Q. What is conveyancing?.A: The legal process of transferring the title of a property following a sale or purchase.
Q. Why use a lawyer?. A: Unlike a conveyancer, who cannot advise or practice law, a lawyer can continue with the matter in the event of a legal problem arising during the conveyance.
Q. What is a cooling-off period?. A cooling-off period is a period in the contract which giver a purchaser 5 working days to change his or her mind. In the event of cancellation or rescission, the contract the buyer has to pay 0.25% of the purchase price. The cooling-off period does not apply for auctions or where a 66W Certificate is given, after being explained by a solicitor to the client. Most conveyances include a 66W Certificate with no cooling off period.
Q. What happens if either party does not settle?