Property conveyancing is a complicated process with many aspects, and attention to detail is paramount. If you’re buying or selling a residential or commercial property, you need an exceptional property lawyer and that’s where Manookian Solicitors is here to assist.
The team at Manookian Solicitors are experienced and knowledgeable lawyers who can assist you with your transaction, answer all your questions, and advise you on the best course of action. We will make sure that you are prepared and in-the-know about each stage of the process and that you receive the best service possible.
If you are planning on attending an auction, we are here to assist you and guide you on the auction process, which for most people can be a stressful time. We will even attend the auction with you if you require us to do so, to make sure that your rights are protected. If the sale is by private treaty, we will make sure that the contract is in order prior to signing. Either way, we will be at your side to make sure the contract is completed properly prior to signing and exchange.
Whether we are acting for the seller or the buyer, you can rest assured that when you engage Manookian Solicitors, a property lawyer will be handling your matter from start to finish and will manage your file and keep you updated by phone, email, SMS no matter where you are.
There are basically three stages that you need to be aware of:
1. Contract for Sale
Before a seller can put the property on the market, a contract for sale and purchase of land will need to be prepared by seller's property lawyer. This involves the preparation of a written contract in the prescribed form. Your property lawyer will obtain various statutory government searches required to be disclosed in the contract, which will need to include zoning certificate, drainage diagram, copy of the certificate of title confirming that you own the property, and copies of any documents creating easements, rights of way, restrictions or covenants. Under the law, all sellers must make certain promises or ’warranties’ about the property they are selling. It’s important to check a few things during this stage, including and charges on the property that could impact the sale, whether the title deeds are in order, whether any restrictions exist on the property, and whether the rates and charges are paid in full. There are differing requirements if the property is Torrens Title or a Strata Title property. If you are selling a strata title property, you will also need to include a copy of the strata plan, copy of the property certificate for the lot and common property, and a copy of any change of by-laws affecting the use of common property.
As a buyer you will need to ensure that you engage a property lawyer who will properly review and advise you on the contact terms and ensure due diligence is properly completed and your rights are protected. In NSW, the onus is on a buyer to ensure that they are satisfied with the condition of the property before signing the contract - as the purchase of real estate in NSW is summarised as 'let the buyer beware!'.
2. Exchanging Contracts
A contract to sell a property becomes binding when the buyer and seller sign their copy of the contract for sale and then ‘exchange’ them. At exchange, the buyer usually pays the deposit as specified in the contract, generally 10%. Your lawyer or agent will usually effect contract exchange. Upon exchange, the contract becomes binding on the buyer and the seller and each party must meet its terms. However, if a contract is exchanged with a cooling off period, the buyer will pay 0.25% of the purchase price stating that the buyer may rescind the contract for any reason before the fifth business day after the exchange, if the buyer does not rescind then the contract will become unconditional and the buyer will have to pay the balance of the 10% deposit prior to the expiry of the fifth business day.
3. Settlement
The settlement is the final stage of property conveyancing, the point at which all remaining financial matters are settled, the buyer takes possession of the property, and the transaction is complete. Before this takes place, the buyer will finalise settlement figures and cheque details. If the seller owes money on the property the seller will need to pay to ‘discharge’ the mortgage and any caveats or any other encumbrances on the property must be lifted. This process of settlement where the buyer's and seller's property lawyers engage in the settlement is performed electronically where the documents and financial payments and discharges are done through the PEXA Workspace platform.
Contract Rostom Manookian on 0416 716 960 or email: rostom@manookiansolicitors.com, if you would like to learn more about how Manookian Solicitors can be of assistance. Our initial meetings are an investment on our behalf. We take the time to assess your needs and determine an action plan to move forward together.
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