We offer a complete conveyancing service to our clients which includes:
- Residential – agent and private sales;
- Land Division;
- Title Transfers from one person’s name into another’s or into joint names;
- Transfers of Ownership to Self-Managed Superannuation Funds;
- Transfers of Ownership to Family Trusts; and
- All other areas of Conveyancing
When you are signing any documentation concerning land transfer you get to speak to a lawyer at no extra cost. This benefits many clients who need legal advice with respect to the transaction or process.
These transactions are usually dealing with significant assets, often the most valuable asset that you own. You need to make sure that you get the right legal advice and service to such a large and important transaction. We provide value to our clients because we can provide both legal advice as as well as a conveyancing service at no extra cost.
What is Conveyancing?
Conveyancing is the transfer of property from one legal body to another. Where the transfer includes an interest in land, like a transfer of a house or a lease or a mortgage, the transfer must be registered at the Land Titles Office.
Whoever is receiving the interest in land can register the transfer if they know how to. If not, which is the usual situation, conveyancer or lawyer is engaged to do the work of registering the transfer and passing any other items of property involved in the transaction to the buyer.
When you decide to buy or sell a house or land or a business, a contract is prepared. Arrangements are made for the registration of the transfer, and for the adjustments of rates, taxes and so on. All appropriate government bodies are notified. On the date stated in the contract, the purchase price is paid in the property transfers to the buyer: this is called ”settlement”.
Selling a Property
Most owners use land agents to sell their properties. Land agents charge professional fees calculated on the sale price.
The land agent will prepare the contract for the sale for the property once the buyer is found. The contract will be signed by the buyer first and then by you. After the contract has been signed the land agent will ask you which conveyancer or lawyer you wish to use to register the transfer and handled settlement. The conveyancer or lawyer then handles the matter for you until it is completed.
In the rare case where you have already found a buyer you do not need a land agent you only need a conveyancer or a lawyer.
Buying a Property
If you are buying a property the contract should be worded to suit your special requirements.
- If you are borrowing money to buy the property the contract should be subject to the finance you require.
- If you require council approval to use the property for a particular purpose, the contract should be subject to getting that approval.
- If you want the property inspected by an architect or builder, the contract should specify that it is subject to those matters.
- If you want the property inspected for white hands or other pests the contract should be subject to getting a satisfactory pest controllers report.
Before signing a contract you should always get legal advice about it. If you have already signed the contract and are worried about what your obligations are please contact us immediately.
The property will be at your risk from the time the contract is signed and you should ensure it immediately. If the property were to be damaged by fire, for example, after the signing of the contract, the loss would be your loss.
Some builders and developers sell land on contracts containing special terms which may be:
- if a house is to be built on the land, it must be built by this seller;
- that a house must be built within a limited time period; or
- restrictions on the type of building that can be built on the land.
These contracts contained terms that may be unfair or not wanted by the buyer. You should get legal advice before entering into a contract of this type
Most buyers have a right for a few days after the contract is signed to say they don’t want to go ahead with the purchase. This is called “cooling off”. Companies do not have this right. During this period, you can cancel the contract by giving written notice to the seller or the land agent.
Both the buyer and seller pay fees and various government charges. As a rough guide to purchase a $250,000 property in the 2012/2013 financial year the following fees are payable:
Payable by the seller
|land agent’s commission||$7500|
|conveyancer or lawyer||$650|
|register mortgage discharge||$121|
Payable by the buyer
|conveyancer or lawyer||$650|
|registration fees on transfer||$1556|
Plus bank fees, GST and disbursements