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Conveyancing is simply the process of transferring the title of property from one person to another. APT Conveyancing will ensure that you understand the process from start to finish by explaining each step.
A Section 32 (also known as a Vendor's Statement) must be provided to a potential buyer BEFORE a Contract of Sale is signed.
Included in the Section 32 is detailed information on council rates and charges affecting the property, zoning, building approvals for the last seven years and location of any easements.
If you are selling your house APT Conveyancing can prepare your Section 32 and forward it to your Real Estate Agent prior to the sale of your property.
A Contract of Sale is drawn up by the Real Estate Agent once the purchaser and vendor have agreed on a price. Usually the Contract of Sale will state that a 10% deposit is to be paid within two weeks with the balance to be paid on the settlement date.
The Contract of Sale can include special conditions that the purchaser specifically requests. These may include a building inspection or removal of rubbish. There may also be a finance clause whereby the purchaser must show that they have written home loan approval by a defined date.
If the Contract of Sale is subject to finance, then it is the purchasers responsibility to ensure that every effort is made to obtain finance approval by the specified date.
If finance approval has not been granted by the specified date, an extension may be applied for under certain circumstances. If the finance is subsequently declined, the contract will end and the purchaser will receive a full refund of their deposit.
However, if the Vendor does not receive any written advice as to whether the purchaser's finance is approved or declined by the specified date, then the Contract of Sale becomes unconditional. This means the purchaser will have to go through with the contract whether finance has been approved or not.
If a Contract of Sale has been signed subject to finance, please advise APT Conveyancing immediately. We will ensure that everything runs smoothly from the day the Contract of Sale is signed through to settlement.
Mortgage brokers help to unravel the lending jargon and guide borrowers towards making the right decision to suit their home loan needs.
A mortgage broker represents a broad panel of lending institutions providing borrowers with an opportunity to compare and customise their home loan to meet both immediate and long term financial and lifestyle objectives. One of APT Conveyancing's Buyer's Choice mortgage brokers can make a free home or office visit at a time convenient to the customer. They will be armed with up to date information from the lending institutions and can tailor a home loan on the spot to suit the client's needs.
The Deposit must be paid by the date specified on the Contract of Sale.
The deposit is held in trust by the Real Estate Agent until settlement. The vendor may be able to access their deposit early by contacting APT Conveyancing to prepare a Section 27 on their behalf.
Section 27 of the Sale of Land Act states that the deposit on a property is to be held in trust by a Real Estate Agent or Solicitor. Under certain circumstances APT Conveyancing can organise the early release of your deposit if you are selling your house.
We will prepare the Section 27 and request verification from the Vendor's lending institution (if applicable) to the accuracy of the contents in the Section 27. Information relating to the balance of the Vendor's mortgage and the interest rate payable will need to be gathered.
The purchaser has 28 days from receipt of the Section 27 statement to agree to or decline the early release of the deposit to the vendor. APT Conveyancing can peruse the Section 27 for the purchaser and notify whether it is advisable to agree to the early release of the deposit.
The Real Estate Agent will deduct their commission from the deposit before it is released.
Requisitions on title are a series of questions relating to a title. The purchaser's conveyancer has 21 days from the signing of the Contract of Sale to make the requisitions. The purpose of the requisitions is to uncover any details not disclosed in the Section 32. APT Conveyancing can deal with any queries you may want cleared up before or straight after signing the Contract of Sale.
When a property is sold, the purchaser and vendor must both sign a Transfer of Land contract. This document transfers the ownership from the vendor to the purchaser when lodged at the State Revenue Office.
Statutory Declaration of Chattels
This document confirms the price paid for the property. Its purpose is to declare to the State Revenue Office that the vendor has not sold any other goods along with the property that may also be liable for stamp duty.
Disbursements are monies paid to the Local Council and the Titles Office to enable APT Conveyancing to gather relevant information on the title to your property. This is required to prepare a Vendor's Statement if you are selling your house, or to verify the particulars held in a Vendor's Statement if you are buying a house or land.
The cost of your disbursements will be covered by your fixed price fee to APT Conveyancing.
A Statement of Adjustments is made before settlement to ensure that the Vendor pays their Local Council Rates and Water Rates right up until settlement date, with the purchaser paying from settlement date until the next charging period. A breakdown of payments made to all parties eg. the bank, vendor, council are included in the statement of adjustments which APT Conveyancing will forward to you prior to settlement.
A mortgage is lodged on a title when it is being used as security for a home loan. The mortgage can only be removed by the lending institution authorising a Discharge of Mortgage. The mortgage will need to be repaid before a Transfer of Land contract can be lodged. APT Conveyancing will arrange for any mortgages to be repaid prior to settlement.
When selling your house, APT Conveyancing will contact the lending institution responsible for the mortgage on the property. The balance owing on the mortgage (if any) must be repaid using the sale proceeds before the lending institution will issue a discharge of mortgage. All remaining funds will be payable to the vendor.
The lending institution will require a "Discharge Authority" to be signed which can be arranged by APT Conveyancing on your behalf.
The settlement date is specified in your Contract of Sale and is the day that the purchaser takes possession of the property.
The parties involved in the settlement process are the purchaser's lending institution, the purchaser's conveyancer, the vendor's lending institution and the vendor's conveyancer. These parties meet at a mutually convenient time and place on settlement day to finalise the transaction. The purchaser and vendor are not required to attend settlement.
Once settlement has been effected, all related parties will be contacted. If you are buying a house you will be able to collect the keys to your new property from your Real Estate Agent. If you are selling your house we will disperse your funds as directed.
APT Conveyancing will organise a Notice of Acquisition if you are buying a house. This will be forwarded to the State Revenue Office, Local Council and relevant Water Board upon settlement informing them of the change of ownership.
If you are selling your house APT Conveyancing will organise a Notice of Disposition. This will be forwarded to the Local Council and relevant Water Board upon settlement informing them of the change of ownership.
The Certificate of Title is issued by the Registrar of Titles. It contains title particulars which is evidence that you own that land and any improvements thereon.
Each title has its own Volume and Folio number that identify it. These numbers are the title particulars and can be found in the top right corner of your title.
There are two types of co-ownership.
Joint Ownership is the most common choice. If the title is owned as joint owners then each party has an equal share. If one of the owners passes away then all ownership is automatically transferred to the surviving party irrespective of what is stated in the deceased will.
Ownership in Common is usually the choice of unrelated parties. If the title is owned as Tenants in Common then each owner has a share in the property, be it a half share each or one tenth share. In the event of one of the owners passing away their share in the property goes to whoever they have directed in their will.
A covenant may be lodged by the original owner on a title and usually requires the land to be used in a particular way. For example, a covenant may require that only a single story dwelling may be built or that all buildings must be brick.
An easement is an area or strip of land on a property which is used by someone other than the land owner. It will be shown on your title and may be inside your property boundary. It is normally used for drainage, sewerage or electrical wiring. You are normally not allowed to build over easements but you can apply to the relevant board to gain approval for any building works.
Stamp Duty is charged by the State Government whenever you purchase land. If you are borrowing money for your purchase your lending institution will collect all Stamp Duty and registration costs. If you are using your own money for the purchase APT Conveyancing will lodge the documents on your behalf. If you have any questions in relation to the amount of stamp duty charged please don't hesitate to contact APT Conveyancing.
