You’ve spent months searching and have finally found the property of your dreams. What next?
As soon as you find a property that you’re interested in, ask for an electronic copy of the contract from the agent, fill in our online form and we’ll review it for free.
We’ll let you know if there are any clauses in the contract that need amending or anything else that you should be aware of before placing an offer.
Of course, you are under no obligation to use our conveyancing services or purchase the property.
Once we know what is required for your conveyancing, we can advise you the professional fee and let you know about any other disbursements that you can expect along the way.
Conveyancing costs are comprised of two elements:
1. Professional Fee: This covers absolutely everything we do to manage your conveyancing, including:
Reviewing the contract and negotiating with the vendor’s solicitor for any amendments
Arranging building and pest inspections
Examining the strata inspection report (if applicable)
Looking after the formal exchange of the Contract of Sale
Arranging the payment of stamp duties
Ensuring that any outstanding arrears from the current owner are paid before you take possession (e.g. council or water rates).
Find out if any government authority has any current or future interest in the land.
Find out any information that may not have been previously disclosed (such as illegal building work)
Calculating adjustments for council and water rates for the property settlement
Liaising with your financial institution to arrange settlement
Attending settlement with the vendors conveyancer and your financial institution
Overseeing the change of title with the Department of Lands
2. Disbursements: Disbursements are the out-of-pocket expenses incurred by us in completing your conveyancing. We pay for these on your behalf and include them on our final invoice. A few examples of disbursements include searches (council, water, land tax), building and pest inspection reports and the settlement fee.
Step 1: Contract Review
Before you place an offer or pay a holding deposit, request a copy of the contract from the real estate agent and fill out our online form with all the details. We will review the contract for you for free and advise you on the next steps. If you decide to go ahead with the purchase, we will then assist you in obtaining any necessary inspection reports, negotiate with the seller’s conveyancer on any contract amendments and get you ready to exchange.
Step 2: Exchange of Contracts
If your offer is accepted, we will then look after the ‘exchange of contracts’. At this stage, two identical contracts are printed. One contract is signed by you, and the other is signed by the vendor. These contracts are then ‘exchanged’ so that each party holds the contract signed by the other party. You will pay the deposit (usually 10 percent) and the contracts will be dated. This is the moment the sale becomes binding.
Step 3: Settlement
Once the contracts have been exchanged, we will continue to guide you through the legal process, let you know what you need to do and when it needs to be done. We will liaise with the real estate agent, the vendor’s conveyancer and your lender to make arrangements for settlement. Settlement usually occurs 4-6 weeks after contracts have been exchanged. It’s the day that you or your financier pay the outstanding amount on the property and the day that possession is given to you. After settlement, we will obtain a copy of the Certificate of Title – the legal document that proves that you own the property.