgage documents, organising insurance and conducting final inspection of the property.

See our Guide to Purchasing Your Property for further information.

What does exchange mean?

Exchange is the process of dating the contract signed by you, the purchaser, and the contract signed by the vendor.

Contracts can be exchanged by:

  • The agent – Contracts will be signed and exchanged shortly after you agree to the purchase price. Upon exchange the agent will send the contract signed by the vendor to your conveyancer and a 5 business day cooling off period will apply. During this period you should ensure that you have conducted all pre-purchase property enquiries, in particular pest and building reports. It is also important to ensure that your loan is unconditionally approved within this time. Should you decide not to proceed with the contract within the 5 business days you will forfeit .25% of the purchase price.
  • Your Conveyancer – Contracts will be exchanged between the purchaser and sellers legal representative. Should the seller agree you may exchange immediately with a 5 day cooling off period or obtain all your prepurchase enquiries prior to exchange. In most instances where prepurchase enquiries have already been conducted you may be asked to waive your rights to a cooling off period. This means that you will be locked into the contract immediately and the contract will be binding on both parties. Your Conveyancer should not waive your cooling off period without discussing this with you.
  • Purchasing at an auction – When purchasing a property at an auction you do not have a cooling off period and are immediately locked into the contract. Prior to bidding at the auction it is advised that you ensure that you have obtained pest and building reports, together with any other prepurchase purchase reports (eg. Swimming pool, electrical etc). You should also ensure that you have written unconditional loan approval.Should you not proceed to purchase the property after the auction you are at risk of losing your 10% the deposit. The seller also has rights to sue you for the loss of you not completing the contract and if it can be proved this amount exceeded 10% of the purchase price you may be in a position where you can lose more than this amount.

What is Settlement?

Settlement is the day that your purchase is finalised and the purchase funds are exchanged for the title to the property. If you are buying your home this is the day you will receive the keys.

Settlement occurs usually within 28 to 42 days after exchange. The contract will specify the time period for settlement.

You are not required to attend settlement, we will organise all of this on your behalf.

What are Disbursements and how much do they cost?

Disbursements include searches conducted over the property to ensure that the property is cleared from all outstanding monies at settlement and ensure that your legal ownership is not affected by any notices or work orders.

Disbursements will vary depending on the type of transaction, location and type of property. Rural properties tend to attract higher disbursements then a residential property as enquiries with the Rural Land Protection Board must be made.

To obtain a rough guideline of disbursements, please read our NSW Conveyancing Fee Schedule or contact us.

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