Purchasing a Property
We make the purchasing process as stress free as possible. Our Conveyancing Lawyers are experienced in all scenarios that can arise in the buying process. We will manage the seller, bank or broker, real estate agent and any other settlement parties. We can review, negotiate and amend the contract of sale. At all times we have your interest at the forefront. We will protect your purchase and legal rights. We guide you through all aspects in the purchase process making sure your settlement is well-organised and stress-free.
What can you expect?
When you work with us we will take care of everything required of conveyancing.
- Protect your interest and legal rights
- Investigate and advise you on issues that may arise affecting the property
- Arrange paperwork to be signed in advance
- Liaise with government departments, real estate agents, banks and the seller’s representatives.
- Organise and attend settlement on your behalf
- Prepare all legal documentation
- Negotiate for any fixtures and fittings in the property and draw up contract amendments
- Calculate financial adjustments including rates, water and body corporate fees
Advise on the contract before you sign
We advise you on the Vendors Statement and any terms of contract. We can help you understand if any planning restrictions apply, any easements affecting the title and any building regulations. If you decide to go ahead with the purchase we can advise on how to make a formal offer.
Process once property is purchased
Now that the purchase is going ahead we will review the final contract and Section 32. At this stage we will search the Title and make sure you aware of any outstanding rates or planning issues. This is the point we arrange funding with your bank or broker for settlement. All documentation is prepared including the Transfer of land and Statement of Adjustment. Everything is taken care of at this stage to make sure your settlement is not held up and moves ahead on time.
A final inspection in the week preceding the settlement is always advised by us. The property is required to be in the same condition as on the day of sale. If you find anything out of order during this inspection we will advise on the next step. Don’t worry we are experienced in these situations and we can make sure your rights are protected.
Settlement is the day you take possession of the property; this date is specified in the contract. We will arrange to meet with all parties and have all the documentation signed. We attend on your behalf, neither you are the seller are required to attend. The last step is notifying the selling agent that settlement has taken place and they will release the property keys to you.
What is involved when Buying a Property?
What we assist with:
- Go over the contract with your prior to signing. Ensuring any buyer beware aspects are covered.
- Prepare transfer and further documentation to assist with stamp duty.
- Assist with the finance process by working with your broker or banker. Providing immediate receipt of all legal paperwork required for finance approval.
- Request of extensions for finance clauses if needed to help with any bank delays, unconditional finance approvals or deposits required by certain dates.
- In the case of your bank not offering unconditional finance, we assist to withdraw from the contract.
- Order all certificates to obtain a Statement of Adjustment required pending settlement.
- Book and organise settlement meeting with all parties.
- Inform of any outstanding monies needed to complete settlement. Meaning no shortfall of amount that delays settlement.
- Inform all parties if settlement completion. Selling Agent, water body, council and any owners corp bodies if applicable.
Why is conveyancing different prices for buyers and sellers?
When purchasing a property it requires more complex searches to be performed. As a purchaser you need all the facts regarding your property. It is always buyer beware when buying and we want your interests protected. This is why the professional fee and search fee is higher than when selling.
What is Stamp Duty – do I have to pay it?
Stamp duty or sometimes known as Transfer duty is a tax on the purchase of property by the Victorian State Government. Under the contract of sale it must be paid by the buyer. The price of the tax is determined by the sale price of the property. Any concessions you may be entitled to will be applied to the final tax cost. If you have purchased off the plan then the stamp duty is calculated from the land value.
Am I entitled to Stamp Duty Concession?
If you have a concession or health care card you may be able to get a concession on the price of the stamp duty. We will assist with the preparation of the required documents by the government. If you are unsure if you are eligible, it is advised to contact the State Revenue Office for assistance. If there are two people on a concession card, one may not be eligible for the concession and therefore you may choose to only have the applicable concession holder purchase to obtain the full concession. We will advise you on this circumstance, if it applies in your case.
Does Fordes require me to come into the office during the Conveyancing process?
We like to make the process simple and easy. Therefore most conveyancing can be completed via phone, email and post. On the other hand if you prefer to come in person, we are happy to make appointments for you at any time.
How do I get the Conveyancing Process started?
All you need to do is contact us. If you are buying, just provide us a copy of the section 32 and we take it form there.
What is a Section 32 statement?
The vendors statement is called a section 32. And it must be attached to every single contract of sale in Victoria. It provides details about the property to make the purchaser aware of all aspects, enabling an informed decision to buy.
A Section 32 (or Vendors Statement) is a statement that must be attached to every contract for the sale of land in Victoria. It merely sets out for any prospective purchaser various details about the property so that the purchaser may make an informed decision before buying.
What are adjustments?
When you buy or sell a property, council and water rates (and body corporate fees if there is a unit or apartment involved), are shared between the buyer and seller. According to when the buyer actually takes possession of the property. This process of apportioning rates is known as ‘making adjustments’
What happens at settlement?
Settlement is the time when all of the documents and money required to complete the transaction change hands. It is usually attended by the buyer’s and the seller’s conveyancers, as well as any financial institution representatives involved in the transaction. You do not need to come to the settlement meeting
There is no need for you to attend settlement. We will contact you after settlement to let you know that everything has been completed.
What about Stamp Duty?
If you have a bank or other lender assisting with your finance, they will attend to the payment of stamp duty for you – out of the total amount they are lending you. In the case you are not borrowing any money for your purchase, then we advise you of the amount needed. In addition we attend to the payment of stamp duty on your behalf.
How much do we charge?
Our pricing at Fordes Conveyancing is extremely competitive. All of our fees include disbursements and GST. In nearly every case we charge a standard fee. However if your transaction is unusually complex and requires special searches, documents or certificates to be produced extra cost may be incurred. Also if you are refinancing an existing loan for purchase and extra cost may incurred. Contact us and we can advise of what pricing you can expect.
What are disbursements?
There are various out-of-pocket costs incurred by the conveyancer during the conveyancing process. These expenses can be for expenses like title searches and council and planning enquiries, and are known as disbursements. To make it simple we include the standard disbursements costs associated with conveyancing in your quote.
Though if during the course of your settlement arrangements have changed and a Licence Agreement is required to take early possession of your property, an additional fee is required. This is to prepare and make these arrangements to assist you. Please be aware you will require to provide a copy of the Insurance Certificate to satisfy the vendor. Adjustments are then calculated from date of possession.
Sometimes when buying a property with an Owners Corporation Certificate that is provided by a vendor, the expiry date of this certificate may expire before settlement. If this is the case then an extra charge will be incurred to order a new certificate to enable the settlement. This is something we advise all of our clients buying in an owners corp to check. That way the date of expiry is picked up and we can arrange the vendor to incur the cost by supplying you a new certificate. The cost can be anywhere between $200 to $400. In a lot of cases the apartment being purchased may have two Owners Corporation certificates.
Contact us now so we can provide you the most accurate and competitive conveyancing price.