What is a Certified Practising Conveyancer / Licensed Conveyancer?

A CPC or Licensed Conveyancer is a fully trained, fully insured professional in the area of law known as "conveyancing".  Because a CPC only handles matters involving property transactions, you can be assured that your CPC will have extensive knowledge in this one aspect of the law.

If I use a CPC, do I also need a Solicitor?

The simple answer to this is "no".  Your CPC can handle your conveyancing transaction from start to finish and is fully qualified to do so.

What is "exchange"?

This is when the signed Contracts are "swapped" between the parties and dated, and the formal obligations under the Contract commence.

What is "settlement"?

This is the day that your sale or purchase will be finalised and ownership of the property is transferred.  If you are purchasing property, the keys to the property are usually available for collection on the day of settlement.

What is a "disbursement"?

A disbursement is an expense or outlay incurred by your CPC during the process of handling your sale or purchase transaction (common disbursements are Title Searching and Certificates from the Local Council).

What is a "cooling off period"?

Contracts exchanged by a Real Estate Agent will be subject to a cooling off period, usually 5 days.  Purchasers can terminate a Contract during the cooling off period, subject to the Purchasers forfeiting an amount to the Vendors equal to 0.25% of the agreed purchase price on the Contract.  Not all Contracts have a cooling off period applied upon exchange, and therefore it is important that you discuss your options regarding an exchange of Contracts with your CPC before you sign the Contract.

What is a Deposit Bond?

A deposit bond acts in a similar way to an insurance policy, by guaranteeing the payment of the required 10% deposit at settlement rather than upon the exchange of Contracts.  Deposit Bonds are frequently used by Purchasers in lieu of a cash deposit.  There is a fee payable to obtain the Deposit Bond, and the Deposit Bond can be obtained from your Lender, Mortgage Broker or CPC prior to the exchange of Contracts.

Do I need to make arrangements with my bank / lender to attend the settlement?

No, your CPC will liaise directly with your finance provider to make arrangements for settlement, and will request the settlement cheques from your lender directly.

Do I need to attend settlement?

No, your CPC or their settlement agents will attend settlement on your behalf while you excitedly await a call from your CPC to confirm once your transaction has settled!