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Why do I need to use a Conveyancer?
It is legal to do your own conveyancing. However, conveyancing work is technical and specialised, and if it is done incorrectly you could risk the settlement falling through or give rise to a court claim down the track. Engaging a conveyancing professional will save you time and give you peace of mind that your property transaction will be dealt with as the important event that it is.
What is involved in the process?
Conveyancers undertake the preparation and lodgement of a number of documents involved in your property transaction. They calculate the amounts due to various statutory authorities and adjust those rates between the incoming and outgoing property owners. For a more detailed look at the steps of the process, click here.
When should I speak to or engage a Conveyancer?
It is most common for people to engage a conveyancer once the contract of sale has been signed by all parties.
However, if you are buying a property, we encourage you to speak to us before signing if you want independent advice on the terms and conditions of the contract being offered to you.
If you are selling your property, and you wish for us to prepare the Vendor Disclosure Statement (Form 1) instead of your real estate agent or a practitioner chosen by them, then speak to us as soon as possible after deciding to sell your property. A Vendor Disclosure Statement takes some time to prepare, and needs to be provided to the buyer with the Contract of Sale if the cooling off period is to take effect.
I'm selling my home privately, do I still need a Conveyancer?
Absolutely! In fact, more than ever, because you will need a contract of sale and a Vendor Disclosure Statement drawn up. When you’re using a real estate agent, he or she will either do these in house or recommend someone to prepare them on your behalf, but as a private seller the obligation rests with you. Come and talk to us before you list your home and we can talk you through the process so you can be sure that you’re meeting your statutory obligations.
How much are your fees?
Our fees are based on a sliding scale which depends on the complexity of the transaction. Please contact us and we’ll be happy to give you a quote based on your particular needs. If you require us to conduct searches, please be aware that fees are payable to the statutory authorities which will be paid for by us and then charged via a tax invoice or as disbursements.
Why do I need to show my identification documents?
Conveyancers are now legally required, under Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime, to confirm who they’re acting for before handling a property transaction. Property is one of the most commonly used vehicles for laundering illicit funds in Australia, precisely because transactions involve large sums of money and can be used to disguise where that money actually came from. By verifying identity and understanding the source of funds, conveyancers act as a “gatekeeper” helping ensure that criminal proceeds can’t be moved through the property system disguised as a legitimate purchase or sale.
For you as a client, this isn’t optional or specific to your matter. Every client, on every transaction, goes through the same checks. It’s simply part of how the industry now operates, similar to identity checks you’d already be used to from your bank.
What is an adjustment statement?
An adjustment statement lays out the adjustment in rates and taxes payable by each party to reflect the proportion of ownership between them. If the seller has paid council rates up until the end of the financial year but sells the property in the first quarter, the rates are adjusted so that the buyer refunds a proportion to the seller.
Which authorities do you notify about the change in ownership?
At settlement we notify SA Water, the local Council, Revenue SA (Land Tax & Emergency Services Levy) & the Strata/Community Manager if applicable. We don’t deal directly with your privately owned utility companies (such as gas, electricity or telephone); you will need to notify these providers yourself. Should you require assistance with your privately owned utilities, we can refer you onto a provider that can assist you with this.
How long does the process take?
If the transaction is smooth and any required finance is approved efficiently, a typical period of time between signing the Contract of Sale and settlement is between four and six weeks. This may vary for complex transactions, unorthodox financing arrangements or subdivisions. We will keep you updated on any delays and changes in the expected timeline.