QuickLaw’s Conveyancing System
This process follows some simple steps to lead you through the conveyancing process.
Tell me More about QuickLaw Conveyancing
What is Conveyancing?
Conveyancing is the legal term used to describe the transfer of a property from one owner (the Seller) to another (the Buyer). A typical conveyance is largely administrative, rather than legal, in nature.
When does it Start?
Usually after the Contract is signed by Buyer and Seller. However, it is a good idea to get legal advise BEFORE you sign. You normally have 30 to 60 days after the Contract is signed before the ownership changeover occurs (called ‘settlement’).
Conveyancing Time Line
What does the Buyer have to do?
A typical conveyance includes:
- Arrange Pest & Building inspections (optional)
- Arrange finance for the purchase (if required)
- Make up the transfer of ownership form – this is a standard form which is filled in by the Buyer. It is signed by the Seller and the Buyer
- Pay transfer duty on the transfer form – the Buyer lodges the form with the office of State Revenue and pays stamp duty
- Order property searches
- Work out adjustments (eg for rates & water) to the purchase price with the Seller
- Attend at settlement to handover the cheques and collect the Title Deed or a PEXA settlement.
What does the Seller have to do?
A typical conveyance includes:
- Arrange release of your mortgage and pay out figure with your financier (if applicable)
- Sign the transfer forms submitted by Buyer
- Work out adjustments (eg. rates and water) to the purchase price with the Buyer
- Attend at settlement to collect the cheques and hand over the Title Deed
What is e-Conveyancing?
Need I be concerned about e conveyancing?
Over the last 10 years while our system has been serving the public with an almost completely online system, banks and government departments have spent millions of dollars developing the “Property Exchange Australia” platform (PEXA) which encourages solicitors and conveyancers to move their entire transactions online as well.
PEXA was designed to interact the “National E-Conveyancing Development Ltd” (NECDL). Australian banks have a 60% interest in this system and mortgagees may attempt to coerce you into using a solicitor or conveyancer connected to this system. Late 2018 PEXA was meant to be floated, this was cancelled and the consortium of Commonwealth Bank, Link Group & Morgan Stanley Infrastructure all increased their holdings, at a cost of 1.6 billion dollars.
There is no legal reason for you to comply. It remains your legal right to control your own conveyancing transaction and the Quicklaw Service remains a viable option, with the availability of Legal Support should you require it.
PEXA is intended to save money for banks and government departments, not you. Fees and charges from banks, solicitors or conveyancers are not expected to be affected in a way that benefits the consumer.
Enjoy your Quicklaw experience!
Is This Service Suitable For Me?
This service is suitable for Torrens Title:
- QLD/NSW/VIC Residential property (house and land/vacant land or unit/townhouse).
- Queensland property which is freehold (not leasehold) OR NSW property which is freehold (not leasehold or Crown land) OR Victorian property which is freehold (not leasehold) and registered as Torrens title. This means that there is one Certificate of Title showing ownership (as opposed to a bundle of documents as with old system title). Most NSW properties have been converted to Torrens title.
- Transactions using the standard REIQ Contract for Houses and Land or for Units/Townhouses OR the standard REINSW Contract for the sale of land OR REIV Contract of Sale of Real Estate.
- The service is not suitable for buying businesses, farms or commercial property. If the property is acreage and purely land, then the service is suitable. However, if there is a business being conducted on the land (running cattle, machinery as part of the price, etc) or water rights, then the DIY service should not be used.
- You must be Australian citizens/permanent residents.
*Suitable for one conveyance:
sale or purchase of residential house/vacant land/unit or townhouse in NSW, Qld & Vic*.