Conveyancing is the process under which the ownership rights of an estate of land is transferred from seller to purchaser.
The primary role of the conveyancer is to ensure that the property is transferred to the new owner free of any other interests. Secondary to this the conveyancer co-ordinates on time settlement of the transaction by liaising with each of the relevant parties (the vendor and his/her conveyancer, lender, real estate agent, and the purchaser and his/her lender, and the settlement agent).
The conveyancing process starts on the signing of the contract of sale and concludes with the successful post settlement Registration of the Certificate of Title.
When acting for a purchaser who has signed a contract, the conveyancer undertakes the following:
1. Conducts a Title search to obtain up to date information as to a. the registered owner of the property b. encumbrances registered on title, and; c. any dealings affecting the Title but not yet registered.
2. Investigates ‘Off Title Restrictions and Interests’ including but not limited to: a. Zoning (permitted use) b. Rates & outgoings c. Road proposals via Vicroads d. Heritage e. Land Tax f. Building approvals
3. Review & validation of the Section 32 Vendor’s Statement & The Contract
4. Manage Section 27 Deposit Release request
5. Arrange for discharge of the vendor’s mortgage and any caveats over the property prior to, or at settlement.
6. Provide a Statement of adjustments covering apportionable outgoings to be paid at the day of settlement.
7. Preparation of Transfer of Land documentation
8. Co-ordination of final inspection
9. Co-ordination of the settlement appointment. 10. Attends settlement and the exchange of documents.
Post settlement the conveyancer:
1. Prepares a Notice of Acquisition for the local Council and water authority.
2. Completes Title registration
3. Co-ordinates payment of Stamp Duty.
Thanks to Craig Hemer