Buying a Property Selling a Property Conveyancing Costs

Our Conveyancing Services

Buying or selling a property can often involve some of the most important financial decisions you will make during your lifetime.

As Solicitors, we have the experience knowledge and skills to ensure your sale or purchase runs smoothly and swiftly and that your interests are fully protected.

Our commitment to providing you with exceptional service includes going out of our way to achieve your deadlines, keeping you up to date with progress and explaining your matter in “plain English”.

Best of all, for each conveyance we offer “Free Wills” for two. (conditions apply)

If you are selling, contact us before signing an “Agency Agreement” with a Real Estate agent. We can advise you regarding the transaction and the appropriate precautions to protect your interests.

If you are purchasing, contact us before you sign a Contract. Don’t be pressured into signing a Contract subject to a “Cooling Off” provision. Talk to us first. It is important to get legal advice prior to signing a contract. This could avoid a lot of unnecessary hassles.

What steps are involved when I buy a property?

Once you have found the property that suits you, a part deposit is usually paid to the agent. This shows your genuine interest in the property but does not guarantee the property will be yours - further steps are required before that happens.

We arrange to meet you to explain the procedures involved, answer your questions, discuss First Home Owner Grants, any exemptions from Stamp Duty and clarify all costs. We will also discuss with you your requirements for our “free Wills” offer. You will need to allow approximately 1 hour for this meeting.

If you wish, we can arrange Building & Pest Reports for the property and if you are buying a Strata Title property, a Strata Records Report is highly recommended.

Following the Agents “sales advice” the seller’s solicitor will send the Contract to us. We will then contact you to arrange a time for us to explain it to you in detail and for you to sign it.

We then send the copy of the Contract signed by you to the seller’s solicitor to initiate exchange.

The full deposit (usually 10% of purchase price) must be paid on or prior to exchange of Contracts and is usually paid to the Real Estate Agent.

Exchange of Contracts is completed when the seller signs and dates the original of the Contract and it is sent to us. Settlement usually takes place 5 or 6 weeks from the date of the Contract.

A Purchaser of residential property (unless bought at auction) usually has a “Cooling Off” period of 5 business days from date of exchange of Contracts. A Purchaser who withdraws from the Contract forfeits 0.25% of the purchase price to the seller.

Following exchange of Contracts, we then attend to title searches and detailed enquiries relating to the property.

At this stage we can also arrange for a survey and Council Building Certificate if these are required.

If you are borrowing money for your purchase we contact the lender to arrange for documents to be prepared and ensure all requirements of the lender are satisfied.

If you are not a first home buyer, stamp duty will be payable on the Contract and Transfer and we will request this amount from you approximately three weeks prior to the settlement date.

Settlement is arranged and a settlement statement and tax invoice are prepared for you. After taking into account any loan moneys, we advise you of the amount required to complete the purchase.

You will need to arrange householders Insurance on the property before settlement, as insurance is your responsibility after settlement.

Prior to settlement we suggest you contact gas and electricity suppliers to transfer accounts into your name. Also arrange connection or transfer of the telephone and redirection of mail.

On the day of settlement: During the morning you should carry out a final inspection of the property (make arrangements for this with the Agent a few days in advance). We will later meet the vendor’s solicitor and representatives of the Mortgagees to hand over cheques in return for title deeds. We will advise you immediately settlement is completed. The keys can usually be collected from the Agent. After settlement: Registration of the property into your name will be arranged. The title deed will be held by the Bank or other Mortgagee until the loan is repaid. The Local Council, Water Board and Valuer General will be advised of the change of ownership.

Note:
These steps relating to buying a property are a general guide only in respect of residential property. Please contact us for detailed advice relating to your particular circumstances.

What steps are involved when I sell a property?

After you have made a decision to sell your property we will meet you to explain the procedures involved, answer your questions, clarify all costs and obtain your written authority to proceed. We will also discuss with you your requirements for our “free Wills” offer.

We then prepare the Contract for Sale and obtain the necessary Certificates and documents which must be included in the Contract.

A copy of the Contract is then sent to your Real Estate Agent to enable the property to be put on the market.

After receipt of a Sales Advice from the Agent, we complete the Contract and send the Counterpart to the purchaser’s solicitor.

Following return of the Counterpart signed by the purchasers we arrange for you to sign the original of the Contract.

The purchaser is required to pay the full deposit on or before exchange of Contracts. This is usually paid to the Real Estate Agent.

The Contracts are dated and we then send the original to the purchaser’s solicitor to complete the exchange of Contracts. Settlement of the sale is usually 5 or 6 weeks from the date of the Contract.

Unless purchased at auction, the purchaser is usually entitled to a cooling off period of 5 business days.

We then forward a request to discharge your mortgage to your Bank or Building Society.

The purchaser’s solicitor will send to us “Requisitions on Title” being a series of questions relating to the property - we will contact you to check the answers to these.

A Transfer document is then sent by the purchaser's solicitor. We will also contact you to call and sign this.

Settlement is arranged and a Settlement Statement and Tax Invoice are prepared for you.

A payout figure is obtained for your mortgage.

Prior to settlement we suggest you contact gas & electricity suppliers and your telephone service provider to advise of your move.

On the day of settlement: - The purchaser will in most cases carry out a final inspection of your property during the morning. This is usually arranged through the Real Estate Agent.  - We later meet the purchaser’s solicitor and representatives of mortgagees for cheques to be handed over in return for the Title Deeds. Your mortgage is usually paid out from the proceeds of sale. - Immediately after settlement we fax a letter to the Real Estate Agent confirming settlement. They will deduct their commission from the deposit held and then provide you with the balance.

Note:
These steps relating to selling a property are a general guide only in respect of residential property. Please contact us for detailed advice relating to your particular circumstances.

Welcome |  Our Services |  Conveyancing Shop |  Conveyancing Costs
Wills, Estates & Probate |  Articles |  FAQ's |  Links |  Contact Us

The information you obtain at this site is not, nor is it intended to be, legal advice.
You should consult a lawyer for individual advice regarding your own situation.

Copyright ©2003 by Woodgate Lawyers & conveyancers. All rights reserved.
This FirmSite™ created by Findlaw Australia