Conveyancing
Conveyancing is the area of property law that deals with the transfer of real estate between sellers and buyers.
Although it seems quite straightforward, property law can be quite complex and conveyancing has to consider issues such as contract terms and conditions, mortgages, covenants, easements, caveats, the type of property title, the type of tenancy, local council regulations and zoning to name just a few.
OUR FEE FOR THE SALE OF PROPERTY INCLUDES:
- To taking your instructions regarding details of the property;
- Preparation of our initial letter and information including questionnaire to obtain details of the property;
- Receiving listing details from the agent,
- Applying for those certificates required to be annexed to the contract, (the costs of which are on-charged to you as disbursements);
- Preparation of contract (including section 32) and submitting it to the listing agent;
- On sale of property – receipt of the signed contract from the agent,
- Follow up and monitoring of any conditional (“subject to”) clauses negotiated with the Purchaser;
- Arranging Section 27 early release of deposit prior to settlement if applicable;
- Liaising with your bank to arrange the discharge of any mortgage on the title;
- Review and analysis of adjustments prepared by the Purchaser’s solicitor;
- Arranging and attending settlement and accounting to you;
- All attendances, correspondence and telephone calls.
The scope of work covered is confined to the conveyance of the property and not unusual additional work for instance disputes, negotiations regarding for example, repairs or outcomes of inspections made by the purchaser, lost, misplaced or destroyed certificates of title, or advice on tax issues. If the work on the matter exceeds the normal reasonable bounds there will be additional charges. We will consult with you as to additional costs prior to engaging in any additional work.
OUR FEE FOR THE PURCHASE OF A PROPERTY INCLUDES:
To taking your instructions on the contract,
- Preparation of our initial letter to you with general information;
- Liaising with your mortgage broker/bank to track finance;
- Review and monitoring of any conditional (“subject to”) clauses included in the contract);
- Making the necessary searches and enquires of the relevant public authorities, (the costs of which are on-charged to you as disbursements);
- Completing relevant Land titles and duties documentation as applicable,
- Calculations of Adjustments with regard to periodic outgoings and preparation of Statement of Adjustments and Settlement Statement;
- Arranging and attending to settlement including the adjustment and payment of outstanding rates, and finalising the accounts and reporting to you;
- All attendances, correspondence and telephone calls.
The scope of work covered is confined to the conveyance of the property and not unusual additional work for instance disputes, negotiations regarding for example, repairs or outcomes of inspections made by the purchaser, lost, providing independent legal advice regarding your mortgage, solicitor certificate for mortgage documentation,, or advice on tax issues. If the work on the matter exceeds the normal reasonable bounds there will be additional charges. We will consult with you as to additional costs prior to engaging in any additional work.
**Typical disbursements for purchase of a property:
- Register Search title $ 14.70
- Land Information Certificate (for council rates) $ 29.33
- Water Information Statement (for Water rates) $ 38.75
- Agent attendance at settlement $ 42.00
- Final search on the day of settlement $ 9.90
** The actual disbursement cost will vary from contract to contract. Please call us to discuss
What are the steps in the conveyancing process?
- Generally the process begins with the drawing up of a Contract for Sale. The Contract will include things such as:
- the street address and legal property title details
- the length of time between signing and completion of the contract
- what’s included or specifically excluded from the sale
- special conditions specific to this particular property
- The purchaser needs to get legal advice, review the contract, arrange inspections and start making loan arrangements before anything is signed.
- The contract is signed by both parties, and may be immediately binding, depending on the circumstances of the sale. You may however, have a cooling off period available, or be able to withdraw from the contract under certain conditions, so it’s important that you know the exact terms and conditions written into the contract
- There is a set length of time between the contract becoming binding and the contract being settled or completed. In this time the purchaser of the property has a lot to do including conducting various checks on the property, paying stamp duty, organising insurance and getting any loan arrangements in order, and the seller of the property should be making arrangements with their bank to have any mortgage discharged as well as making plans to move.
- Before settlement, adjustments to the purchase price are agreed upon between the parties to cover council and water rates as well as other costs which may be allowed for in the contract.
- On the day of settlement everything has to be in place. The purchaser or the incoming mortgagee has to show up with the funds, and the seller or outgoing mortgagee has to turn up with the property title and the document/s needed to release the mortgage. Everything is handed over including the keys and the property is considered settled.
- After settlement the new owner needs to be registered as the owner on the title, and various government bodies need to be informed of the change in ownership.
As buying property is one of the biggest financial decisions you will make it’s important that you get expert advice. Legal expertise and diligence is well worth the cost.