1. What is the role of a lawyer during a conveyancing transaction?
Your lawyer’s primary role in a conveyancing transaction is to represent your best interest in all areas of the transaction. This includes but is not limited to:
- Drafting, reviewing, and advising you on your contract.
- Determine if you are in dispute with another party, and then determine your rights and responsibilities towards that party.
- Provide you with legal advice throughout the transaction regarding contracts, disputes and possible consequences.
- Seek your instructions and implement those instructions to the best of our ability within the boundaries of the law.
2. What can I expect during a conveyancing transaction?
The main steps your lawyer will take during a conveyancing transaction are:
- Review your contract prior to you signing it.
- Provide you with advice on the contract and the process (if you need to lodge a caveat, if your contract has special conditions etc)
- Complete all the necessary documentation, (including but not limited to: Transfer of Land, Duties Online forms, Notice of Acquisition)
- Searches are ordered; these include a search of the Certificate of Title, rate and planning certificates, land tax and owners corporation fees (if applicable) these are ordered to get information for the adjustments
- Prepare adjustments, these calculations make sure that the outgoings for the property are paid in full by the vendor at settlement
- Organise settlement, this includes inviting all necessary parties to the Pexa workspace for settlement, finalising all documents and completing stamp duty estimates, ensuring all necessary funds are ready for settlement.
3. What do I need to know about stamp duty concessions?
There are a number of stamp duty concessions your lawyer can apply for, make sure you ask your lawyer about these concessions and provide all the necessary information so that they may apply for it.
These concessions include but are not limited to:
- First Home Buyer Grant
- Principle Place of Residence concession
- Charitable organisation concession
4. What is a conditional contract?
Your contract may include special conditions that deem your contract “conditional”; these include conditions regarding building reports, purchaser’s finance approval and vacancy of the property.
These conditions mean that if these conditions are not met; the contract can be deemed voidable and the settlement will not go ahead. Please ensure you seek legal advice regarding special conditions.
5. What do I need to know about “cooling off period”?
The standard cooling off period is 3 days, this means that after making an official offer you have 3 days to change your mind without any explanations. This period exists to allow you, the purchaser, to seek legal advice, gather your thoughts and commit to buying the property. The right to cooling off can be subject to conditions; please ensure you are aware of the specific cooling off rights in your contract before signing it. Please note, cooling off periods do not apply if a property is bought via auction.
DISCLAIMER: The above information is general advice, please contact us today to seek specific advice regarding your purchase.