What is Conveyancing?
Conveyancing is the term given to legal process of transferring ownership from one owner to another. This process involves preparation, execution, verification, and lodgment of several documents.
What is a Conveyancer?
A conveyancer is engaged to assist in the sale or purchase of a property. They are qualified to provide expert advice and prepare the legal work in all matters of conveyancing.
When should I contact a conveyancer?
The earlier you contact a conveyancer, the better. For a purchaser, ideally, before you sign the contract of sale and for a vendor, once you know you want to sell your property. A conveyancer can educate you on your rights and obligations and prepare the legal work necessary to your position – as either a purchaser or vendor.
Why should I use a Conveyancer?
Conveyancing is a series of tasks that require both skill and knowledge. Any errors may cause the settlement process to be delayed or even enable the other party to terminate the contract. As such, we strongly recommend you to seek out a conveyancer as early as possible. A conveyancer is an expert in all matters relating to conveyancing and is a representative on your behalf. They work in your best interests when dealing with banks, agents and the other party’s representation.
How long does a Conveyance take?
There is no one answer fits all regarding this question because each and every conveyance is different, being highly dependent on the terms and conditions in the contract of sale. A conveyance usually starts before you sign the contract, through to when you move in or sell. This can take somewhere between six to eight weeks – but can be sometimes less or more.
What do we charge for our services?
As each transaction is unique, please contact us to discuss your needs and for a quote. Generally, our fees are payable at settlement and are disbursed from your settlement proceeds.
How to pay?
We have partnered with Rapid Pay to make it easier for you to pay your conveyancing fees. To do so, click on the ‘Payment’ section of our website, and follow the prompts.
Who is RapidPay?
RapidPay, operated by Rapid Financial Services Solutions Pty Ltd was launched in 2007 and is today used by hundreds of small law firms. RapidPay is the only Australian payment system specifically designed for small law firms – to find out more please visit www.rapidpaylegal.com.au
What is E-Conveyancing?
E-Conveyancing is a new movement in conveyancing where each stage of the process can be completed electronically rather than being paper-based. It is a more efficient, accurate and secure way to do conveyancing.
Do we use E-Conveyancing?
We are e-ready, here at Sandy. K Conveyancing.
What is a Contract of Sale?
A Contract of Sale is a legal binding agreement between a purchaser and vendor (seller) in the exchange of a property. The purchaser usually signs first, detailing their offer to the property and is binding once the vendor signs. This essentially means you both agree to the terms and conditions in the contract of sale.
The basic elements found in a contract of sale are: the name and address of both the vendor and the buyer
- details of the land
- chattels included in and excluded from the sale
- the price
- information about the deposit
- the settlement date
- any exceptions
- tenancy details – if the property is currently being rented
- conditions of the sale
What is ‘Cooling Off’?
‘Cooling off’ refers a purchaser’s statutory right to terminate the contract of sale. The defined period is two clear business days and commences as soon as both parties sign the contract of sale, and with receiving a complete and accurate Form 1 from the vendor. If a purchaser wishes to ‘cool off,’ they must give written notice within the two clear business days. This is to be done in person which means to physically hand the notice to the real estate agent or vendor either in person, registered mail or fax.
It is important to note that ‘cooling off’ does not apply to you as a purchaser if:
- you receive independent legal advice and hold a certificate from the legal practitioner to that effect
- you bid at auction and were successful, or purchased later that day
- the sale involves a tender or option to purchase
- you are buying a business plus a property
- the purchaser is a company
What is a Form 1?
When selling a property, a vendor must provide a document called a Form 1, or otherwise referred to as a Section 7 Statement, to the purchaser. It is a requirement under the Land and Business (Sale and Conveyancing) Act 1994 and is a formal statement outlining certain details relating to the property. It should be received within 10 business days of signing the contract of sale, and is an important document to read as a purchaser. The document must be complete and accurate when served to the purchaser.
What are ‘Special Conditions’?
The contract of sale allows for special conditions to be included. They are as such extra terms which may include, but are not limited to:
- Subject to finance
- Subject to sale of another property
- Subject to pest or building inspection
- Subject to certain specified repairs
A purchaser must fulfill any special conditions as if not, the contract will lapse and become unenforceable.
What is a ‘Search’?
As part of the conveyancing process, your conveyancer will carry out required statutory searches. A ‘search’ is a term used for the information obtained from relevant statutory bodies (including the South Australian Government and the local council) about the property you plan to purchase or sell. It is checked against the Contract of Sale and Form 1 to ensure the information provided in these documents are accurate.
What are ‘Adjustments’?
‘Adjustments’ refers to the rates, taxes, and levies on a property a vendor is compensated for through an adjustment to the purchase price. The vendor must pay rates, taxes and levies on a property up until and including the settlement day. After settlement, the purchaser is responsible. Sometimes these rates are paid for in advance, which means the vendor is paying for services beyond the settlement day. If so, the vendor is entitled to an adjustment to the purchase price. These adjustments will be calculated by your conveyancer.
- SA Water
- Emergency Services Levy
- Local Council Rates
- Bank Cheque fees for settlement