Conveyancing Canberra FAQ

Local Boutique Law Firm | Conveyancing & Property Lawyers since 2006

Buying or selling property can be a confusing time with a huge number of things to keep track of and complete. This section covers some of the most commonly asked questions by our clients.

If you have a question which isn’t answered here, please don’t hesitate to contact us.

It all depends on the settlement terms negotiated between the seller and buyer. Generally, 30 to 60 days is a common period between exchange and settlement. This does vary depending on the individual circumstances of the seller or buyer.

You can withdraw from the transaction at any time before the exchange of contracts. Once contracts are exchanged the transaction is legally binding and both parties are committed to complete the transaction.

Exchange is the stage in the conveyancing process where the solicitors from the seller’s side and the buyers’s side arrange to exchange the contracts of sale. Once contracts are exchanged, the sale is legally binding on both parties.

In the ACT, a five day cooling off period applies during which the buyer can pull out of the contract with the cost of 0.25% of the purchase price being forfeited. However, the cooling off period is generally waived through a certificate signed by the buyer’s solicitor and this is used in the majority of sales. A cooling off period does not apply at Auctions.

Settlement is the day where the buyer pays the balance of the purchase price to the seller and collects the keys to the property. For a sale, it is the day your ownership and liability over the property ceases.

All sellers require the buyer to pay a deposit and it is the seller who decides on the amount of the deposit. Generally most sellers require 10% of the purchase price for the deposit. However, it is becoming more common that sellers will accept 5%.

The deposit is required to be paid for exchange of contracts to occur. It is increasingly common for buyers to pay the deposit directly to the real estate agents trust account prior to exchange.

On settlement you receive your sale money. The legal fees and disbursements will be deducted from the sale money.

Disbursements are the costs incurred by Conveyancing Canberra in the process of organising your purchase or sale. These generally relate to title, land charges, third-party charges, exchange and settlement fees.

For a sale, part payment of the legal fees are required prior to releasing the Contract to market the property. The remaining legal fees are deducted from the sale proceeds at settlement.

For a purchase, generally the legal fees are paid at settlement.

The keys are generally available for collection from the real estate agent following settlement.

If you would rather talk to our Conveyancing Canberra team, please don’t hesitate to contact us.

Canberra Conveyancing Property Law

“We recently used Conveyancing Canberra for our investment property sale. They were fantastic to deal with and helped us on the way. It was our first sale of a property and they were more than helpful”​

Canberra Client,
Property Investor