It can also be somewhat of a mysterious exercise, particularly if you’re a first homebuyer. The steps involved in conveyancing – the legal process involved in transferring a property from one person to another – is outlined below.
A smooth transfer is always the desired result, but this requires proper adherence to the process, including filing the correct documentation at the correct times. This process is made much easier when you consult a law firm experienced in conveyancing matters.
Say you’re the seller (or vendor) and have found a buyer for your property. The first step of the conveyancing process is the need to have a draft contract for the sale drawn up by your solicitor. You will also need to fill in and sign a number of legal forms from various government departments and source (or have your legal representative/conveyancer source) certain information to ensure the title deeds are in order; to detail any charges still owing on the property that may affect the sale; to prove the rates and charges are fully paid and up to date; and to detail whether any other restrictions (such as environmental regulations) exist over the property.
Sellers need to be aware this pre-contract stage can take a couple of weeks to complete. Once it is and all other terms such as the price are agreed with the buyer, both parties will need to sign the prepared contracts and proceed to the exchange stage.
Once this process commences, the contract for sale becomes binding on the buyer and seller. Those managing the process for the seller meet with the representatives of the buyer to confirm the documents are the same and exchange the signed contracts. The contract is now legally enforceable and it is incumbent on both the seller and the buyer to comply with its terms or face certain financial penalties.
While binding, most contracts will also include a five-day cooling-off period (unless purchased at auction or, if the buyer is satisfied with the pre-contract negotiations, waived altogether). In this period the buyer can change their mind and cancel the contract, but by doing so they forfeit 0.25% of the purchase price to the seller.
If after signing the contract the buyer discovers some ‘adverse’ matter which affects the property, such as a new council regulation affecting development options, for example, they may have grounds to exit the contract. To do this the buyer will need to show the seller failed to disclose the adverse matter and also that they were unaware of the matter and would not have signed the contract had they known about it.
From the moment the contract is signed, its settlement will generally occur within six weeks or another period agreed to and set out in the contract. The buyer will also need to pay stamp duty within 90 days of the contract date or prior to settlement (unless a recipient of a first homebuyer’s grant or if buying off the plan).
This final stage in the conveyancing process sees the buyer takes possession of the property and all remaining financial matters between the parties are finalised.
Before they take possession of the property, a buyer may conduct a pre-settlement inspection. If the property is to be sold with vacant possession, the seller will need to make arrangements to vacate the premises before settlement. The seller should empty the property of all possessions and leave it in a clean and tidy condition.
If it’s discovered there are any remaining issues regarding the property, settlement can be postponed until the seller addresses them but the contract itself, at this stage, can’t be terminated.
Ahead of the agreed settlement date, the buyer will need to organise the financial arrangements for payment of the seller. At an agreed time and place, the legal representatives of the buyer and seller will meet. The buyer will then pay the balance of the property’s purchase price, authorising the agent to release the deposit minus the agent’s commission. The seller then has to give the buyer the executed transfer document and title documents. Before this can happen, any existing mortgage over the property must be paid off and any caveats lifted.
The exchange must also be registered with NSW Land Registry Services in the new names of the buyers. If the buyer has borrowed to fund the purchase, the lender will instead take the deed, register the transfer, and then hold the deed until any mortgage loan is paid out. Provided all the documentation is in order, the keys and other access devices to the property will then be handed over.
It should be noted that the services of a conveyancer mean neither the buyer nor the seller need be present at this settlement stage.
If there is an insurance policy covering the property, sellers are advised to keep their coverage until settlement is completed and then contact their insurance company if the cover is no longer required.
This is because the risk of damage to buildings or other fixtures remains with the seller until after settlement, unless the contract states otherwise. This means that any damage to the property after the exchange of contracts can give a buyer grounds to get out of the contract by giving notice in writing within 28 days of becoming aware of the damage.
Conveyancing can sound like a complex and drawn out process but it can be made much simpler by engaging trusted representatives who are experienced in this area. While you decide the big issues like price, financing and any restrictions over the property, they will do the legwork on documentation and timelines to ensure the transfer of property is as smooth as possible
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Electronic conveyancing (eConveyancing) is the digital completion of conveyancing transactions including transferring property ownership from seller to buyer.
