What is Conveyancing?
Conveyancing is the legal process of transferring ownership of a property. The process of buying, selling or transferring your property can be extremely emotional, stressful and confusing at times. Appointing a conveyancing or solicitor helps to minimise stress in the settlement process, and ensures the process is correctly undertaken, which in turn will save you time, money and effort. The conveyancing process can be performed by either a registered conveyancer or solicitor. Appointing a conveyancer ensures the process is completed correctly and efficiently. Additionally, conveyancers can help to minimise any concerns you may have throughout the settlement process.
What do Conveyancers do?
Conveyancers undergo the process of transferring legal ownership of land from the vendor to the purchaser. Conveyancers provide information and advice about the sale and/or purchase of your property, undergo any government searches required for the preparation of a Form 1 and assist in the preparation of lease documents, conveyancing documents and any other necessary legal paperwork required for the process of changing ownership. Throughout the settlement process, conveyancers liaise with the client’s bank and/or mortgage broker to ensure the conveyancing process runs smoothly in order for settlement to take place on time.
When should you approach a Conveyancer?
You will need a conveyancer when you are planning to:
· Buy property;
· Sell property;
· Transfer property;
· Subdivide land;
· Register, change or remove an easement; and
· Update/amend details on a certificate of title.
It is recommended that you start considering what conveyancer you will appoint when you first begin looking to buy or sell property. Once there is a signed contract and the cooling-off period has ended, the conveyancing process begins.
Should I engage a solicitor or conveyancer?
Why choose CPC Lawyers?
Due to their legal background, solicitors provide more extensive advice and specialised knowledge to their clients throughout the settlement process. At CPC Lawyers, our experienced solicitors can assist you every step of the way with your settlement. Unlike conveyancing firms, CPC Lawyers can provide additional services during the settlement process, which can provide significant peace of mind during such a stressful time.
At CPC Lawyers, we pride ourselves on being clear and upfront with our fees. Our professional conveyancing fees are all set fees, meaning clients are not hit with any additional fees out of the blue.
Contract Review
Before signing the contract, clients may wish to get their contract reviewed by one of our solicitors. This allows our clients to have peace of mind as tailored advice is explicitly provided in relation to any direct queries or concerns they may have in relation to their contract.
Form 3 Waivers
For purchasers that are interested in waiving their right to cool off, CPC Lawyers provides Form 3 Waivers. Only solicitors can provide the independent legal advice required for a Form 3 Waiver.
What conveyancing types are there?
Residential Settlements
Residential settlements entail the process of legally transferring a property from the seller (vendor) to the buyer (purchaser). The vendor is able to provide the settlement date in the contract, and the purchaser pays the balancer of the sale price.
Business Settlements
Business settlements involve the seller (vendor) transferring the businesses assets and potentially the intellectual property with the business to the buyer (purchaser). The purchaser then pays the balance of the purchase price.
Land Divisions
The land division includes the alteration of land boundaries, the division of land into two or more allotments, and large-scale developments with multiple allotments. The land division requires approval from the local council, various statutory authorities and the State Commission Assessment Panel. Finalisation is done through lodging the Plan of Division at the Land Titles Office.
Commercial settlements
Commercial settlements occur when transactions transfer ownership of commercial property from the seller (vendor) to the buyer (purchaser).
What are the legal requirements around the settlement process of buying or selling a property or business in South Australia?
Common Conveyancing Terms Explained:
Stamp duty:
· Stamp duty is a tax levied by state or territory governments calculated on the value of the property at the date of the contract of sale. This is dependent on certain purchases, including buying a home, land or investment property.
Form 1:
· The Form 1 discloses all information in order to alert the buyer (purchaser) of any particulars that may impact their purchase and whether they wish to proceed with the purchase. It is served after the contract is signed by all parties. The Form 1 details to the property being sold and must be formatted as required in the regulations. A Form 1 includes the following:
o ‘cooling-off’ rights of the purchaser
o Mortgages, charges and any encumbrances affecting the land as listed on the Certificate of Title
o Any relevant interest the vendor acquired over the land within 12 months
o information in regard to council searches, statutory authorities and any additional information provided by the vendor
·
Form 3:
· Form 3 provides the purchaser with information that it is recommended they consider. The Form 3 provides information relation to safety, enjoyment and value of the property and the issues which may be evident. From this, the purchaser may decide whether or not they will proceed with the purchase of the property or if they wish to withdraw from the contract.
Cooling off:
· The purchaser of land is entitled to a cooling-off period (usually 2 business days) to review their decision to purchase the property. If the purchaser decides to withdraw from the contract, they can do so within the cooling-off period by providing written notice to the vendor or the vendor’s agent. The cooling-off period commences the next business day after the Form 1 was served.
· Like a purchaser is entitled to a cooling-off period, they are also entitled to waive their cooling-rights. This can be seen as waving goodbye to your rights. It is recommended that any purchaser considering to waive their cooling-rights, consult with a solicitor about those rights before signing a Form 3 Waiver.
· If a purchaser exercises their cooling-off right by withdrawing from the contract, they are entitled to their deposit being returned unless the deposit was less than $100.00 which the vendor is entitled to.
Verification of Identity (VOI):
· A Verification of Identity (VOI) is the process in which Vendors and Purchasers present forms of identification to the conveyancers or legal practitioners acting on their behalf at settlement.
Contact us:
We understand that sales and purchases can be complicated in nature. As your conveyancer, we will guide you through the process, clarify any areas of the contract you may be unsure of and, importantly, keep you up to date on the progress of your settlement.
Our conveyancing services are fixed price with no additional hidden costs or fees.
Find out more:
info@cpclawyers.com.au Phone: (08) 7325 0219