Spot the difference Part 4 … the conveyancing process
27 Aug 2019
Many people in our community live in NSW, but Canberra is their main centre for work, shopping and recreational activities. If they’re buying a property, however, they may not realise the differences between the ACT and NSW conveyancing systems. In this series of articles, Margaret Young explores differences between the ACT and NSW systems related to the Contract for Sale, stamp duty, due diligence and the conveyancing process.
In the fourth and final article in this series we look at the differences between the conveyancing process in NSW and ACT.
Part 4 The conveyancing process
Conveyancing is the process of transferring a property from one person to another.
The platforms in which a conveyance occurs in NSW and the ACT are significantly different. These include the verification of identity documents and the documents required to be completed prior to settlement.
In NSW, the majority of conveyancing transactions now occur electronically via an online platform called PEXA (you can read more about econveyancing and PEXA here).
As PEXA removes the need for a paper transfer, which traditionally the parties would need to sign, NSW Conveyancing Rules now require all clients sign a Client Authorisation. This enables Snedden Hall & Gallop to electronically sign on your behalf.
In addition to the Client Authorisation, we must carry out stringent verification of identity (VOI) measures. These measures include viewing and copying original passports, driver’s licences and, where applicable, marriage certificates.
Once we receive these documents, we will be able to identify a ‘right to deal’. This either comes from a title search matching your VOIs, a rates notice, or a sales advice from the agent showing the purchaser’s full name.
In the ACT, conveyancing process is carried out in paper form. Therefore, all documents, including the Transfer and Discharge of Mortgage, must be in paper and signed ready for settlement.
Also, in the ACT the VOI requirements include a seller verification declaration and a buyer verification declaration. You can complete these online, and we can assist you with this process.
Additional details required for the buyer are passport and driver’s licence numbers.