Dealing With Real Estate
Guided us through conveyancing maze and made the transaction as smooth and as stress free as possible
WHAT IS CONVEYANCING?
Conveyancing is the transfer of title for real estate between parties, generally a buyer and a seller under a contract of sale. A conveyancer is engaged by both the buyer and seller to represent them and guide them through the transaction.
The conveyancing process begins from the time a property is put onto the market (either with or without a real estate agent).
When selling your property, you must prepare a vendors statement and provide it to the purchaser before they sign the contract. As a buyer, if you are interested in buying a property you should ask for the vendors statement as soon as possible and preferably before an offer to buy is made.
A contract of sale is then prepared with appropriate conditions. Once the contract is signed, your conveyancer will ensure that those special conditions are met including finance approvals or building and pest inspections being satisfied.
The conveyancer will also ensure that all documents are prepared and exchanged between the parties and then arrange settlement (when the buyer pays the price).
The conveyancing process is finalised once the property transfer is registered at the Land Titles Office, either by us or your financial institution.
WHAT IS A VENDORS STATEMENT OR A SECTION 32 STATEMENT?
The Sale of Land Act states that a statement (known as a vendors statement or section 32 statement) must be given to a purchaser before a contract is signed. The vendors statement must contain certain information about the property to be sold If that statement is not provided or any significant details have been omitted, a purchaser can be entitled to get out of a contract. The information to be included in a vendors statement include:
- A registered search statement also known as a “title search” Any relevant building permits or planning permits
- Any relevant insurance for building works
- Details on any easements
- Outgoings, including Council and water rates and owners corporation fees
- Services not connected to the property, i.e. electricity, gas, water, sewer, telephone
- Relevant planning overlays and zoning information
- Owners corporation certificates
Beck Legal’s conveyancing team will ensure your vendors statement includes all documents required to ensure your legal obligations are met.
WHY DO I NEED TO OBTAIN “SEARCHES” FOR MY CONVEYANCING TRANSACTION?
We obtain searches (being certificates or reports) from all responsible authorities to ensure that there are no issues with regards to ownership, legal, building or property issues prior to the contract being signed. For vendors these searches help comply with the vendor’s obligations to provide a complete vendors statement. As a purchaser, the searches provide peace of mind that your interests won’t be affected by such things as outstanding building permits or final inspections, heritage listings or future plans by government bodies in relation to the property.
Searches will also provide us information on any encumbrances which may be registered on the title of the property including caveats, easements, covenants and mortgages.
WHAT ARE SETTLEMENT ADJUSTMENTS?
Adjustments are the payments of rates, taxes or levies by the purchaser which have been paid for by the vendor. These may include council and water rates, state government levies or taxes (such as land tax) or owners corporation fees. It is a usual part of the conveyancing process to ensure that there are no outstanding monies owed to relevant authorities at settlement. Other adjustments may include licence agreement fees, release of an existing mortgage or rental adjustments.
We are all going to grow old and reach a time when we wish for a living environment which is more manageable and which has a range of medical and care options available to us. The Retirement Village Act and Regulations are complex and we can guide you in ensuring any decision to move into Aged Care or Retirement Villages are properly explained and all options are explored with you and your family.