Introduction to buying
INTRODUCTION TO SELLING AND BUYING RESIDENTIAL PROPERTY
A consumer education publication by the Australian Institute of Conveyancers New South Wales Division.
INTRODUCTION
This publication is intended to be for information purposes only and does not set out the complete details of a conveyancing transaction. The information in this booklet is not intended to be legal advice and should not be taken as such. Readers should use the information to make themselves more informed of what is happening and what is required of them in a typical residential sale and or purchase of property.
Conveyancing is the transfer of ownership of property from one person to another.
The Conveyancers Licensing Act 1995 states that “conveyancing work is legal work carried out in connection with any transaction that creates, varies, transfers or extinguishes a legal or equitable interest in any real or personal property”
There are many legal requirements in a conveyancing transaction and there are many pitfalls for the unwary. This is why it is recommended that you take advantage of the expertise and knowledge, of a qualified conveyancer to handle your sale and or purchase.
For most people the sale or purchase of real estate is the most expensive transaction they will make in their lives. Some people may buy and sell property many times and for others in may be a once in a lifetime transaction.
The laws relating to conveyancing are changing all the time and this is one of the reasons a qualified up to date professional should be chosen to handle your transaction.
Conveyancers are licensed by the Department of Fair Trading and must have completed a two-year course specifically written for conveyancers and approved by the Department of Fair Trading. Apart from this academic qualification they must have had, at a minimum, two years of practical training working in a conveyancing business before they can be issued with an unrestricted licence. This requirement is so that a conveyancer can work in just one area of law, conveyancing.
To obtain a licence, conveyancers must have in place a current policy of Professional Indemnity insurance, this is to protect you, the consumer, against any mistake or error the conveyancer may make in your transaction. You will be completely compensated if anything goes wrong with your transaction when you use a conveyancer. This, in itself, is a re-assurance that you are dealing with a professional in their field of law.
To be assured that a qualified conveyancer is assisting you, you should always insist that you deal only with a member of the Australian Institute of Conveyancers New South Wales Division.
Members of the Australian Institute of Conveyancers NSW Division are known as a ‘CPC’ (Certified Practising Conveyancer). To be a CPC the conveyancer must hold a current licence and comply with the strict requirements of membership. They will be required to have completed a course of continuing education each and every year they hold a licence and must participate in the Institute’s Risk Management Program.
Always use a CPC and you will know that you are dealing with a qualified, up to date, conveyancer who has the full backing and support of the Australian Institute of Conveyancers NSW Division.
Peace of mind when you are transacting one of the most important transactions of your life is a comforting thing to have. Always use a CPC.
- 1. TITLE TO LAND
- 2. THE CONTRACT
- 3. EXCHANGE OF CONTRACTS
- 4. COOLING OFF PERIOD
- 5. THE DEPOSIT
- 6. OWNERSHIP
- 7. FIXTURES
- 8. INSURANCE
- 9. PEST AND BUILDING REPORTS
- 10. SURVEY
- 11. FINANCE
- 12. STAMP DUTY
- 13. FIRST HOME BUYERS
- 14. HOME BUILDING INSURANCE
- 15. COUNCIL BUILDING CERTIFICATE
- 16. INQUIRIES YOUR CPC WILL MAKE
- 17. COUNCIL RATES
- 18. WATER RATES
- 19. SETTLEMENT
- 20. AFTER SETTLEMENT
- 21. NOTIFICATION OF CHANGE OF OWNERS
- 22. STRATA TITLE
- 23. COMMUNITY TITLE
- 24. VACANT LAND
- 25. LAND TAX
- 26. TITLE INSURANCE
- DICTIONARY