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If I sell my property without the intervention of an agent do I still need a conveyancer?

Yes. You cannot market your property for sale until your conveyancer has prepared the contract. Anyone who makes an inquiry or an offer on your property is entitled to ask for a copy of the contract and there are fines payable if a copy is not available on request. Therefore, if you are going to sell your property without the intervention of an agent then it is important to consult your conveyancer before you do anything further.

How quickly can Westwood Conveyancing prepare a contract on my behalf?

We can prepare a contract in less than an hour. We are able to obtain most "prescribed documents" instantly online. The only document that may cause some delay is the Section 149 Zoning Certificate, which some councils are still working on a way to provide online.

What happens if the purchaser cannot settle on the due date?

The vendor is entitled to charge the purchaser interest for the number of days settlement is delayed. The contract usually stipulates the applicable interest rate. The vendor can also issue a "Notice to Complete" which means the purchaser has 14 days (including weekends and public holidays) to settle the matter. If left unsettled, the vendor has the right to terminate the contract and retain the deposit up to an amount equal to 10% of the sale price and can legally place the property back on the market to sell.

What happens at settlement time?

Settlement is the finalisation of the sale process. There are usually four parties involved - the vendor and purchasers' conveyancers and the banks for the vendor and purchaser. On settlement, the purchaser's conveyancer will hand over the balance of the sale proceeds by way of cheques and, in turn, will receive the Certificate of Title and Discharge of Mortgage (if applicable) from the vendor's bank. After settlement, the deposit is released to the vendor.

Disclaimer: The answers to these frequently asked questions are for information purposes only and must not be relied on as a substitute for legal advice.