NSW Land Registry Services (NSW LRS) has been part of the transition to eConveyancing since 2013. Though transactions were once conducted using manual processes and documents, eConveyancing allows for a property transfer to be recorded on the titles register immediately upon settlement and lodgment.
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eConveyancing mandate — Changes from 1 July 2019The NSW Government has mandated the use of eConveyancing to streamline the conveyancing process for buyers and sellers; lawyers and conveyancers; and financial institutions.
Under the mandate, from 1 July 2019 the following documents must be lodged electronically (alone or in combination):
As a result, NSW LRS cannot accept these documents for paper lodgment at our Customer Service Counter from 1 July 2019.
The Office of the Registrar General is the government agency leading the implementation of the mandate. Its eConveyancing webpage contains useful information about the legal framework for eConveyancing, including the Conveyancing Rules.
Guidelines for electronic lodgmentFor parties lodging documents electronically, further information about preparing a transaction for lodgment is available in the Registrar General’s Guidelines.
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STAMP DUTY - NSW - guide to stamp duty in NSW
If you’re looking to buy a property in NSW, stamp duty is likely to be one of your biggest expenses aside from the home deposit. Here’s what you need to know about paying stamp duty in NSW, first home buyer exemptions and more.
What is stamp duty?Stamp duty is a type of tax payable on certain purchases, such as transfers of property and motor vehicle registrations. In the case of buying property, you’re required to pay stamp duty in NSW any time you purchase a property over the value of $650,000.
Like other taxes, the amount you pay in stamp duty is invested into the economy by the state or territory government that collects it.
How much is stamp duty in NSW?
The cost of stamp duty varies from state to state. Ultimately though, stamp duty is calculated based on the by the dutiable value of your property at the time of purchase.
- the current stamp duty rates and thresholds for NSW* Refer Revenue NSW Website
In NSW, stamp duty must be paid within three months of settlement. If a property purchase is made ‘off the plan,’ stamp duty is payable within three months of the date of the completion of the agreement, or within three months of the assignment of the purchaser’s interest in the agreement.
Are there exemptions for stamp duty in NSW?For first home buyers, the NSW Government has abolished stamp duty on new and existing homes worth up to $650,000. That means you won’t be required to pay any stamp duty if you’re a first home buyer buying a property in NSW up to the value of $650,000. Stamp duty discounts are also given on homes between $650,000 and $800,000. For more information, see the NSW Government’s guide to stamp duty for first home buyers.
Additionally, you may be eligible for a concession or exemption on stamp duty in NSW if the property is changing hands following a death or divorce.
ASSOCIATED IMMIGRATION AND "Transmigration Services"
Representatives in Thailand , Manila Phillipines, India , Hanoi , Tehran & Dubai
www.legalexchange.com.au /Alex Tees, is also available as a Lawyer practicing in Australian Immigration Law in respect of all Immigration and Legal Matters .
We provide a comprehensive range of Australian visa and immigration services, including Student, Business, Skilled Migration and standard form visa applications through to applications in the Federal and High Courts.
Dealing with ever changing intricacies of Australian Immigration Law requires experience, knowledge and expertise. It can be a confusing task to try to work out which Australian visa you should apply for and whether you will satisfy the relevant visa criteria.
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IMMIGRATION - Skill Select | Australian Immigration
The new Skill Select program, commences on 1 July 2012, and consists of an electronic skilled migrant selection register that will use the new Points Test system to streamline the selection of the best and brightest skilled migrants from a pool of prospective migrants who have registered on the database.
The Skill Select program will be based on a two-step electronic process in which possible migrants must first (1) submit an Expression of Interest ( EOI) to work in Australia, and are then invited by the Australian Department of Immigration and Citizenship ( DIAC) to (2) submit a Skilled Migration Visa application if their skills and attributes match Australia’s needs.
