• Title Search and copy of the plan of subdivision.
• Land Information Certificate from the shire council.
• Water Information Statement from the water authority.
• Land Tax Certificate.
• Owners Corporation Certificate/s.

Your conveyancer will need to order these searches/certificates on your behalf prior to settlement so that a proper adjustment of rates and outgoings relating to the property can be agreed between you and the Vendor at settlement.

The post What ‘searches’ are conducted in a conveyance and why are they needed? appeared first on Casa Conveyancing.

A Vendor’s legal representative may insert special conditions into a contract to vary the general conditions or to provide further protection for the Vendor such as allowing the Vendor the right to terminate the contract in certain circumstances. Conditions may also be inserted to limit the Purchaser’s rights.

Sometimes you may negotiate an additional Special Condition to be inserted into the contract as the Purchaser. Examples include requiring the Vendor to have the carpets and/or the property professionally cleaned prior to settlement, having all appliances in good working order prior to settlement, or for the lawns and gardens to be mowed and weeded.

You should carefully think about any Special Conditions including in a contract prior to signing it and if you require your own Special Conditions, speak to the Agent to see if the Vendor would be agreeable to include such Conditions prior to going any further.

The post What does ‘Special Conditions’ mean in a contract? appeared first on Casa Conveyancing.

The Land Registry provides a calculator in order to calculate the fees on the transfer of land which can be found at https://www.land.vic.gov.au/land-registration/fees-guides-and-forms/transfer-of-land-fees-calculator

In addition to the registration fee on the transfer of land, you will need to pay a registration fee on any mortgage that you will be taking out with your bank, together with a registration fee for any discharge of mortgage that the Vendor needs to arrange at settlement. You should note that the Vendor will allow you that amount by way of adjustment at settlement.

You will also need to pay a fee to PEXA (the electronic settlement platform) for your settlement, which will vary depending on how many titles there are to the property.

Stamp duty is additional to these fees and is calculated on the price you have paid for the property, and you may be entitled to a concession or full exemption, depending upon your circumstances.

On top of that are conveyancer fees. See Casa Conveyancing’s pricing here.

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Conveyancers: are professionals trained to handle everyday conveyancing matters, such as buying and selling property, transfers and subdivisions. They review contracts, prepare and submit documentation, advise you about any issues with the transfer, arrange settlement dates, and ensure the transfer of property ownership occurs smoothly and without issue.

Property lawyers: provide legal advice on a wide range of issues, including property transactions. They can handle disputes during or after a property transaction and advise about things such as arguments over property boundaries, lease agreements, and planning permission. They can also represent their clients in court.

When deciding whether to use a conveyancer or a property lawyer, you should consider the complexity of the transaction, whether there are likely to be any disputes, the need for legal advice, and your budget. Lawyer fees are usually more expensive than conveyancer fees.

The post What is the difference between a Conveyancer and a Property Lawyer? Which one do I need? appeared first on Casa Conveyancing.

Do some research as to what other properties in the same area/street have sold for recently and also ensure you have attended open inspections held by the Agent prior to auction. When in the property, check everything… including the kitchen sink!

It is also a good idea to ask the Agent for a copy of the proposed sale contract and Section 32 Statement prior to the auction and have a licensed conveyancer (Hello, that’s us!) look over these documents for you.

The post What do I need to know about buying at an auction? appeared first on Casa Conveyancing.

Additionally, the Vendor must be satisfied that there is not more than 80% of the sale price in debt against the property. This would include what is owing on their mortgage, council rates, an amount to discharge a caveat registered on title, etc.

The Vendor would also need to ensure they are up to date with their mortgage payments, ie. not be in default of them.

If this is all in order, then we, as your Conveyancers would prepare the required Statement (called a ‘Section 27 Statement’) and send this to the Purchaser, along with a letter from the Vendor’s bank, confirming the mortgage is in order.

If the Vendor has an unencumbered title, it is a far less complicated process to get a release of the deposit.

The Vendor should also note that once the Section 27 Statement is served on the Purchaser, there is a 28 day waiting period in which the Purchaser may agree to releasing the deposit, object to the releasing the deposit (an objection can only be made on certain grounds) or do nothing. If the Purchaser does not sign the Section 27 Statement or objects to releasing the deposit, then 28 clear days must elapse before the deposit can be released.

If the Purchaser signs the Section 27 Statement, the deposit may be released to the Vendor, however they should note that their Agent is entitled to take their commission and marketing expenses before the deposit is released.

The post Can a Vendor have the deposit to them released before settlement? appeared first on Casa Conveyancing.

From 1 July 2022, the State Revenue Office advised that if settlement is delayed and penalty interest paid by the purchaser, the penalty interest also known as late settlement interest will form part of the dutiable value of the land. This followed a 2020 decision by the Supreme Court of Victoria (The Commissioner of State Revenue V 1043 Melton Highway Pty Ltd) where the Court found that late settlement interest is part of the consideration which moves the transfer, and as such duty is payable on the interest.

In light of this decision made by the Supreme Court, any contract of sale that is entered into after 1st July 2022 where late settlement interest paid is for $5,000 or more, must be lodged for re-assessment by the State Revenue Office within 30 days of settlement taking place. After the re-assessment has occurred, the State Revenue Office will issue an invoice for the extra stamp duty payable to the purchaser.

If the transaction that is required to be reassessed is not lodged for reassessment within 30 days of settlement, penalties may apply. Any transactions that incurs late settlement interest of less than $5000 does not need to be reassessed by the State Revenue Office.

It is important to note that late settlement interest will not form part of the dutiable value for determining eligibility for the following:
• Principle Place of Residence Concession
• First Home buyer duty exemption or concession
• Off the plan concession
• Pensioner concession
• Young farmer exemption or concession
• First home buyers grant

If you have any further questions on late settlement interest or any other questions in relation to conveyancing please contact our Casa Conveyancing team.

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