Most buyers are unfamiliar with the finance process and what documents they will be signing.
For a competitively priced fee, our solicitors will provide advice on loan and mortgage documentation which your financier requires you to sign.
CONVEYANCING LEGAL COSTS EXPLAINED
Understanding conveyance and legal costs when buying is a critical first step in making the right choice for the correct solicitor to suit your transaction.
Your purchase involves professional legal fees, search costs and Government charges, namely transfer registration fees and transfer duty.
While some property buyers contemplate undertaking the legal aspects of a property purchase themselves, it is generally recommended that buyers seek the advice of a solicitor.
The conveyancing process (the legal aspects of buying and selling a property) can be extremely complicated, particularly in light of shifting legislative requirements. The good news is that a solicitor can steer you around the potential legal pitfalls that may arise when buying property.
Don’t be fooled into thinking you can handle a property transaction yourself. An experienced solicitor can safeguard against hidden problems you may face along the way, and ensure that you are carrying out the necessary property searches and accessing any duty concessions or exemptions which may be available.
CONVEYANCING PROCESSES ON A STANDARD CONTRACT
We conduct the following common conveyancing procedures on a property purchase to earn our fees:
Reviewing the contract of sale: Our first role is to review the contract and communicate the terms and conditions to our client. This includes references to the contract particulars, the use of the property; any special conditions, including timing deadlines; purchase price and settlement date; deposit and payment date; matters relating to the title (i.e. references to land covenants, easements and so forth).
Supplying a Costs Estimate: This is confirmation of our fee for the standard conveyancing procedures, and fees for any variations that may be applicable. It also include references to other out-of-pocket expenses including title and other property searches, certificates or meter readings.
Conducting property searches: We will carry out all standard conveyancing property searches and investigations and advise you of the results, together with your rights in relation to those results;
Drawing up a Transfer of Land: Once your Contract is unconditional, we prepare the land Transfer documentation which will eventually register the property in your name. The seller signs this document and returns it to us pending the settlement date.
Supplying copies of signed documents to the financier: This includes the contract of sale, Transfer of Land and search results, which allow the mortgage to be arranged. May witness the purchaser signing the mortgage documents, however a fee will apply if you require legal advice.
Lodging a Priority Notice with the land authority: This protects the purchaser’s incoming interests in the land until such time as the Transfer registers.
Preparing a Settlement Statement (adjustment of purchase price for rates, outgoings and other charges): This gives the borrowing party understanding of the financial impacts of the transaction.
Arranging settlement with all parties: We represent the purchaser at the settlement with the purchaser’s financier and the vendor’s representatives.
Arranging payment: We will liaise with the purchaser to determine funds available for settlement, and attend to any arrangements regarding the provision of funds for settlement.
Post- settlement: We will attend to notifying the Council of the change of ownership, lodge your Transfer for registration (usually a financier collects the Transfer at settlement and is responsible for registration), provide you with written confirmation of the settlement, and liaise with the agent for the release of keys and deposit to the seller (unless received at settlement).
WITHIN OUR SCOPE
Some conveyancers deem the following tasks outside the scope of normal conveyancing: the completion of government forms for stamp duty assistance (for example, when applying for a first home buyer concession or a pensioner concession); changes to any contract terms and conditions; nomination of an additional or alternative purchaser; and lodging a caveat to protect buyer interest. We do it all.