It is very important that Applicants make sure that only true and accurate information is put into the DIAC Web site application form and that they first talk and consult with a Migration Lawyer in Australia before submitting any information. If you don’t do this your Visa Application may end up being rejected and all Visa Applications are determined on the basis of information current at the time of the actual Visa Application.
Employers will also be able to access the Skill Select database. This will allow them to match with and contact possible migrants who are suitable to fill vacant positions in their businesses. The Skill Select database will also make it clear which prospective migrants have expressed an interest in living and working in regional Australia.
To Find out more about the Skill Select program please telephone us 612 9281 3230/ Cell/Mobile 61 409813622 Skype alextees
THAILAND Call Senior Legal Executive Mick James 669 288 44170 email Mick.james@me.com SKYPE "alextees"
AUSTRALIA CONTACT :
AUSTRALIA : Mr Alex Tees 0409813622 61 8313 8507 skype "alextees" Email admin@legalexchangelawyers.com
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Migration To Australia | Overview of Procedure
The Australian Commonwealth (Federal) Department of HOME AFFAIRS Immigration and Citizenship Division oversees the arrival and settlement of migrants to Australia. Australian immigration is controlled by the Migration Act 1958 and associated Regulations.
457 Business Visas To Permanent Residency
The subclass 457 visa (Temporary Business - Long Stay) may be used create a way to get permanent residency in Australia, through both the Employment Nomination Scheme (ENS) and the Regional Sponsored Migration Scheme (RSMS).
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HAVE YOU LODGED A MIGRATION APPLICATION TO AUSTRALIA ?
Have you lodged an immigration application? Has it been decided? What are your chances of success? How do you know?
Who prepared the application? Did it yourself?
Then you had better pay to have it checked out by the experts (us) before the Department of Immigration makes a decision!
Because there are only two possibilities:
1. Your application is very unlikely to succeed because you do not fit the criteria or you have not provided enough documentation.
We have a client at the moment who is on the wrong track (advice from friends) but luckily has enough time on his existing visa for us to withdraw the application and then prepare the right one for him.
But it has been a costly experience for him in both money and emotional strain.
2. With some quick work from us it may be possible to strengthen your application by providing additional documentation, and by negotiating extra time to provide it. Which we have also done for many clients who have come to us in a panic at the last minute.
Will it cost money? Of course, but not nearly as much as it will cost if the application is refused and Permanent Residence in Australia is still your goal!
Because if your visa application is refused, what can you do?
Firstly you should consult me as soon as you get the refusal to see which of the following three scenarios fit your situation:
1. There is a real possibility of winning an appeal to the Migration Review Tribunal; where I have a strong record of success, OR
2. There is only a very slight possibility of winning an appeal, but the time gained by appealing could mean that with our expert guidance you could prepare another strategy to remain in Australia, or at least to return without too much delay; or
3. There is no real possibility of appealing to the MRT successfully, there are no other visa options for you, so unless there is a good reason for delay, you would be better off to finalise things here, go home, forget Australia and start the rest of your life.
We will not hesitate to tell you if we believe that to be in your best interests.
But you are not going to know which of these applies in your case unless you get advice from us. Everybody you know or talk to will have an opinion, of course, but it may well have been their advice which got you the refusal in the first place!
You see, the Migration Review Tribunal is bound by exactly the same visa rules and regulations as the Department of Immigration and Border Protection. The Tribunal may decide that the case officer did not give appropriate weight to some of the evidence and so arrive at a different decision, or that the further evidence provided to the Tribunal leads to a more favourable decision, but it must decide according to the same criteria.
Only people who fall into categories 1. or 2. are acceptable to me as clients. Appealing for the sake of it has no appeal for me!
And of course, when you take into account the Tribunal lodgement fee and the cost of having proper preparation of your case and then being represented at the Tribunal, it is not a cheap process.
So if you have had a visa application refused recently (remember, you usually only have 21 days to lodge an appeal if you are in Australia) then ring 66 910 485 916 in SE ASIA OR 612 9281 3230/0409813622 FOR Alex Tees IN SYDNEY AUSTRALIA Skype "alextees" email admin@legalexchangelawyers.com to make a time to consult me as to which of the three categories you are in!