What is an e-title?
An e-title is an electronic certificate of title (ect). It is an electronic record of land ownership and is part of the electronic conveyancing (econveyancing) process.
An ect is issued by NSW land registry services (NSW LRS) to an authorised deposit-taking institution — typically a mortgagee. Once a loan paid out in full and discharge of mortgage are registered at the NSW land registry service (NSW LRS) a paper certificate of title will issue.
What is PEXA?
PEXA stands for Property Exchange Australia and it is an electronic lodgement network. It is the program lawyers and conveyancers use to complete e-conveyancing.
What searches do you need to carry out when buying a property?
Usually you would obtain a pest inspection and report. If buying a strata title property it is prudent to obtain a strata inspection report.
What do I need when selling a property with a swimming pool or spa?
You will require:
- a certificate or registration
- a swimming pool compliance certificate or non-compliance certificate
Both these documents must be attached to the contract of sale.
What is a cooling-off period?
If exchange of contracts is undertaken by the selling agent, the purchaser may be given 5 business days (or longer if agreed) “cooling-off” period following exchange.
The purchaser may elect not to proceed with the purchase and can rescind the contract during the cooling-off period and will forfeit .25% of the purchase price.
