FAQs

Why choose a conveyancer and not a solicitor?

A conveyancer deals only in property transactions and will not be distracted by general court work like a solicitor will be. At Ezystep, our conveyancers are regulated by the Conveyancing Regulations NSW and are members of the AIC New South Wales.

When purchasing a property can I be gazumped?

A vendor is only legally bound to a purchaser once contracts have been exchanged – that is, both sides have signed a copy of the contract, the identical copies are physically exchanged, and the purchaser has paid a deposit. Until then, a vendor is entitled to enter into negotiations with any number of purchasers. Therefore, even if you have negotiated to purchase a property and even agreed on a price with the vendor, the vendor can still decide to sell the property to another purchaser (usually for a higher price, or on more favourable terms) – typically referred to as “gazumping”.

A vendor can gazump you even if you have paid a “holding deposit” to the real estate agent – this payment has no legal basis and is usually only considered to be a sign of goodwill by the purchaser. Of course, if you are gazumped, you are entitled to a refund of your “holding deposit”. However you are usually not entitled to be reimbursed by the vendor for any expenses you may have incurred in anticipation of purchasing the property, such as pre-purchase inspection reports and valuations.

What are my rights with a cooling-off period?

The Conveyancing Act allows purchasers a five day business period commencing the next business day after exchange during which time the purchaser can decide to pull out of the contract and not continue with the purchase. The cooling-off period is a good opportunity for you to obtain your unconditional finance approval from your bank, arrange pest/building/strata inspection reports and make any other enquiries you wish about the property before committing to the contract.

If you decide to pull out of the contract, a Notice of Rescission needs to be sent to the vendor’s solicitor before the expiry of the cooling-off period (ie. 5pm on the final day of the cooling-off period). You are then penalised 0.25% of the purchase price. If you decide to continue with the contract, you just need to make sure that the balance of the deposit is paid to the deposit holder (usually the real estate agent) before the expiry of the cooling-off period, otherwise you will be in breach of the contract and the vendor would have rights to terminate.

Vendors have the right under Section 66W of the Conveyancing Act to not allow you a cooling-off period. In this case, your solicitor needs to complete a “Section 66W Certificate” certifying that they have explained to you that there is no cooling-off period and that you understand that you will be bound by the contract as soon as it is exchanged. You also do not have a cooling-off period if you purchase a property at auction.

Vendors do not have a corresponding right to pull out of the transaction during the cooling-off period. The cooling-off period only gives rights to the purchaser.

How much will it cost?

Our fees are fixed with no hidden costs! We don’t charge upfront costs and carry your costs until settlement of the matter. However, disbursements incurred will vary depending on the property location, documents already provided and searches that you may wish to obtain. Please contact us for a more accurate quote.

What do I need to do to sell my property?

If you are selling a residential property you must have a contract prepared before your property is placed on the market for sale. The Contract must contain prescribed documents as provided by the Conveyancing Act.

If you are selling a commercial or rural property you do not need a contract to advertise a property for sale but will need a contract once a sale has been negotiated. If you would like a quick transaction then we would recommend preparing the contract once you decided to market the property.

What we will need from you;

• Complete your instructions with one of our staff (This will involve supplying your personal and property particulars to commence ordering the necessary certificates and searches). This is as easy as a 20 minute phone call with one of our friendly staff members.
• Verify your identity (VOI) – ARNECC rules applied. In office and remote options available.
• Evidence of supporting documents if in possession (ie.building certificates, survey reports, home owners warranty, on-site sewer approvals, etc.)

Once the Contract for Sale has been prepared we shall submit the Contract to an agent of your choice or to you directly should you wish to privately market the property. Our aim is to have a contract to your agent within 24-48 hours of receiving your full instructions.

I've found a house I want to buy, what do I do now?

Pre Approval is recommended to ensure you are aware of your buying power, once you know your maximum range you can look for dream home or investment.

Click on the link for our Step by Step Guide to Purchasing. This will help you understand what will be required from you and the steps involved.

What does exchange mean?

Exchange is the process of dating the contract signed by you, the purchaser, and the contract signed by the vendor.

Contracts can be exchanged by:

• The agent – Contracts will be signed, you will be asked to pay a 0.25 % holding deposit and exchanged shortly after you agree to the purchase price. Upon exchange the agent will send the contract signed by the vendor to your conveyancer and a 5 business day cooling off period will apply. During this period you should ensure that you have conducted all pre-purchase property enquiries, in particular pest and building reports. It is also important to ensure that your loan is unconditionally approved within this time. Should you decide not to proceed with the contract within the 5 business days you will forfeit 0.25% of the purchase price.
• Conveyancer or solicitor exchange – Contracts will be exchanged between the purchaser and sellers legal representative. It is similar to the above (agent exchange) however all searches, enquiries are generated prior to exchange and no monies are usually exchanged until you are in a position to proceed into binding contracts. You will sign and go through the contract with us. We normally like to complete exchange within 5 business days.
• Auction Exchange – It is recommended that our office reviews the contract before attending the Auction to ensure we are happy that it is a standard contract and nothing out of the ordinary. When purchasing a property at an auction you do not have a cooling off period and are immediately locked into the contract. Prior to bidding at the auction it is advised that you ensure that you have obtained pest and building reports, together with any other pre purchase purchase reports (eg. Swimming pool, electrical etc). You should also ensure that you have written unconditional loan approval. Should you not proceed to purchase the property after the auction you are at risk of losing your 10% the deposit. The seller also has rights to sue you for the loss of you not completing the contract and if it can be proved this amount exceeded 10% of the purchase price you may be in a position where you can lose more than this amount. You need to ensure you are in a position to proceed with the completion of the contract and will not default of the contract.

What is Settlement?

Settlement is completion of the matter. This is when the balance of the monies is paid by the purchaser to the vendor. Settlement occurs usually within 28 (4 weeks) to 42 days (6 weeks) after exchange. The contract will specify the time period for settlement. Completion dates will vary it is not uncommon to have a longer settlement especially if the vendor is looking at buying again.

You are not required to attend settlement, we will organise all of this on your behalf. You will be kept up to date from the start to finish of the matter and everything in between. Our office will book in and direct your bank for funds to complete your matter on behalf of you if applicable.