A conveyancer is a legal professional that will assist you in completing and providing advice in any property transaction. Your conveyancer is responsible for acting on your behalf in relation to the legal side of your property transaction. These transactions may include:
- Selling or buying a property;
- Transferring property;
- Registering and discharging of a mortgage;
- Plan of subdivisions and
- Registering and withdrawal of caveats.
Your conveyancer will work towards meeting all contract date deadlines and ensure that you are aware of all of your legal obligations and you should feel comfortable and well informed at all times during the process.
For a purchaser, your conveyancer will review your contract prior to you signing (read our previous article about why you should have your contract reviews before signing) and negotiate any terms you wish to amend in the Contract. For a Vendor, they will prepare your Contract of Sale and Section 32 Vendors Statement as per your instructions.
Another component is that they will conduct all relevant searches and investigations that are applicable to your property. This is called “due diligence” and ensures that there are no red flags in relation to the property and all disclosure had been made.
Closer to settlement date, they will prepare all the relevant documents for your signature and advise you of important updates. They will also communicate and inform you and your bank (if applicable) of settlement requirements.
The week leading up to settlement, a statement of adjustments is prepared. A statement of adjustments is a document prepared by the purchaser's conveyancer that sets out how various rates and taxes will be apportioned by the vendor and purchaser based on the number of days each party is occupying the property in that rating period. Your conveyancer will supply you with a copy of this prior to settlement and explain your obligations in this regard.
Around this time, you will also be informed of figures such as your discharge of mortgage amount, agents fees, stamp duty and transfer fees (where applicable). Your conveyancer will advise if you are required to transfer funds to their trust account and the amount required. Once all this is in place, your settlement will be ready.
Your conveyancer will set up a PEXA (Property Exchange Australia) workspace for your electronic settlement and attend to the transfer documents withing the workspace. This is where all parties, including the Vendors representative, the purchaser’s representative, any incoming bank and any discharging banks will all be present and PEXA registered for the electronic settlement to take place. Your conveyancer will update you on the progress of all things in the workspace and advise you, the agents and rating authorities once settlement has taken place.
Once you are ready to make your next exciting property venture, ensure you contact our offices to guide you through a seamless process with a positive and exciting outcome! Call us today on 03 9743-1333 or email .