Conveyancing is simply the legal process of transferring the title of a property from one party to another

Buying or selling a property can be a complex process. A licensed conveyancer has the qualifications and experience to research the property, provide advice, prepare and lodge all relevant documents, ensure money is transferred and settle the property. Their sole focus is on the property and protecting your assets.

• A Section 32 Statement is also referred to as a “Vendor’s Statement”.
• Under the Sale of Land Act 1962 a Section 32 Statement must be given to the buyer, before the contract is signed.
• The Statement must include all important information regarding the property. This may include any easements on the property, recent building permits or approvals, all rates and charges etc.
• This Statement ensures that the purchaser is aware of anything that may affect the property before they proceed with the sale.

• A Title Search is required to ensure the seller is the registered proprietor of the property in order to complete the sale.
• A Title Search may also provide important information required for the Section 32 Statement.

A covenant may require that the purchased land only be used in a particular way. For example, what the dwelling is to be made of or how many dwellings may be built on the land.

An easement is an area on the property that has been set aside for use by someone else. You are not allowed to build over an easement without permission. For example, an easement may be granted to a utility company to run power lines or sewerage.

Settlement is the process of completing the conveyancing transaction.

Generally, the vendor and purchaser do not need to attend settlement. The parties in attendance are usually the vendor’s conveyancer and bank, and the purchaser’s conveyancer and bank. As of 1 October 2018, the vast majority of settlements occur online via the electronic system of PEXA.

The purchaser is entitled to obtain possession of the property once settlement has taken place. The vendor needs to vacate the property prior to the time that settlement is to take place.

As the settlement process is completed online using PEXA, the money will be deposited into the vendor’s nominated account immediately once settlement has taken place. Generally, the vendor should receive the money on the same day (depending on your bank)

• A purchaser may be entitled to end their contract by written notice. This is known as a “cooling off” period and lasts for 3 business days from the date the purchaser signed the contract.
• There are some exceptions to this where a contract cannot be ended:
  A. If the purchaser is a company or estate agent.
  B. If the purchaser and vendor recently signed a contract for the same property.
  C. The property was purchased at auction or within 3 days before or after an auction date.
  D. The property’s main purpose is not residential
  E. The property is used for farming or more than 20 hectares in size.

Stamp Duty is a tax charged by the State Government which is applied to transfers of property. The Stamp Duty is paid by the purchaser.

If you are borrowing money from the bank to assist with the purchase of the property, then the bank will usually deduct the stamp duty and any other government charges from the amount borrowed and will pay these on your behalf after settlement. If you are paying cash for your property, your conveyancer can make arrangements for payment for you.

You may use the Stamp Duty calculator to determine how much Stamp Duty you will have to pay.

• No, not everyone will have to pay Stamp Duty. Please ask your conveyancer if you are unsure whether this will apply to you
• Some exemptions or discounts may be available to:
  A. First Home Buyers (depending on the price of the house)
  B. First Home Buyers with dependent children
  C. Concession Card Holders
  D. Purchasers planning to occupy the property (not first home owners)

Water rates and land rates are generally adjusted at settlement so each party is responsible only for the period they owned the property.