Conveyancing is essentially about buying and selling property. In law Conveyancing is the transfer of legal title of property from one person to another.
A typical Conveyancing transaction involves two major landmarks, the exchange of contracts whereby equitable title passes to the purchaser) and completion (whereby legal title passes).
Deciding to buy property is a significant decision and often life-changing. Getting the right professional advice is crucial.
At Versace McKenzie our aim is not to simply provide our client with some standard Conveyancing service as some firms may offer but rather to go that extra step and at the same time provide you the peace of mind that you are obtaining a ‘proper title’ to the property.
We recently acted for the purchaser of a $19 million Sydney CBD Commercial building and over 250 purchasers and vendors of residential property including many first home buyers over the last 12 months.
So that you have a better understanding of the Purchasing process there are three stages that you should be aware of.
- Obtain loan approval. By now you have researched the area you are buying into and negotiated the price with the agent or vendor. If you have not done so already you will need to obtain loan approval. Our network of brokers can assist you with deciding on which loan is most suitable for you. Our lawyers will liase with your broker/financier to ensure that the loan is approved.
- Review the Contract of Sale. Our experienced lawyers will negotiate any necessary amendments & provide advice on the contract.
- Obtain Property Inspections. Depending on the age & condition of the property inspections are often necessary and generally recommended. Our lawyers can obtain any building, pest, strata or structural engineers report on your behalf.
- Organise Deposit. Generally a 10% deposit is required on exchange by way of cheque, cash or in some cases a deposit bond. Our lawyers can negotiate a smaller deposit if necessary.
- Sign Contract. Once contracts have been signed, are identical in terms, deposit paid & contracts exchanged with the vendor, exchange has taken place and both purchaser & vendor are now legally bound to the contract.
- Order necessary property & title searches to ensure that you obtaining ‘proper title’ to the property. Our lawyers will advise on the searches and any affectations.
- Serve Requisitions on Title to Vendors Solicitor/Conveyancer
- Sign Mortgage documents & send to your lender. Our network of brokers can assist.
- Respond to any requisitions from lender to ensure funds will be ready for settlement.
- First Home Owners Grant & stamp duty exemptions if applicable. Our Lawyers will assist you with this.
- Prepare Transfer and arrange for payment of stamp duty (if applicable).
- Prepare settlement figures making relevant adjustment for items such as council, water, strata & other levies.
- Obtain cheque directions and advise you and your lender on the cheques required for settlement.
- Arrange Final Inspection of the property prior to settlement. This should be done through the agent (if there is one, otherwise directly through vendor). It is recommended that you inspect the property at least 24 to 48 hours prior to settlement. If there are any issues our lawyers will assist.
- Final Title Search to ensure no adverse affectations.
- Attend settlement on your behalf & ensure that all title documents are in order.
- Provide necessary funds as per cheque direction to vendor.
- Report to you & the agent that settlement has taken place. The keys are yours!
- Lodge Title Deeds with Department of Lands if no lender & send the original deeds to you once registered.
Free Property Guide
Click here to obtain a free “stress-free” guide to purchasing a new property.
Office of State Revenue for stamp duty, calucators, first home owners, land tax www.osr.nsw.gov.au
Now that you have decided to sell your property there are still important steps to consider but we will guide you through the process and keep you informed.
Before a property can be advertised for sale a Contract of Sale with the prescribed documents attached is required. Our lawyers can generally prepare the contract within 24 hours of receiving instructions.
- Obtain Title searches & any other affectation listed on title;
- Obtain Deposited Plan, Strata Plan and or Community Plan as the case may be;
- Obtain certificate issued by the Local Council under s 149 (2) of the Environmental Planning & Assessment Act 1979;.
- Obtain sewerage connections diagram.
- Provide copy of sales contract to selling agent.
By now you have agreed on the price to sell your property. Our lawyers will now prepare the final draft of the sales contract and liase with the selling agent and the purchaser’s solicitor with respect to any amendments. Once we have your approval, we will arrange for you to sign the contract. Upon receipt of the Purchaser’s signed contract and deposit we will attend to exchange.
If there is a mortgage on title our lawyers will arrange for the discharge authority to be sent to you so your outgoing mortgagee can prepare the discharge of mortgage.
- Transfer to be signed;
- Reply to requisitions on title;
- Obtain s 109 certificate (information in relation to levies if strata unit);
- Obtain settlement figures from the purchaser’s lawyer;
- Confirm payout figure on your mortgage;
- Advice cheque details.
- Attend settlement on your behalf. Our lawyers will obtain the title deeds from your outgoing mortgagee. Upon receipt of the settlement funds the deeds will then be released to the purchaser and or his incoming mortgagee.
- Receive order on the agent so that your deposit can be released.
- Report to you & the agent that settlement has taken place.
Now that you are settled in to your new home or have acquired other property have you considered making a will? Or do you require a power of attorney?