Whether you’re a seller or a buyer of a property, you may want to consider hiring a property conveyancer who will oversee the transfer of property ownership. Conveyancing in Australia is highly regulated and scrutinised. Although it may look like a simple process, transferring property ownership involves a lot of steps. If you’re not careful, you may face legal problems later on. A property conveyancer is a qualified individual who will guide you throughout the process so you don’t miss anything important.
One consideration when it comes to conveyancing in Australia is that the process differs depending on the state you’re in. For instance, the conveyancing process in Queensland is different from the process in New South Wales. What are the differences? Read on to find out more:
Contract of Sale
- New South Wales: the seller of the property needs to include copies of the property certificate, plan of the land, all registered documents that create easements on the property, town planning certificate, as well as a sewerage connections diagram to the Contract of Sale. This is in addition to the search conducted by the buyer.
- Queensland: requires the buyer to conduct searches and ask questions to ensure that the property meets expectations. The seller needs to disclose certain aspects in the Contract of Sale. Otherwise, the buyer may have termination rights.
Time and Settlement
- New South Wales: if one of the parties fails to settle on the settlement day, a notice to complete will be issued indicating the time for the completion of the contract. If the party who got the notice to complete fails to adhere to its terms, the other party may terminate the contract and ask for damages.
- Queensland: conveyancing means both parties should be prepared to settle on the agreed-upon settlement date. If one of the parties fails to meet one essential aspect of the process, the other party may terminate the contract.
- New South Wales: they inspect the building for damages or pests needs to be done before the exchange of contracts.
- Queensland: they indicate that both parties can make the contract conditional based on the building and pest inspection. This means that if the buyer is not satisfied with the inspection results, there will be termination rights.
Do you have other ideas on conveyancing in Australia? You can share your insights in the comments section.