The purchasing of a new property is an epic journey through home opens each weekend until you find the right home for your family, investment or first home buyer opportunity.
The ride doesn’t stop there though! The next step is entering into an Offer and Acceptance Contract for Sale of Land and engaging a Settlement Agent (also known as a conveyancer) to represent you at settlement. It is best you find the right settlement agent before entering into the Contract as your real estate agent will ask for your preferred choice of settlement agent. Some real estate agents have a financial interest in a settlement agent and will recommend you utilise their services. This may or may not be in your best interest. As an independent settlement agent…we guarantee to act in your best interests!
It is the role of the conveyancer to prepare the legal documentation required to effectively transition you from sale to settlement.
In a settlement transcation both the buyers and sellers require the services of a settlement agent. They are engaged to help with the sale process and to assist you in ensuring you understand the ins and outs of all necessary documentation.
What Is Conveyancing?
Conveyancing is the process of transferring ownership of legal title of land (property) from one person or entity to another.
A typical conveyancing transaction consists of three stages:
- before the contract
- before completion
- after completion
What is a Conveyancer?
A property conveyancer is a licensed and qualified professional, engaged by Sellers and Buyers to provide advice and information about the sale/puchase of a property, prepare the documentation required and conduct the settlement process.
The most common reasons you would engage a conveyancer is when you are:
- Selling and Buying a property
- Subdividing land
- Updating a Certificate of Title (i.e. due to change of name)
- Registering, changing or removing an easement
What a Conveyancer Does
For the seller – a conveyancer will:
1. Signed Offer & Acceptance
Your Offer & Acceptance contact is completed with your Real Estate Agent or privately with the purchaser.
2. Appointment to Act
Strategic Property Conveyancing will forward an Appointment to Act for completion.
3. Discharge of Mortgage
If you have a mortgage on your property contact your lender & arrange completion of a Discharge of Mortgage Authority. Ensure you forward a copy of the completed document to strategic property conveyancing.
4. Conditions of the Contract
Ensure any conditions of the contract have been satisfied within the specific time frame.
5. Transfer of Land
The Transfer of Land will be forwarded for Execution. Your signature is to be witnessed by a person over the age of 18 who isn’t a party to the contract (unless executed overseas. Please contact strategic property conveyancing for further information).
6. Final Inspection
To be undertaken by the buyer. Ensure all items are in good working order.
7. Settlement Effected
Your Settlement Agent will pay any outstanding debt on the mortgage and the balance of funds is deposited into your nominated bank account via bank cheque. Please note that the bank cheque will take 3-5 days to clear.
If you reside in the property you have till 12 noon the following day to vacate. If the property is vacant, the purchaser may collect the keys from the Real Estate Agent once settlement has been effected.
For the buyer – a conveyancer will:
1. Offer & Acceptance
Your Offer & Acceptance is completed with your Real Estate Agent or privately with the seller.
Ensure the deposit is paid to the Real Estate Agent by the due date.
3. Appointment to Act
Strategic Property Conveyancing will forward an Appointment to Act form for completion.
4. Finance Approval
Once finance has been approved, arrange a copy to be sent to the Real Estate Agents office by the due date.
5. Signing Mortgage Documents
Mortgage documents will be forwarded to you from your financial institution for you to sign and return.
6. Transfer of Land
The Transfer of Land will be forwarded for Execution. Your signature is to be witnessed by a person over the age of 18 who isn’t a party to the contract (unless executed overseas. Please contact Strategic Property Conveyancing for further information).
7. Stamp Duty
Stamp duty is to be paid prior to settlement to the Office of State Revenue. If stamp duty is included in the funds you are borrowing from the lender, please make arrangements with the lender for payment of the stamp duty to be released prior to settlement.
8. Special Conditions
Ensure any conditions on the contract have been satisfied within the specific time frame.
Certificate of Insurance over the property is required. Please provide a copy to your financial institution.
10. Final Inspection
Is to be arranged with the Real Estate Agent or seller (if private) 7 days prior to settlement.
11. Arranging Settlement
Strategic Property Conveyancing will arrange a time for settlement with your financial institution. Funds will be requested if necessary.
12. Settlement Effected
Hooray! You will be notified immediately once settlement has been effected as will the Real Estate Agent.
Can be collected at 12 noon the following day (if occupied). If the property is vacant, keys can be collected following settlement (as arranged with the Real Estate Agent).