Conveyancing is the transfer of legal title of real property from one person to another.
A typical conveyancing transaction has two major phases. The exchange of contracts and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing.
An exchange of contracts involves two copies of a contract of sale being signed, one copy of which is retained by each party. When the parties are together, both would usually sign both copies, one copy of which being retained by each party, sometimes with a formal handing over of a copy from one party to the other.
Contact our conveyancing team at Linda Emery & Associates Pty Ltd on (02)4323 4766.