Welcome to Conveyanceology

Conveyancing is the legal process involved in transferring property ownership from one party to another. It encompasses several key steps, starting with the preparation of legal documents, including contracts of sale and transfer forms. During this process, a conveyancer conducts property searches to identify any potential issues, such as liens or zoning restrictions, that may affect the property’s value or usability. Once both parties agree on the terms, contracts are exchanged, making the agreement legally binding. The final stage, known as settlement, involves the transfer of funds and the official transfer of ownership, which is then registered with the relevant land registry authority. A conveyancer plays a crucial role throughout this process, ensuring that all legal requirements are met and protecting the interests of their client.

A conveyancer is a legal professional who specializes in the transfer of property ownership. Their main responsibilities include: Document Preparation: Drafting and reviewing legal documents, such as contracts of sale and transfer forms. Property Searches: Conducting searches to identify any potential issues with the property, including title problems, planning restrictions, and outstanding debts. Communication: Acting as a liaison between buyers, sellers, real estate agents, and mortgage lenders to facilitate the transaction. Contract Management: Ensuring that all terms of the contract are met and managing the process of contract exchange. Completion: Coordinating the final steps of the sale, including the transfer of funds and ensuring that ownership is properly transferred. Registration: Handling the registration of the property transfer with the appropriate land registry. Overall, a conveyancer helps ensure that the transaction is legally sound and protects the interests of their client throughout the process.

You should consult a conveyancer at several key stages in the property buying or selling process: Before Making an Offer: It’s helpful to consult a conveyancer to understand the legal implications and ensure you're aware of any potential issues with the property. Once Your Offer is Accepted: As soon as your offer is accepted, engage a conveyancer to begin the process of drafting contracts and conducting property searches. During Contract Review: A conveyancer can help you review the contract of sale, explain the terms, and identify any conditions that may need negotiation. Before Settlement: They will assist in preparing for settlement, ensuring all necessary documents are in order and that you understand the financial obligations. If Issues Arise: If any legal issues or disputes come up during the transaction, a conveyancer can provide guidance and help resolve them. Overall, involving a conveyancer early in the process can help ensure a smooth and legally sound transaction.

Settlement is the final stage of a property transaction where the transfer of ownership from the seller to the buyer is completed. This process ensures that all legal and financial obligations are fulfilled before the buyer officially takes possession of the property. Settlement is the day when your purchase is finalized, and the funds are exchanged for the property's title. If you're buying a home, this is when you'll receive the keys. Settlement typically takes place within 30 days after the contract exchange. You don't need to attend the settlement; we will handle everything for you.

The deposit that a purchaser must pay will be outlined in the Contract. This amount should be deposited into the agent's trust account or, in the case of a private sale, into the vendor's conveyancer or solicitor's trust account. Typically, the deposit is due at the end of the cooling-off period. If you're purchasing at auction, you'll need to pay the deposit on the auction day itself.

Our conveyancing fees can vary based on the specifics of your transaction. For a detailed quote tailored to your situation, please email us, and we'll be happy to provide you with the information you need.

Yes, conveyancers typically have professional indemnity insurance. This insurance protects them against claims arising from errors or omissions in their professional services. It provides financial coverage in case of negligence, misconduct, or other issues that could lead to legal action from clients. This insurance is an important aspect of ensuring that both the conveyancer and their clients are protected throughout the conveyancing process.

Stamp duty must be paid when purchasing a property, and it is calculated based on the purchase price specified in the contract. For private sales, stamp duty is determined by the capital value of the property or the purchase price in the contract, whichever amount is higher. In certain circumstances, buyers may qualify for an exemption or a reduced rate. Please contact our office to discuss your specific situation. Stamp duty is due at settlement. It's a crucial part of the transaction, so make sure you're prepared for it.

When buying a property, you will need to pay a Transfer Registration Fee to Land Services SA, in addition to stamp duty. This fee is calculated based on the property's purchase price and must be paid at settlement.

A Form 1 Vendor Statement is a legal document required in South Australia that provides essential information about a property being sold. It is prepared by the vendor (seller) and must be made available to potential buyers before they sign a contract. The statement includes key details such as the property’s address, title information, and ownership details, along with any encumbrances like mortgages or liens. It also outlines land and zoning information, which can affect how the property may be used, as well as a list of items included or excluded in the sale, such as appliances. Additionally, the Form 1 discloses any known issues with the property, including easements, caveats, or disputes that may arise. By offering transparency, the Form 1 Vendor Statement helps buyers make informed decisions and is an important part of the conveyancing process.

