Our Geelong Conveyancers have extensive experience in assisting you with purchasing a residential property. We will guide and assist you through the transaction process with practical, valuable and concise legal guidance.
Our Conveyancing team understand that the purchase of any new property can be an emotional time. To assist you to stay in control of your purchase we have prepared some recommendations, a list of what we promise to deliver and a checklist for you.
Before you sign the contract of sale:
- Have one of our lawyers review the contract of sale and vendor statement for you
- If you are obtaining finance for the transaction then ensure you have spoken to your financier or broker and provide their details to our office as soon as possible
- Make enquiries with the local council in relation to zoning, illegal structures, building construction compliance, and flooding areas
- Contact the local water authority to ensure you are aware of the location of any water and sewer mains on the property
Purchasing at Auction?
- Have one of our lawyers review the auction contract of sale and vendor statement with sufficient time prior to the auction date
- If you intend to obtain finance to complete the transaction then ensure you have received approval prior to signing the contract of sale
- You will have to pay the 10% deposit on signing the contract of sale
- Remember that if you sign at auction, or within three clear business days of the auction date, there is no cooling off period
You’ve signed your contract:
Here’s what we do:
- Liaise with you and your financier or broker throughout your finance application all the way through to arranging settlement
- Provide detailed advice on stamp duty and any relevant exemptions or concessions
- Prepare all relevant documents to transfer the ownership of the property
- Obtain current property certificates and prepare an accurate statement of adjustments
- Keep in contact with your financier, lender or broker to arrange settlement
- Preparing and attending settlement on your behalf. This includes preparing statement of adjustments and obtaining all up-to-date property certificates to ensure no debts remain on the property. We will also liaise with your financier or broker to arrange settlement
- We will advise you once settlement has occurred
- We notify the relevant authorities of the change of ownership
Here’s what you need to do:
- Arrange a comprehensive insurance policy. You need to be protected if here is any damage to the property prior to settlement
- We recommend you lodge a purchasers’ caveat on the title. As you now have an interest in the property, this will ensure you are notified of any dealings on the property. If you would like us to lodge a caveat on your behalf then please advise us immediately. Please be aware that registration fees will apply.
- If you are obtaining finance to complete your purchase then please ensure your financier or broker has all requested documents as soon as possible. It takes time for your lender to finalise your application and be ready in time for settlement.
- If there is more than one purchaser you need to tell us the manner of holding, there are two ways property can be held as:
- Joint tenants – this type of property ownership is when each owner has an equal interest in the property. This type of ownership created a right of survivorship which means that if one owner dies, then their share is automatically transferred to the remaining survivor(s)
- Tenants in common – this type of property ownership is when 2 or more people hold an interest, either equally or unequally, in a property. When one owner dies than there is a right to leave their share of the property to another person.
- In the week before settlement contact the real estate agent to arrange a time to complete your final inspection. If there are any issues with the final inspection then please contact us immediately.
- You will need to arrange the connection of utility services to the property. We will attend to notifying the local council, water authority and Owners Corporation.
Congratulations – you’ve settled your property!
- Your bank will attend to the registration of your new title and they will retain control of this title. If you purchased with cash, we will attend to registering the title and the Land Titles Office will issue the electronic title to our office.
- Please note that the Land Titles Office do not automatically issue paper titles.
- Once you have become the new owner of the property then we recommend that you ensure you have a will. If you already have a will in place then we recommend you update the document to reflect your new purchase.