Purchasing

What is conveyancing?

It is everything involved in transferring the Title of real property from a Vendor to a Purchaser. It begins with negotiating the Contract of Sale and continues until the new transfer has been registered at Land Use Victoria (aka Land Titles Office).

Making an Offer:

You submit your offer to the Vendors Real Estate Agent once you have decided on the property you wish to purchase. The Real Estate Agent will provide you with a Contract that you must have carefully reviewed so you can fully comprehend its terms and conditions. Contracts contain terminology that is too risky to interpret without adequate legal knowledge. This is why it is crucial to engage a Licensed Conveyancer to review prior to signing a Contract. When you have signed the Contract and made the offer, the Real Estate Agent will take it to the Vendor to consider and approve.

Once the Contract has been signed by all parties a legal and binding Contract in place.

Conveyancing Work:

Once conveyancing is initiated, we will assist you through every stage until final settlement and conduct a comprehensive examination of the property being purchased.

This involves a lot of work which includes:

• checking for encumbrances and restrictions on the property,

• applying for a full set of Rate and Planning certificates affecting the property,

• ensuring compliance with any special conditions specified in the Contract,

• Co-ordinating the payment of fees and government duties,

• preparing all legal documents,

• arranging for the final settlement

This thorough process typically takes 4 to 6 weeks, constituting a significant portion of the conveyancing timeline.

Paying the Deposit:

When it is time for you to pay the deposit the payment is most commonly paid to the Real Estate Agent who holds the deposit on behalf of both parties to the Contract until the monies can be released to the Vendor.

The Real Estate will inform you of their trust account details for the deposit to be paid.

You must pay the deposit on the specified date shown in the Contract to avoid potential legal actions by the Vendor.

Purchaser Obligations:

There are several responsibilities that must be fulfilled during the conveyancing process. These include:-

• securing insurance before the property is transferred into your possession

• obtaining appropriate finance for the property (if applicable)

• to have stamp duty paid upfront and those monies available at the time of settlement

Pre Settlement Inspection:

You will have the opportunity to inspect the property again before settlement takes place.

If the inspection reveals any problems with the property that were not there at the time you signed the Contract a decision will need to be made on how you proceed.

These issues must be raised immediately with us so we can advise you of your rights and, if necessary, negotiate with the legal representative of the Vendor before finalising settlement.

It is so important for you to undertake a very thorough inspection BEFORE you sign the Contract to avoid any issues when you inspect before settlement.

Contact Us:

The process of purchasing a new home can be lengthy and complex.

Contact us on 03 9729 3512 allowing our Team to provide you with invaluable assistance in walking you through the process and simplifying numerous steps to prevent issues and problems for you.