1. What is conveyancing?
The legal process of transferring property ownership from one person to another is known as conveyancing.It involves the preparation and lodgement of legal documents, as well as the payment of fees and taxes.
2. Who needs a conveyance?
Anyone who is buying or selling property in Victoria must have a conveyance. This includes both residential and commercial properties.
3. What are the steps involved in conveyancing?
There are four main steps involved in conveyancing Victoria:
1. Contract of sale – this is the agreement between the buyer and seller which sets out the price, conditions of sale and other details relating to the property transaction.
2. Settlement – this is the process of transferring ownership of the property from the seller to the buyer. It includes the lodgement of legal documents and the payment of fees and taxes.
3. Possession – once settlement has been completed, the buyer takes possession of the property.
4. Registration – finally, the transfer of ownership is registered with the relevant authorities.
4. What are the costs involved in purchasing or selling a home?
There are a number of fees and taxes that are payable during the conveyancing process, including:
1. Stamp duty – this is a tax that is payable on the purchase of property in Victoria. The amount of stamp duty payable depends on the purchase price of the property.
2. Legal fees – these are the fees charged by your conveyancer or solicitor for their services.
3. Search fees – these are fees payable for searches of the title and other public records relating to the property.
4. Loan application fees – if you are taking out a loan to finance the purchase of the property, you will need to pay application fees to the lender.
5. Survey fees – if you are having a survey carried out on the property, you will need to pay the surveyor’s fees.
5. What is the typical time for conveyancing?
The length of time it takes to complete conveyancing depends on a number of factors, including the complexity of the transaction, the time it takes to obtain searches and other required documentation, and whether there are any issues that need to be resolved. However, as a general guide, conveyancing can take anywhere from four to eight weeks from start to finish.
6. What are the risks involved in conveyancing?
There are a number of risks involved in conveyancing, including the risk of:
1. Contracts being breached – either by the buyer or the seller
2. The property not being as described in the contract of sale
3. Hidden defects in the property that are not discovered until after settlement
4. Delays in settlement due to problems with the title or other issues
5. The property being subject to zoning changes or other planning restrictions that were not known about at the time of purchase
7. How can I avoid risks when conveyancing?
There are a number of ways you can avoid risks when conveyancing, including:
1. Carefully review the contract of sale before signing it – make sure you understand all the terms and conditions, and that you are comfortable with them.
2. If you have any concerns about the property, raise them with your conveyancer or solicitor before settlement.
3. Make sure you obtain all required searches and documentation before settlement.
4. If possible, attend the settlement in person so that you can see for yourself that everything is in order.
5. Keep copies of all documents relating to the transaction, including the contract of sale, settlement statement and transfer of ownership document.
8. What are my rights when conveyancing?
As a buyer or seller, you have certain rights under the law when conveyancing. These include the right to:
1. Receive a copy of the contract of sale before settlement.
2. Have any defects in the property repaired or rectified before settlement.
3. Be present at settlement to witness the transfer of ownership taking place.
4. Have a cooling-off period of three days if you are a buyer and you have signed the contract of sale.
5. Withdraw from the transaction at any time before settlement without penalty.
9. What are my obligations when conveyancing?
As a buyer or seller, you have certain obligations under the law when conveyancing. These include the obligation to:
1. Disclose any information that could affect the value of the property, such as if you are aware of any planning changes that could impact the property.
2. Cooperate with your conveyancer or solicitor in providing any documentation or information that is required for the transaction.
3. Attend settlement on the date and time specified in the contract of sale.
4. Pay any amounts that are due under the contract of sale, including the purchase price, search fees and loan application fees.
10. What happens if something goes wrong during conveyancing?
If something goes wrong during conveyancing, it is important to seek legal advice as soon as possible. There are a number of options available if you are dissatisfied with the progress of your transaction, including:
1. Requesting a meeting with your conveyancer or solicitor to discuss the problem and see if it can be resolved.
2. Making a complaint to the Victorian Legal Services Commissioner if you believe your conveyancer or solicitor has acted improperly.
3. Applying to the court for an order to cancel the contract of sale if you are a buyer and you have signed a contract but the seller has breached their obligations.
If you are still not happy with the outcome, you may also consider taking civil action against the party responsible for the breach. This is a complex area of law, so it is important to get advice from a lawyer before taking any action.