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faqs

What is Conveyancing?
Conveyancing is the legal process of transferring the title or interest in a property from one person to another.

Why use a Conveyancer?
Conveyancers are experts in the legal work associated with property.
A licensed conveyancer must be fully trained and university qualified before being granted a licence.
A licenced conveyancer has an in depth understanding of the law concerning property transactions and is required by law to carry professional indemnity insurance and fidelity insurance. It is compulsory for licensed conveyancers to undertake additional professional training every year to renew their licence.

What work are Licensed Conveyancers authorised to do?
Licensed conveyancers are authorised to do all work in the buying and selling of property, including businesses, mortgages, refinancing and leases.

Are there any hidden charges in Cause Conveyancing’s flat rate?
Cause Conveyancing charges a flat rate including all search fees, settlement fees, photocopying, postage, faxing, telephone calls, mortgage documents, etc. The amount quoted will be the exact amount payable to Cause Conveyancing on settlement.

What does ‘Exchange of Contracts’ mean?
This is the date that the purchaser’s conveyancer is handed a contract signed by the vendor and the vendor’s conveyancer is handed a contract signed by the purchaser. The purchaser pays the 10% deposit. Both parties are bound to the contract from this date. Settlement usually occurs within 42 days of exchange.

What is the ‘Cooling Off’ period?
The cooling off period gives the purchaser a right to withdraw from the contract within 5 business days of exchange. The purchasers sometimes utilise the cooling off period to finalise finance arrangements and organise pest and building inspections. If the purchaser rescinds during the 5 day cooling off period they are still liable to pay the vendor .025% of the purchase price.
The cooling off period may be waived if the purchaser’s conveyancer signs a section 66W certificate.

What happens if one of the parties cannot settle on the due date?
The vendor or purchaser may issue a Notice to Complete giving the other party fourteen (14) days to complete the contract.
If the vendor fails to complete within this period the purchaser may terminate the contract and is eligible for the return of their deposit. The purchaser may also take legal action seeking compensation.
If the purchaser fails to settle on the due date the vendor may charge a daily rate of interest up to the time of completion. If the purchaser does not complete within fourteen days after a Notice to Complete has issued the vendor may terminate the contract and keep the deposit.

When do I need to take out insurance on the property?
If you are selling the property you must keep the property insured up to the date of settlement. When purchasing a property you must be insured from the date of settlement OR the date access has been granted to the property.