When a Conveyancer is acting for a Purchaser, they are responsible for undertaking all legal work required to transfer the property from the Seller to the Purchaser.
Some of the tasks include:
- searching the title
- conducting other searches with various Government Departments
- preparation of the Transfer
- Stamp Transfer with Revenue SA
- paying the Stamp Duty
- adjusting the rates and taxes according to the settlement date
Your Conveyancer will also liaise with all the relevant parties, including real estate agent, bank and the sellers conveyancer.
The Conveyancer will also prepare a settlement statement and attend to electronic settlement by uploading documents and funds into the electronic workspace and inviting all relevant parties.
In relation to legal documentation, the Conveyancer will arrange for the purchaser to sign the Client Authorisation document. This document gives your Conveyancer authority to act and sign any documentation on your behalf, for example, a Transfer or Encumbrance.
It is necessary for the Conveyancer to verify the identity of their client. This protects parties to a conveyancing transaction.
It was introduced in 2013 to allow for the introduction of electronic conveyancing. It also prevents land fraud by not allowing someone who is not the owner of the land to sell the land.
How is identity verified?
Conveyancers ask the purchaser to come to their office and bring with them a few documents that prove their identity. Mainly, documents with photo ID like Passports and Drivers’ Licences, along with supporting evidence like an original Birth Certificate, Marriage Certificate and Medicare Card.
Linking documentation is often requested if there has been a change of name.
If the purchaser is unable to come into the office, you may be asked to take a specific form with your ID to Australia Post.
What is a Settlement Statement?
Your Conveyancer will prepare a settlement statement, which is a summary of the conveyancing transaction.
The Statement will list all
- rates and taxes adjustments
- incoming monies and deposits paid
This allows the purchaser to know exactly how much is required for settlement day. The purchaser will need to pay the Conveyancer’s fee, stamp duty and registration fees for the Transfer and Mortgage (if required).
In the lead up to settlement day, your Conveyancer will liaise with all relevant parties to book them in and communicate with you and the real estate agent.
Now that many settlements are conducted on an electronic platform, settlement times can vary from 10am through to 4pm. The settlement time is also dependent on the bank’s requirements to sign off and sometimes can continue to roll-over in half hour timeslots.
Once the settlement is completed, your Conveyancer will advise you and the Agent, and the collection of keys can occur.
Post settlement, your Conveyancer ensures that your contact details are provided to Rating Authorities, Property Manager or Body Corporate Manager and the correct adjustment has been made for water use (if applicable).
After settlement and registration of the transfer (which can take up to two weeks) your Conveyancer will receive a Confirmation of Registration (COR) from the Land Services Office, as long as there is no mortgage. This is evidence that the registration is now completed, and the Title is held by the Land Services in your name. If you have a mortgage, the COR is forwarded to your bank. You no longer receive a physical paper Title.
If you would like to know more or have any queries, please contact Strathalbyn Conveyancing.