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 of real estate property generally between a buyer and a seller. The process begins from the time you enter into a contract or put your property onto the market, with or without a real estate agent. The process then continues through to ensure special conditions are met including finance approvals or building and pest inspections being satisfied, all documents processed and exchanged between the parties and then settlement with the payment of the purchase price plus or minus adjustments. 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, otherwise known as a section 32?
The Sale of Land Act 1962 states that a disclosure statement known as a vendors statement or section 32 must be given to a purchaser before the Contract of Sale is signed and failure or any significant omission entitles the purchaser to avoid the contract. The vendors statement is to contain certain information about the property to be sold. For example:
- Registered Search Statement, or “title search”
- Any relevant Building permits or outstanding works
- Any relevant Insurance for building works
- Easements, registered or unregistered
- Outgoings, including Council and Water rates, Owners Corporation fees
- Services not connected to the property, i.e. electricity, gas, water, sewer
- Relevant planning overlays
- Active or inactive Owners Corporations
Beck Legal’s conveyancing team will ensure your Vendors Statement includes all documents required to ensure your sale of land obligations are met.
Why do I need to obtain “searches” for my conveyancing transaction?
We obtain, on your behalf, ‘Searches’ to ensure there are no issues with regards to ownership, legal, building or property issues. The searches provide peace of mind that your interests as the prospective purchaser won’t be affected by such things as outstanding building permits or engineering final inspections, heritage listings or future plans by government.
Searches will also provide us information on any encumbrances over the title of the property including but not limited to 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. Part of our process is ensuring at settlement there are no outstanding monies to relevant authorities. 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.
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