At Hunter Legal & Conveyancing we understand that the conveyancing process NSW sale can be an overwhelming experience which we aim to simplify for you.
Below we have detailed the process from start to finish so you always know the next step throughout the transaction of the sale of your property:
Steps Of Conveyancing Process NSW Sale
1. Drafting a Contract for Sale
Your conveyancer will conduct the relevant searches for annexure to the Contract and will compile a Contract for the real estate agent so they may begin marketing your property.
2. Finding a purchaser
Once the purchaser has been found the real estate agent will notify our office of the purchaser’s and their representative’s details so we may finalise and issue the Contract for their review and execution.
At this time you will also be required to execute the Contract and complete a Discharge Authority if there is a mortgage on Title.
3. Exchange
Now that a purchaser has been found and Contracts have been issued the purchaser may request changes to the Contract which can be negotiated between the parties to reach an agreement.
Once the purchaser and vendor have both signed their copy of the Contract exchange can occur.
During the exchange of Contracts, the Contracts are checked to make sure they are identical. Once the Contracts have been dated, the exchange has completed. If a cooling-off period is required, this period will begin.
4. Working toward settlement
After exchange, we will ensure all required documentation has been completed and we will work with relevant parties to prepare for settlement such as obtaining payout figures and preparing Settlement Statements.
5. Settlement
The settlement of your property will take place on PEXA which is an electronic settlement platform. Gone are the days of attending banks for cheques, PEXA has simplified the settlement process and provides for a fast, safe and secure transfer of Title. During settlement, any mortgage on Title will be discharged and the loan paid out.
6. Registration of documents
Stamp duty becomes payable within three months from the exchange of Contracts. Stamp duty can be paid on settlement.
If you are purchasing unregistered land or off the plan it is common for stamp duty to fall due before settlement occurs.
You may be entitled to an exemption of stamp duty should you be a first home buyer. Please discuss this with your conveyancer.
During settlement, the Certificate of Title will be transferred from your name into the name of the purchaser.
If you have any further questions about the conveyancing process NSW sale please do not hesitate to contact us on 1300 224 828 or you can click this link to take you to our contact form.
