CONVEYANCING BACKED BY LAWYERS 

A conveyancer is a legal professional who specialises in managing the transfer of property ownership. They handle all the legalities and paperwork associated with buying or selling property, including preparing and reviewing contracts, conducting title searches to ensure the property is free from encumbrances, and liaising with all relevant parties to facilitate a smooth transaction.

A VOI, or Verification of Identity, is a process required to confirm your identity before certain legal transactions, such as buying or selling property, can proceed. This process helps prevent fraud by ensuring that the person involved in the transaction is who they claim to be. It typically involves providing original identification documents, like a passport or driver's licence, and sometimes attending an in-person appointment with a qualified verifier. VOI is crucial because it protects all parties involved in the transaction and ensures compliance with legal requirements

PEXA, or Property Exchange Australia, is an online platform designed to facilitate the electronic transfer of property ownership and settlement processes. It enables property transactions to be completed digitally, streamlining the process by allowing parties to exchange documents, settle financial transactions, and lodge documents with the land registry electronically. This reduces the need for paper-based processes, speeds up transactions, and enhances security and accuracy in property dealings. PEXA is widely used across Australia to simplify and modernise property settlements.

To determine the amount of stamp duty you will need to pay, you can use an online stamp duty calculator, which is often provided by government revenue offices or financial institutions.

You will need to input details such as the purchase price of the property, its location, and your status (e.g., first-time buyer or investor).

Stamp duty rates vary by state or territory and can also depend on factors like the property type and any exemptions or concessions that might apply. For the most accurate assessment, it's advisable to consult with a conveyancer or solicitor who can provide tailored advice based on your specific circumstances.

Statutory trust accounts are typically held by legal and financial professionals, such as solicitors or conveyancers, to manage and safeguard client funds during transactions. These accounts are regulated by law to ensure that client money is kept separate from the professional's own funds and is used solely for its intended purpose, providing protection and accountability in financial dealings.

A caveat is a formal notice lodged with the land registry to protect a party’s legal interest in a property by preventing any further dealings with it until the caveator's claim is resolved. It essentially acts as a warning to anyone considering transactions involving the property, indicating that there is a potential claim or dispute that could affect the property's ownership or sale. This legal instrument helps safeguard the caveator's rights and interests until a final resolution is achieved.

Title insurance is a type of policy designed to protect property buyers and lenders against potential issues related to the ownership of a property. It covers risks such as undisclosed defects in the title, fraud, errors in public records, and other legal challenges that could affect your ownership rights. You need title insurance to safeguard your investment and ensure that any unexpected issues or claims arising from past events or errors in the property’s history are covered, providing peace of mind and financial protection.

The "Cooling Off Period" is a legally mandated timeframe following the signing of a property purchase contract during which the buyer has the right to cancel the transaction without significant penalty. Typically lasting between 2 to 5 business days, depending on the jurisdiction, this period allows buyers to reconsider their decision, conduct further due diligence, or address any concerns that may arise. If the buyer chooses to withdraw during this period, they may be required to forfeit a small deposit or incur minimal costs, rather than facing the full consequences of contract cancellation.