We can help you with your purchase of:
- Vacant land
- Residential houses (new or established)
- Off the plan purchases (townhouses, houses or units)
- Commercial property (commercial freehold properties such as shops, factories or offices)
What Do I Need To Do Before I Sign?
Under the Sale of Land Act 1962, a disclosure document known as a “Vendor Statement or Section 32 statement” must be given to a purchaser before a contract is signed. This statement must be signed by the vendor before it is signed by the purchaser.
The statement must contain certain information about the property being sold such as, information regarding the location of easements, particulars of any building approvals given in the last seven years, and details of rates and charges that affect the property.
The estate agent will discuss with the vendor any prospective offers you make to purchase the property and, when there is a mutual agreement for the terms of a sale, the agent will prepare a “contract”. This contract will contain all of the relevant information relating to the sale.
Regional Conveyancing are happy to discuss the contract and Section 32 statement contents with you before you sign anything. There are many other things that should be done or considered before a contract is signed, such as:
- Measuring the property;
- Determining the availability of services;
- Examining the property for illegal structures;
- Negotiating Special Conditions to the Contract if needed
- Ensuring that your contract is conditional upon finance approval if necessary.
What Do I Need To Do After I Sign?
After all the parties sign the contract and Section 32, it will be forwarded to us, at which time we can proceed with the conveyancing process.
If the deposit is due to be paid, you should do so whether or not your finance has been approved.
Once you have signed the contract of sale, it is recommended that you take out insurance coverage for any buildings on the property.
Do I Need Insurance?
Once you sign a contract of sale for the purchase of a property, you have what is known as an “insurable interest” in the property. Naturally, you will want to protect this interest.
A lender often requires the borrower to arrange insurance cover, noting the lenders full name as “an interested party” or “as mortgagee”. Failure to provide a certificate from the insurer with the lender noted as an interested party can lead to a delay in settlement.Therefore, we recommend that you arrange building insurance as soon as a binding contract is signed.
Finance And Lenders
If your contract is conditional upon the approval of finance, you must ensure you make immediate application for your loan and do anything reasonably asked of you by your lender to secure approval. It is the purchaser’s responsibility to advise the vendor if finance has or has not been approved or has been declined, by the approval date.
Therefore it is essential that you contact us by the approval date specified in your contract, regardless of whether or not your finance has been approved. If you do not advise the vendor that finance has not been approved, the usual finance clause will allow the contract to become unconditional. It is critical that you ensure that we are made aware of any delay or problem with finance approval.
Meanwhile, What Are Regional Conveyancing Doing?
If finance is being obtained on the property, we make contact with your lender and provide details required by them so they are able to process the loan application and prepare mortgage documents when the loan is approved.
We will order a title search and property certificates from various legislative authorities. If any of these reveal a matter which conflicts with the information provided by the seller, or contains information that you should be made aware of, we will discuss this with you.
We will send you documents by email, or post, to be signed that will be required for settlement. As such it is important that you return these documents as soon as possible. If you are uncertain of how to sign or complete any document sent by us, you should contact our office for advice.
What Is Settlement?
Settlement is the process where all the parties involved in the conveyancing process come together in an electronic workspace to complete the transaction.
The parties that usually attend a settlement are the purchaser’s conveyancer, the purchaser’s bank, the vendor’s conveyancer/solicitor and the vendor’s bank. Sometimes there are other parties involved in the settlement who have an interest in the property.
Settlement is arranged to take place at a time suitable to all parties involved.
What Happens At Settlement?
Before settlement, we will prepare a statement of adjustments. The Land and Water Rates and any other relevant charges are adjusted for on this statement to ensure sure that you are only paying the rates for the period you have owned the property.
Regional Conveyancing will contact your lender and determine what funds they have available for settlement. If the available amount does not cover all necessary funds due at settlement, we will calculate the amount required from you and provide you with the details as soon as they are known.
Any funds being provided by you will be required to be deposited, and cleared, into our trust account prior to the settlement date and time.
Settlements are now processed electronically, rather than having an agent physically attend a location.
Prior to settlement, you should contact service providers to ensure services such as phones, gas, and electricity are transferred into your name as the new owner.
We recommend that you carry out a final inspection during the week leading up to settlement and advise us of the outcome of this inspection.
What Happens After Settlement?
Regional Conveyancing will notify you that your transaction has been completed, and notify the estate agent so that the keys can be released to you.
Regional Conveyancing will notify the local council and the water board of the change in ownership, and make payment for rates payable.
If you have taken out finance to purchase the property, then the lender will take control of the title and transfer documents to arrange for the registration of the mortgage. The lender will hold control of the title until such time as the loan is repaid in full.
If you have purchased the property with your own funds, Regional Conveyancing will arrange the transfer of the Title into your name.
Titles are now electronic, and physical titles are not provided unless ordered from the Registrar of Titles. If you require a physical Title, please request this from our office prior to settlement, as there may be fees involved from the authority for processing this request.
We are here to help!
If you have any questions, queries or wish to have a chat in regards to anything regarding conveyancing, please don’t hesitate to contact a specialist in our Client Liaison Team on 03 5223 2222 or by email to email@example.com.