Step 4 – Conveyancing
Your solicitor’s role
Our role is to:
- check the contract – noting special conditions
- check the Vendors statement
- completing VOI and a Client Authorisation
- do a title search
- apply for property and statutory certificates
- lodge a caveat (if instrcuted to do so)
- prepare the transfer of land
- stamp duty
- deal with your bank on your behalf
- arrange settlement on the PEXA platform
advise you and generally look after your interests
Check the contract
We check the contract, noting the terms and any special conditions as to finance, building inspection, planning permit, building works or otherwise, or if there is GST or stamp duty savings. We will peruse the contract for any unusual conditions and discuss the terms with you.
Check the Vendors Statement
We peruse the section 32 statement checking the title and plan of subdivision and certificates that are attached and will again advise you of anything that appears out of the ordinary.
Verification of Identity (VOI) and Client Authorisation
An important part of the conveyancing process is completion of identity checks. We do this either face to face or you attend the local Australia Post. Typically, you will need to provide your Passport and Drivers Licence and if there has been a change of name a copy of your Marriage Certificate. As well, you will need to sign a Client Authorisation
In all cases, we order a title search to confirm the title particulars and check that the vendor is the registered proprietor. We also note all of the encumbrances, particularly any dealings that have not been disclosed in the Vendor’s Statement.
As soon as there is a binding document of sale, you may lodge a caveat against the vendor’s title, noting your interest in the land.
A caveat is a notice, which the Title’s Office endorses, on the vendor’s title and gives anyone searching the vendor’s title notice of your claim or interest in the land. This helps to protect your interest in the land in the event that the vendor attempts to again sell the land or borrow against it. In this situation, you still would have your contractual rights against the vendor in damages, but if you lodge a caveat, this would give you absolute priority over anyone lodging a subsequent document.
We recommend you lodge a caveat to protect your interests. The government fees are approximately $65 per caveat and fees for preparation and lodging are $95.
We will seek your instructions as to whether you wish us to lodge the caveat on your behalf.
We will apply for various property certificates. The certificates allow us to calculate the adjustments for the settlement statement. If there are any arrears of rates or land tax owing these will be shown on the certificates and adjusted against the vendor. Ditto for body corporate fees.
The Planning Certificate is important for zoning. If there have been building works in the last 7 years we can apply for a building certificate which will disclose that permits have been issued and final inspections have been carried out.
As in the preceding section we recommend you have Title Insurance. Ask us if you want further advice on Title Insurance and how to obtain a policy.
If you have signed the contract “and/or nominee” we will discuss with you whether you will be nominating. You can nominate any other person or company provided there is no additional consideration, no option and no development involved. Nominating requires a nomination form and statutory declaration prescribed by the State Revenue Office Victoria
Transfer of Land
We will prepare the transfer of land document by which you will be shown on the title. Your full name(s) and address need to be verified.
If there is to be more than one owner you need to specify whether ownership is joint or as tenants in common. What is the difference?
This is usually the choice of married couples and each owner has an equal share of the property. The rights of survivorship apply thus if one party dies the property becomes the sole property of the other
Tenants in Common
Partners/investors will usually elect to be shown on title as tenants in common as 50/50, 75/25 90/10 or some other combination. The rights of survivorship do not apply. A partner can sell or transfer his share or can be transferred in accordance with the terms of a will.
There are some other alternatives which will involve drawing up a Declaration of Trust. This can often be the case with couples who are married for the second time and one or the other has children from a previous relationship.
Deal with the State Revenue Office on your behalf, calculate stamp duty and check if any exemptions or concessions or grants apply
You need to advise your bank/broker that we are acting as your solicitor. We will liaise with your bank and organise settlement with the bank’s settlement section
When you are ready simply fill out the online buying instruction form and we’ll take care of the rest, including giving you a fixed price quote.
For further information contact us.
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