In simple terms: – Conveyancing is the legal process of transferring ownership of property. It includes necessary checks and searches that ensure that the seller legally owns the property, what the council rates, water rates and or strata levies are, that the property is legally compliant with council regulations and that the sellers ownership is free of encumbrances.
Problematic transactions can invariably arise and there are many reasons why delays in settlement occur (eg. lost titles, finance delays, compliance for subdivisions, problems on survey, broken chains in old law, to name a few). We aim to reduce the risk of delay by utilising our industry experience, knowledge and excellent negotiation skills, ensuring your interests are protected at all times. A Conveyancer is crucial in advising you and ensuring your investment does not fall prey to risk.
Not necessarily. Of course you are most welcome to arrange an appointment to meet with Katrina, and it is always nice to put names with faces. At least one meeting is preferred, however, your transaction can be completed via phone, fax, email and post.
Yes, it is preferable that you seek our advice before signing. We can proivide a review of the contract and section 32 and explain the standard terms & conditions of the contract as well as any special terms which may have been inserted. We can also advise as to whether any special conditions need to be included for your benefit and protection.
Stamp Duty is payable on the value of the property and is paid at the time of settlement. Stamp Duty is paid on the purchase price or the value of the property whichever is the higher amount.
In order to determine the amount of Stamp Duty payable on your potential purchase, visit the website of the Office of State Revenue and use the Stamp Duty Calculator provided to obtain your Stamp Duty amount payable.
You may be entitled to a concession or exemption of stamp duty depending on your circumstances. Please let us know if you hold any concession cards at the start of your transaction, so that we can take these into acount.
A Deposit Bond is a guarantee or bond that is used in substitute of a cash deposit. It can be used for all or part of the required deposit, up to a maximum of 10% of the purchase price. It is a guarantee to the Vendor (the person selling) provided by an Insurer and can be organised through a banking institution. At settlement, you as the Purchaser, are required to pay the full purchase price including the deposit amount. The use of a Deposit Bond does not remove your obligation to pay the full deposit upon settlement. If you default under the Contract of Sale and are required to pay the deposit, then the Vendor can claim the guaranteed amount from the Insurer. The Insurer will then pursue you (the Purchaser) to recover the money paid on your behalf.
Any Vendor wanting to accept a written offer for the sale of a property is required to produce a Vendors Statement to the proposed Purchaser.
We have very carefully prepared a Vendor Instruction Sheet which is a document we provide to all vendors to complete and send back to our office. Once we receive this completed Vendor Instruction Sheet we have the instructions to proceed to search the Title on your behalf and prepare the Vendor Statement as per your instructions.
It is crucial that the information you provide is accurate as if any information is incorrect or certain information has been omitted from the Vendor Statement, a purchaser could have the right, in certain circumstances, to avoid the Sale. If that happens, you may be liable for the Real Estate Agent’s Commission on the first sale and on any re-sale.
The Vendor Statement will be prepared on the basis of information supplied by you. Our office will not be held responsible for any inaccuracies or information which has not been disclosed by you. If you are not confident as to the accuracy of the information you are providing, we can apply to the various zoning rating and other authorities for certificates which could also be attached to the Vendor Statement.
Should you receive any Notices or information concerning the property, which would alter the information contained in the Vendor Statement after it has been prepared, you should contact us immediately. It is vital that the information contained in the Vendor Statement is correct and current. This relates to any Fencing notices by your neighbours, information relating to possible sewerage connections, any proposals by Council etc.
Eureka Conveyancing. All rights reserved.