What is Conveyancing?

In property terms, it is the transfer of Title from Vendor (seller) to the Purchaser.

It takes into account mortgages, caveats, restrictive covenants and the many and varied which arise in the "Transfer of Title".

Rating authorities are advised of the change of ownership and the rates and charges are apportioned. Water consumption is also provided for.

What else can a conveyancer do?

While settling a Real Estate transaction is their most common function, they may also be able to assist with;

Related Party Transfers

Survivorship Applications

Registrations of Strata Plans, Plans and Diagrams

Land Title Searches (and related documents).

What happens to the Deposit?

When a Real Estate Agent is involved the deposit is held in their Trust Account until settlement. In the absence of a Real Estate Agent it should similarly be held by the settlement agent for the Vendor, until settlement.

In the event that a dealing does not procees the deposit is normally refunded to the Purchaser.

Who pays Stamp Duty and when it is payable?

Prior to settlement the Purchaser (via their settlement agent/conveyancer) must provide the Vendor's settlement agent/conveyancer with a signed and stamped Transfer of Land document, which when signed by the Vendor is held by the Settlement Agent until settlement.

Concessional Stamp Duty and First Home Buyers allowances are available in special circumstances.

Do I have to attend settlements?

No, that's what you pay your settlement agent/conveyancer to do - although there is nothing stopping you from attending.

When do I get keys?

Most often the purchaser is entitled to possession once settlement has been effected. Legally the Vendor has until 12 noon of the following day to vacate the premises.

Generally it's a matter of communication between the buyer and seller and this is normally done via the Real Estate Agent representative.

The Question and Answer...

... are many and varied and occur to you at all sorts of times. If we can assist or set you on the right path, please give us a call...

Your peace of mind is important to us.

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