You should familiarise yourself with a conveyancer before entering into a contract of sale.
Settlement is a prearranged meeting on which a representative for the vendor, purchaser and any financiers exchange the relevant documents in the transaction.
This would include legal document exchange and also the payment of the purchase price. The client does not need to attend settlement.
This is a legal document provided by the vendor to an intending purchaser. It contains information not readily found through inspection and covers information such as mortgages, covenants, easements, zonings and outgoings.
It is highly recommended by all conveyancers that a review of the section 32 is completed before signing a contract. The opportunity to ends a contract can be very limited if legal advice is sought once the property is sold.
You must receive a signed section 32 statement from the vendor. You can only sign this document after it has been signed by the vendor.
Once a transaction has been negotiated, the real estate agent will prepare a contract of sale containing all the necessary information.
You may contact Ace Conveyancing for guidance in assessing the section 32 or discussing the contract of sale.
No, the conveyancing process ends shortly after settlement when registration of the property transfer takes places at the Land Titles Office and the relevant authorities have been notified about the change of ownership.
This is your preference. The large majority of conveyancing cases can be completed via phone, fax, e-mail or post. You are however more than welcome to attend our office and speak to a conveyancer.
Transfer duty or stamp duty is a State Government imposed tax on the purchase of property. Duty is payable by the purchaser under the standard contract of sale.
The total amount of duty is calculated using purchase price of the property and any concession you may be entitled to.
Most contracts have a set of standard conditions covering significant aspects of the transaction. In some cases, special conditions may also be added according to the needs of the parties involved.
These special conditions are included in the agreement and it is important to carefully understand anything included in the contract before signing.
The cooling off period is a time frame in which the purchase can end the contract.
This must occur within 3 clear business days of signing the contract.
You are able to recover your deposit if you signed the contract subject to finance. Please be careful about purchasing commitments for this reason.
Final inspection must be completed 7-10 days before settlement. We encourage clients to be very careful with this inspection.
This is where the term “buyer beware” comes up as what you see is what you get!
Before buying, purchasers need to be aware of a range of issues which may affect the property and may impose restrictions or obligations if bought.
The checklist provides detail on these issues and should be reviewed by every purchaser by following this link: http://www.consumer.vic.gov.au/duediligencechecklist
A representative from Ace Conveyancing would be more than willing to help you!
Please contact us via –
E-mail – firstname.lastname@example.org
Tel: (03) 9762 4367
Mob: 0403 424 784
Fax – (03) 9762 4434