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Conveyancing

Conveyancing in Melbourne

Conveyancing is the legal process of transferring property ownership from one party to another. The different states in Australia have different requirements. For example, in Victoria, The Transfer of Land Act 1958 (Vic) protects the purchaser who deals with the registered proprietor.

Most of the time, the Vendor should be the registered proprietor of the title. If the property is registered in the deceased name and the executor or administrator is selling the property in the capacity of personal representative, they may not have their name on the title before the grant of probate. See our Grant of Representation: Probate/Administration page to learn about the estate. In these cases, a special condition compelling the vendor to be registered on the title before completion is required.

1.Why do I need a lawyer for conveyancing?

Shan Lawyers provides expert guidance for conveyancing in Melbourne which includes assisting throughout the whole process, ensuring that all legal requirements are met and that your interests are protected. We can help you review the contracts, conduct relevant searches, and identify and address potential legal risks or complications. If required, we can negotiate with the vendor to amend the contract. We will guide you through the process from reviewing the contract and vendor statement before your purchase of the property to post-settlement advising regarding your rights and obligations.

2. What is involved with the conveyancing process?

The conveyancing process generally involves the following steps:

  1. Contract Review: Reviewing and, if necessary, negotiating the sale or purchase contract.
  2. Property Searches: Conducting legal searches to verify property details, including title, zoning, and any encumbrances or restrictions.
  3. Exchange of Contracts: Facilitating the exchange of signed contracts between buyer and seller.
  4. Finance Arrangements: Coordinating with lenders to ensure finance is in place for settlement.
  5. Settlement Preparation: Preparing documents and calculations for settlement, including adjustments for rates and taxes.
  6. Settlement: Attending or coordinating the settlement meeting where the property ownership is officially transferred.
  7. Post-Settlement: Lodging necessary documents with the relevant authorities to update the property title and finalise the transaction.

3. What are the key dates in the conveyancing process?

Key dates in the conveyancing process include:

  • Cooling-Off Period: A short period after signing the contract during which the buyer can withdraw from the purchase without penalty (not applicable in all cases).
  • Finance Approval Date: The deadline by which the buyer must secure finance for the purchase.
  • Sunset Clause:It is an expiration date that will automatically terminate or cease to be in effect.
  • Settlement Date: The date on which the property is legally transferred from the seller to the buyer and the balance of the purchase price is paid.

4. What costs are involved in conveyancing?

The costs involved in conveyancing typically include:

  • Conveyancer or Lawyer Fees: The professional fees charged for handling the conveyancing process.
  • Search Fees: Fees for conducting property searches and obtaining reports.
  • Stamp Duty: A government tax on property transactions, calculated based on the purchase price or property value.
  • Registration Fees: Fees for registering the transfer of ownership with the relevant land titles office.
  • Adjustments: Pro-rata adjustments for council rates, water rates, and other outgoings.
  • PEXA (Property Exchange Australia) Fees: Fees for PEXA settlement. Online portal to assist lawyers, conveyancers, banks and other professionals lodge transfer documents.

5. Can I cancel a property contract during the cooling-off period?

In some cases, YES. The cooling-off period allows you to cancel the contract without significant penalties within a specified time frame after signing.

Contact us today for easy-to-understand conveyancing process and property settlement advice.

6. What happens if there is an issue with the property title?

If an issue with the property title is discovered, such as an undisclosed easement or a dispute over ownership, we will advise on the best course of action. This may involve negotiating with the vendor to resolve the issue, adjusting the terms of the contract, or, in some cases, withdrawing from the purchase if the problem cannot be resolved satisfactorily. If required, issue to court proceedings to claim or defend your rights.

Buying a Property in an Auction

An auction is a public sale where property is sold to the highest bidder. Auction sales commonly happen on an unconditional basis, meaning that you cannot pull out of the contract once you have entered. There is no cooling-off period. Therefore, it is important that you undertake the required steps, such as inspecting the property, conducting pest and building inspections, inquiring about any zoning issues, and thoroughly reviewing the contract and vendor statements. This includes ensuring that the vendor has disclosed all important information and assessing your financial requirements, such as having adequate funds to cover your purchase.

a lawyer review the contract and provide advice on any legal aspects of the purchase. Get your contract reviewed by our team today.

NOTE: if your finance falls through after the auction, you may lose your deposit and in default of the contract, the vendor may claim remedies from you.

7. What is a reserve price?

A reserve price is the minimum price that a seller is willing to accept for the property at auction. If the bidding does not reach the reserve price, the seller is not obligated to sell the property. If the highest bid meets or exceeds the reserve price, the property is sold to that bidder.

8. What is a vendor bid?

A vendor bid is a bid made on behalf of the seller during the auction to help reach the reserve price. The auctioneer must clearly state when a vendor bid is being placed. Vendor bids are often used to encourage higher bids from potential buyers, but they must not exceed the reserve price.

Once you purchased or sold your property it is important to update your Will. See our estate planning page for more information.
For all your conveyancing in Melbourne, contact Shan Lawyers your legal experts in all matters conveyancing and more.