Conveyancing adjustments are financial calculations made during the property settlement process to fairly allocate ongoing expenses between the buyer and seller. These adjustments typically cover costs such as council rates, water rates, and land tax, ensuring that each party pays only for the period they own the property. In properties governed by a strata or community scheme, body corporate fees may also be included in the adjustments. By carefully calculating these costs, conveyancing adjustments ensure a smooth transition of ownership and financial responsibility, protecting the interests of both parties involved in the transaction.

The main difference between joint tenants and tenants in common lies in how property ownership is structured and what happens upon the death of one of the owners. Joint Tenants: Ownership: All owners have equal shares of the property, and they jointly own the entire property. Right of Survivorship: If one owner dies, their share automatically passes to the surviving owner(s) rather than going through probate. Unity of Possession: All joint tenants have an equal right to possess and use the entire property. Tenants in Common: Ownership: Each owner can hold different shares of the property, which may be equal or unequal. No Right of Survivorship: If one owner dies, their share of the property does not automatically pass to the other owners; instead, it goes to their heirs or as directed in their will. Unity of Possession: All tenants in common also have the right to use and possess the entire property, but their ownership interests can vary. In summary, the choice between joint tenancy and tenancy in common impacts ownership rights and what happens to the property upon an owner's death.

Title insurance is a type of property insurance for buyers and homeowners providing you cover for the lifetime of your ownership of the property for a one-off fee. It protects your ownership and use of the property by guarding against certain risks that may cause loss or affect the ownership.

Purchasers of properties valued at over $750,000 are required to withhold 12.5% of the purchase price and pay that amount to the ATO after settlement, unless the seller provides a Clearance Certificate from the ATO before settlement. For Australian residents selling a property, it's essential to obtain a Clearance Certificate from the ATO prior to settlement to avoid the 12.5% non-final withholding tax. This certificate should be obtained for each owner as early as possible. You can apply for a Clearance Certificate at: ATO Clearance Certificate Application. These certificates are free and remain valid for 12 months. If you're selling a property, we can assist you with the application process. If you're buying, we will request the Clearance Certificate from the seller, and if it is not received before settlement, we will remit the 12.5% withholding to the ATO on your behalf.

You may have already discussed pre-approval with your bank or a broker before making an offer on a property. Even if you have pre-approval, it's crucial to make the contract subject to finance approval, as the bank will need to conduct a valuation of the property before agreeing to accept it as security for a loan. Once the contract is signed, be sure to forward a copy to your banker or mortgage broker. They will then initiate the finance application and valuation process. If you don’t have a banker or broker in mind, we can recommend some excellent options for you.

If you have informed the real estate agent that we are acting on your behalf, they will send a copy of the contract to us. Once we receive the contract, we will review it and contact you to discuss it. There are some time-sensitive matters you should be aware of: 1. Payment of the Deposit: the deposit is usually payable at the expiry of the cooling off period, unless a different timeframe is specified in the contract. If you do not pay the deposit by the required date, the seller may have the right to terminate the contract. It is essential to pay the deposit according to the terms of the contract. 2. Cooling-Off Period: this period starts when you receive the Form 1, this may be at the same time as the Contract, or after, as follows: (a) If the Form 1 is served on you before the making of the contract – before the end of the second clear business day after the day on which the contract made; or (b) If the Form 1 is served on you after the making of the contract – before the end of the second clear business day on which the Form 1 is served. 3. Insurance: The property will be at the risk of the purchaser from the time you sign the contract. We recommend arranging insurance coverage immediately to ensure you are adequately covered.

We are happy to have a chat with you over the phone prior to you signing a Contract. If you cannot wait to speak to us, we recommend you consider making the Contract subject to finance approval and building and pest inspections.

From 1 July 2018, buyers of new residential premises, including new residential land, are required to withhold and pay the seller’s GST liability to the ATO at settlement. The seller must notify the buyer if the property being sold falls under the GST Withholding Regime. This new regime aims to combat a practice where developers complete residential projects and then declare insolvency to avoid paying the necessary GST from their sales. Rest assured, if your transaction is subject to this new law, we will ensure that the appropriate amount is withheld and paid to the ATO on your behalf at settlement.

Other fees to consider in your conveyancing transaction include stamp duty, government charges, adjustments for rates and taxes, and PEXA fees. These costs are specific to your transaction and will be calculated before the settlement date. It's important to factor these expenses into your overall budget to ensure a smooth process.