Frequently Asked Questions

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A conveyancer is possibly the single most important person in your property transaction. There are many complex processes and requirements for buying and selling land; and virtually all of it can now only be completed by a Licensed Conveyancer. We not only handle the transactional side of Transferring property from A to B, we also have the knowledge and experience to help you understand your legal rights and obligations when it comes to selling and buying property. 

As a seller, you need to ensure you meet your legal disclosure obligations. Most Vendors we meet do not know a lot about their property. But you need to disclose details of the title, easements, covenants, other restrictions, council zoning, overlays and things which might affect the property like flooding or bushfires. If you have recently built or renovated your property there are additional reports, inspections and requirements to fulfil, and failure to do so can result in the buyer being given the right to walk away from the sale without penalty. 

As a buyer, you don't have anyone representing your interests until you engage a conveyancer. The selling agent is paid by and represents the Seller first and foremost. Unless you understand everything contained in the documents you are given to sign, you could be signing yourself up for heartache if you do not properly understand all the potential property risks and detrimental conditions of a Contract.

Also known as a Vendor's Statement, it is the document which discloses relevant information to a prospective Purchaser about the property being sold. 

If you are the seller, a buyer cannot make an offer on your property without a Section 32 Statement, so it is a good idea to engage a Conveyancer prior to putting your property on the market. The sooner you have one, the sooner your agent can start accepting offers!

If you are the buyer, you should review the document carefully and engage a Conveyancer prior to signing a Contract so that they can advise you on anything out of the ordinary. 

Once a Contract is signed, the conveyancers will work with you and each other to complete each of the next steps of the process as and when they fall due. This includes preparing all necessary transfer documents, stamp duty forms, providing advice, arranging settlement and performing adjustments of rates and outgoings. 

As the seller, your conveyancer will also arrange to provide any necessary certificates to the buyer and coordinate with your bank to discharge the mortgage at settlement. 

As the buyer, your conveyancer will work closely with your bank or mortgage broker to ensure your loan is processed and ready to meet the settlement deadline.

This is also known as a "Section 27".

Victoria is currently the only state where a seller is able to request an early release of the deposit prior to settlement. The most common reason a deposit is requested before settlement is so the seller can use the money as a deposit for a new home. 

Provided all legal requirements can be met, you can apply for the release once the Contract is unconditional, however, the process relies on cooperation from third parties (such as your bank) so it can take time to procure the required documentation, and even then, the buyer must also be afforded a 28 day notice period in which to consider or object to the request. 

If you know you will needing early access to the deposit, you should discuss this requirement with your conveyancer in advance, as it is not an automatic right or entitlement to have your deposit paid to you before settlement. 

Statutory Certificates are documents provided by Statutory Authorities:- ie Land Titles Office, Council, Water, State Revenue Office, Body Corporate, Vic Roads, EPA, etc. 

As a seller, these are essential documents required to prepare a Section 32 Statement as they disclose all the relevant information about a property to a prospective buyer. 

Failing to provide these could mean failure to disclose material facts about your property, and if your Section 32 Statement is deemed defective, it may give your buyer the right to terminate the Contract without penalty. 

As a buyer, these searches and certificates are essential for completing due diligence and ensuring you understand everything about your property so that there are no nasty surprises later on. It also allows your conveyancer to prepare a Statement of Adjustments of the rates and other charges on the property at settlement and ensure any outstanding arrears are cleared by the Vendor at the time of settlement. 

Settlement is where the Title Deed to the property is Transferred to the buyer and the balance of the money owed is paid from the buyer to the seller. 

Settlements are ALL electronic these days, so you do not have to be present for the settlement; simply await a call from your conveyancer to confirm that the process of transferring the title and funds is complete and you're good to go!

An acronym, PEXA is short for "Property EXchange Australia". It is the digital workspace where all land transactions are now required to take place. 

Documents are signed electronically and funds are also exchanged on this platform, removing the need to physically attend a settlement. It is a faster, safer and more convenient way to handle land transactions as paper titles are notoriously easy to lose, and bank cheques are difficult to change if there is a last minute alteration to any of the details. 

The law requires all parties to a Conveyancing transaction to have their identity verified. Only Licensed Conveyancers and Lawyers are able to sign Land Title documents electronically. This is to ensure that all Land dealings are trackable and participants are kept accountable for their land dealings. The ID check is essential to ensure we are acting for and signing documents on behalf of the correct person. It protects the land owner and buyer from potential fraud or misuse of titles.
A verification is required for all land transactions and once complete is valid for a period of 2 years. 

As a Seller:

> Estate Agent commission & advertising

> Bank fees for discharging a loan

> PEXA Settlement fees

> Statutory Certificates & Searches

> Verification of Identity Fees

As a Buyer:

> Bank loan application fees

> Lenders mortgage insurance

> Stamp Duty

> Land Titles Office registration fees

> Adjustments of Rates & other outgoings

> PEXA Settlement fees

> Statutory Certificates & Searches

> Verification of Identity Fees

You should also consult a tax specialist or an accountant in regards to any potential GST and Capital Gains Tax liabilities.