Purchasing a Property

Conveyancing in simple terms, is the buying and selling of property.

In legal terms it is the method of transferring ownership from the vendor to the purchaser. Normally contracts are binding by the seller signing the original and the buyer signing an exact copy of it, and those contracts being exchanged and dated, and the deposit being paid.

Each party then holds a contact signed by the other. Exchange of contracts usually takes place by physical delivery or sometimes by mail.

The deposit on a contract for sale of land in NSW is usually 10 per cent of the purchase price, and it is usually paid to the real estate agent to hold pending completion. The deposit can be more or less that the 10 per cent if the parties agree. If there is no agent, the deposit is paid to the seller’s solicitor.