Conveyancing and Property Lawyers

Conveyancing is the formal legal process of transferring the ownership of real estate from one person or entity to another. In New South Wales, this is a highly regulated process governed by legislation such as the Conveyancing Act 1919 and the Real Property Act 1900. It involves much more than simply signing a transfer form; it requires a meticulous review of the contract, conducting extensive property searches, managing financial adjustments, and coordinating with banks to ensure a legally valid title is registered in your name.

In NSW, a sale generally becomes legally binding only upon the "Exchange of Contracts". This is the stage where two identical copies of the contract are signed—one by the buyer and one by the seller—and physically or electronically swapped. Until this formal exchange occurs, either party can typically withdraw from the transaction without penalty.

Under NSW law, a seller must include specific "prescribed documents" in the contract for sale.

• These include a title search (confirming ownership), a registered plan of the land, a drainage diagram, and a current Section 10.7 Planning Certificate from the local council.
• If a seller fails to disclose certain "material facts" or fails to include these documents, the buyer may have a legal right to rescind the contract before settlement.

Settlement is the final stage where the balance of the purchase price is paid, and legal ownership is officially transferred. In NSW, most settlements are now conducted electronically via platforms like PEXA, which allows for the instantaneous transfer of funds and registration of the new title with NSW Land Registry Services. On this day, your lawyer ensures all mortgages are discharged, government duties are paid, and adjustments for council rates and water levies are finalised.

Disbursements are out-of-pocket expenses that your lawyer pays to third parties on your behalf during the conveyance. These include the costs of ordering certificates from the council, water authority, and land tax office, as well as registration fees at the Land Registry. These are separate from your lawyer's professional fees and vary depending on the specific property and the number of searches required to ensure the title is clear.

When two or more people buy property together, they must choose how to hold the title:

• Joint Tenants: If one owner passes away, their share automatically transfers to the surviving owner(s) regardless of any instructions in a will.
• Tenants in Common: Owners can hold unequal shares (e.g., 60/40), and their share of the property forms part of their estate to be distributed according to their will upon their death.

While technically legal in NSW, "DIY conveyancing" is highly discouraged due to the complexity of property law. Failing to correctly interpret an easement, missing a deadline for stamp duty, or improperly lodging a mortgage discharge can lead to severe financial penalties, the loss of your deposit, or expensive legal disputes after you have moved in.

Professional fees for a standard conveyance typically range from $800 to $2,500, depending on whether you are buying or selling and the complexity of the property (e.g., a strata unit versus rural land). At Tempus Law, we provide transparent, fixed-fee structures to ensure you have certainty regarding your legal costs from the outset.