Frequently Asked Questions & Answers
Have a look at frequently asked questions & answers to understand more.
Conveyancing is about the various processes and steps that need to be gone through before a real estate property changes ownership from one entity to another. It is very important because without these processes being gone through, it would be impossible to get the ownership transferred from one entity to another. Further these processes are quite complex and ordinary customers without experience and expertise would find it impossible to handle it on their own.
Yes we are certified and registered under the law and this makes us stand out tall from the rest of the service providers.
Settlement occurs when all parties meet to exchange various documents for the purpose of affecting registration. Title passes when the Transfer of Land is registered, this does not necessarily occur on the same day as settlement.
The vendor is obliged to pay the rates on the property until settlement and the purchaser thereafter. Therefore, rates are adjusted at settlement to ensure that this happens. This is done by deducting from the money paid to the vendor any amount outstanding for rates, and then adjusting those rates as paid, so that the purchaser pays back to the vendor the rates paid by the vendor for the period after settlement. A cheque is then forwarded to the rating authority for any amount owing and rates are therefore paid until the end of the rating year. We also notify the rating authorities of the change in ownership.
You are entitled to conduct a final inspection of the property in the week before settlement and you should contact the agent to arrange this. The purpose of the inspection is to establish that the property is in the same condition it was when sold to you, fair wear and tear excepted. This means that the property may have deteriorated somewhat (perhaps the lawns will not be mown or there may be some rubbish about) and you have to accept that, but you should report any substantial deterioration to our office.
All property purchases in Victoria attract stamp duty. Stamp duty is a state government tax levied against a purchaser when they purchase a property. Generally speaking, the amount of duty payable depends on the value of the property, with more duty being levied the more expensive a property is. The state government, through the Land Titles Office, also charges a fee to have a title registered into the name of a new purchaser. This fee is generally much less than stamp duty, between $500 and $1,500, depending on the value of the property.
Whilst the standard contract does provide that the property remains at the risk of the vendor we nevertheless recommend that purchasers insure the property at an early stage. A lender will insist that the property be insured and it is better to have too much insurance than not enough.
Keys are usually collected by the purchaser from the agent after settlement. The agent will only hand over keys upon receipt of written authorisation from the vendor, which will be faxed to the agent after settlement has taken place. Other keys will normally be left in the property, along with instruction books and household information.
When the title is handed over at settlement it is still in the vendor’s name. If you are not borrowing from a lender, we will attend to payment of stamp duty and registration of your ownership and the transfer will usually be registered within a week.
When a purchaser borrows money from a financier the title will be handed over to that financier’s agent. The agent will then take the title to the State Revenue Office to pay the stamp duty and then to the Land Titles Office for registration.
Conveyancer or Solicitor will attend settlement on your behalf. You do not need to attend settlement unless notify to do so. We will notify you as soon as the settlement process is complete and settled. You can then arrange to collect your keys.
A caveat is a notice which appears on the property’s title. A caveat is placed on title where you have an interest in the property. It has the effect of telling people that you have such an interest in the property.