FAQS

What does a conveyancer do?
A conveyancer’s role is to make sure that all legal obligations is met in a property transaction when the title is transferred from the seller to buyer.

What is a Section 32 Vendor’s Statement and why do I need it?
It is a mandatory legal document that the seller provides to the buyer which discloses information that might affect the value of the land, which is being sold in a property transaction.

What is the Role of Real Estate Agents in a property transaction?
They represent the seller to arrange the sale of the property and help buyers to buy the property.

What is a cooling off period?
It is the period where you can cancel the sale even though contract is signed.

If the buyer wants to exercise their rights for the cooling off period and cancel the contract, they may incur a financial penalty, which is equivalent to 0.20% to 0.25% of the final sale price of the property.

What is a title search?
A title search is a current copy of the Certificate of Title and shows you the current owners of the property, if there is any mortgage on the property, Easement, Covenant, Caveats or Leases on the property.

Do I need to attend settlement?
No. Most of the Victorian property settlement is completed in PEXA (Electronic Conveyancing Platform). We will inform our clients when the settlement is completed.

What is the difference between a Disbursements and Statement of Adjustments?
A disbursement is an expense your Conveyancer/Solicitor pays on your behalf, and you will need to reimburse them. An example would be Title Searches, Water, Council, Land Tax or Owners Corporation Certificate Searches, conveyancer fees, Settlement fees, (PEXA, stamp duty, titles office registration) or any other additional costs.

Statement of Adjustments is the document completed by the purchaser’s representative to ensure neither buyer nor seller are paying these charges when they are not owning the property. It mostly adjusts the outgoings such as Deposit paid, Council, water, land tax, any rent, or owners corporation if applicable or any agreed condition that has a dollar value, noted in the contract of sale/agreed by both parties.

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