Conveyancers in Wollongong

While there is no legal requirement to use a conveyancer or solicitor, it is strongly recommended. Property transactions involve significant legal obligations, and mistakes can be costly. Both licensed conveyancers and solicitors are qualified to handle conveyancing in NSW. Licensed conveyancers specialise exclusively in property law, while solicitors can also advise on broader legal matters that may arise during a transaction.

Buyers have 5 business days to cool off after exchanging contracts on a residential property. During this period, you can withdraw from the purchase by paying a penalty of 0.25% of the purchase price. The cooling-off period does not apply to properties purchased at auction, or where the buyer has obtained a Section 66W certificate from their solicitor waiving the right.

Professional fees for a standard residential transaction in NSW typically range from $800 to $1,500 plus GST. On top of this, you'll pay disbursements — searches and certificates that your conveyancer orders on your behalf. These usually total $300 to $600 and include title searches, council and water rate certificates, planning certificates, and strata reports where applicable.

The standard settlement period in NSW is 42 days (6 weeks) from exchange of contracts, though this can be negotiated between buyer and seller. Electronic settlements through PEXA have made the process faster and more reliable than the old paper-based system. Your conveyancer will keep you informed of key dates and deadlines throughout.

Your conveyancer will conduct a title search to verify ownership, check for any caveats, easements or covenants on the property, order a Section 10.7 planning certificate from council, check water and council rates, verify the drainage diagram, and for strata properties, obtain a strata inspection report. These searches protect you from buying a property with hidden problems.