- Engaging a Conveyancer/Solicitor:
The first step is to engage a licensed conveyancer or solicitor who specializes in property transactions. They will guide you through the entire process, ensuring legal compliance and protecting your interests.
- Section 32 Vendor’s Statement:
The vendor (seller) is responsible for providing a Section 32 Vendor’s Statement, also known as a Section 32 or a Vendor’s Statement. This document discloses important information about the property, such as title details, planning and zoning information, outstanding rates, and any encumbrances or restrictions.
- Contract of Sale:
The conveyancer/solicitor prepares the Contract of Sale, which outlines the terms and conditions of the property transaction, including the purchase price, settlement date, and any special conditions. They ensure that the contract complies with legal requirements and negotiate any necessary amendments in consultation with you.
- Legal Due Diligence:
Your conveyancer/solicitor conducts legal due diligence on the property by examining the title, conducting searches, and reviewing the Section 32 Vendor’s Statement. They ensure that there are no legal issues or encumbrances that may affect the property’s value or your ability to obtain clear title.
- Building and Pest Inspections:
You may choose to engage professionals to conduct building and pest inspections to identify any structural issues or pest infestations. The results of these inspections may impact your decision to proceed with the purchase or negotiate repairs or adjustments to the purchase price.
- Finance Approval:
If you require finance for the purchase, you need to make a formal loan application to a lender. Your conveyancer/solicitor will work closely with your lender to ensure all necessary documentation is provided and assist in meeting any finance conditions outlined in the Contract of Sale.
- Stamp Duty and Transfer of Ownership:
Your conveyancer/solicitor calculates the stamp duty payable on the property and arranges for its payment to the State Revenue Office. They also prepare the necessary transfer of ownership documents, including the Transfer of Land, to transfer the property into your name.
- Settlement Statement:
Your conveyancer/solicitor prepares a settlement statement detailing all financial adjustments, including the purchase price, adjustments for rates and taxes, and any applicable government grants or concessions. This statement ensures a fair and accurate settlement.
- Pre-Settlement Preparation:
Your conveyancer/solicitor liaises with the vendor’s representative to ensure all necessary paperwork and documentation are in order for settlement. They also coordinate with your lender to arrange for the funds required for settlement to be available on the settlement date.
- Settlement Day:
On the agreed settlement day, your conveyancer/solicitor attends the settlement on your behalf. They exchange the necessary documents and funds with the vendor’s representative, ensuring the transfer of ownership and registration of the property in your name.
- Post-Settlement:
After settlement, your conveyancer/solicitor notifies authorities and relevant parties of the change of ownership. They also ensure that any outstanding rates or charges are paid, and they provide you with the necessary documentation, including the Certificate of Title, confirming your ownership of the property.
It’s important to note that each conveyancing process can vary depending on the specific circumstances and parties involved. Working with an experienced and knowledgeable conveyancer/solicitor is essential to navigate the complex legal requirements and ensure a successful settlement.