When you engage us to complete your conveyancing, the matter will ordinarily proceed as follows:
(If at any stage you do not understand an underlined term, please click on the term to see a full explanation. You will also find definitions and explanations for numerous other terms in our comprehensive Real Estate Dictionary.)
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- The most common way in which real estate is purchased is by way of a Contract Note prepared by the vendor’s estate agent, and signed at the estate agent’s office. Every purchaser should be aware that there is a 3 day “cooling off” period, during which a purchaser can cancel a sale without having to give any reason. There are strict limitations on the availability of the “cooling off” period, so please check our Real Estate Dictionary for further information or contact us direct.
- If you have already signed the Contract Note or Contract of Sale, you should ensure that the estate agent has been instructed to send a copy, together with the Section 32 Vendor’s Statement, to our office without delay.
- Once we have received your Purchase Form [Download (PDF 150k) Purchase Form] and a copy of the Contract Note and the Section 32 Vendor’s Statement, we will prepare a Transfer of Land, and send it to you with a comprehensive letter about the conveyancing process.
- A title search will be obtained, and we will apply for any rate and planning certificates we need for the conveyancing process. We will check the Contract, and provide you with advice and information as required. Requisitions on title will be submitted to the Vendor’s lawyers.
- If you are obtaining a home loan to finance your purchase, your lender will probably write to us. We will respond immediately to a written request for copies of the Contract and the Transfer of Land (your lender will want these so that they can prepare mortgage documents). As settlement approaches, we will obtain cheque details from the Vendor’s lawyers, provide these to your lender and book settlement.
- Final account details are obtained from the council and water authority, and a Statement of Adjustments is prepared. Settlement arrangements are confirmed with all parties.
- On settlement day we will have a final search conducted, hand over the balance of the purchase funds, and receive in return the registrable documents from the Vendor’s lawyers. If a lender is involved, your lender will take possession of all registrable documents, and will attend to the registration of the Transfer simultaneously with registration of the mortgage.
- If applicable, stamp duty is paid at the State Revenue Office, the title registration fee is paid at the Land Titles Office, and we will have the Transfer lodged for registration. If a lender is involved, the lender will use part of the loan proceeds to pay the stamp duty and registration fee simultaneously with the stamping and lodging of the mortgage.
Finally, we will send you a letter to confirm that the matter has been completed, and advise the council and water authority that ownership of the property has changed.
If you are selling a property at the same time, we will co-ordinate both matters so that they settle simultaneously. This way, the proceeds of your sale can be used to pay for your purchase, with the one set of cheques.