When selling a property, you need to ensure that the Contract of Sale has your rights and obligations covered. This can protect you from potential conflict later.
Sellers are locked in from the time they sign the Contract of Sale, so it is essential that they fully understand what is being signed and their obligations under the Contract. Strathalbyn Conveyancers will check your Contract and provide advice on any modifications required.
We will also conduct a ‘Verification of Identity’ interview with our clients and ‘sight’ various documents to link the property to their ownership.
The transfer of a property is a complex series of tasks that requires knowledge and skill, it is one of the reasons that our Conveyancers are all qualified and licensed. It is also a requirement for Conveyancers to be able to certify documentation for Settlement.
Sellers must provide a Vendors Statement (Form 1) to the Purchaser of the property. Strathalbyn Conveyancing will conduct Title and Government searches that are a critical part of this Statement.
Once the Contract of Sale is signed by all parties and special conditions satisfied, Strathalbyn Conveyancing can start the process of transferring the property from the Seller to the Buyer.
Strathalbyn Conveyancing will liaise with the Sellers bank (if required) and any other interests on the Title. They will adjust rates and taxes, and advise Council, SA Water and Revenue SA that the property has changed ownership.
Buying a Property
It is a good idea to have your Conveyancer read your Contract of Sale BEFORE you sign it.
Strathalbyn Conveyancing will ensure that you are aware of any conditions in the Contract of Sale, and ensure that conditions favouring the buyer are included such as: • Requiring funds from the bank to complete settlement • Needing to sell and settle your property before you can purchase the new property • Building and pest inspections • If the Vendor has agreed to complete work on the property prior to settlement
We will also provide details of any planning restrictions and other details you should consider.
As part of the settlement of property, Strathalbyn Conveyancing make adjustments so that you only pay property costs (such as council rates and water charges) from the date of settlement, and not earlier.
We prepare property transfer documents and ensure that the property being bought is rightfully and legally transferred to the buyers.
We will certify documents, conduct verification of identity interviews with our clients and explain the process so it is easy to understand.
We prepare the transfer and liaise with all parties via PEXA (Online property exchange platform) to ensure a smooth settlement.
One of the major services that a Conveyancer provides is arranging the details of settlement.
Settlement is the official legal process when the ownership of a property passes from the seller to the buyer. This is the final step in a real estate transaction.
The Settlement period can be between 1 and 4 months but is usually 30 days. Off-the-plan properties that are not built, can take years to settle. The length of Settlement is agreed to between the buyer and seller of the property and is detailed in the Contract of Sale – this is usually negotiated by the Real Estate Agent.
Adjustments of rates (council, water, strata) are calculated as at the day of settlement and included in the balance of funds payable on settlement. In some cases, there may also be a land tax adjustment.
SETTLEMENT DAY The date of settlement is the day the contract is settled. This day is agreed upon during the negotiation phase and is defined in the Contract of Sale.
Settlement Day is not easy to change, so when negotiating contract terms, including deciding on the date, ensure that enough time is allowed to accomplish required tasks, including allowing for bank time frames (if necessary).
On settlement day, your Conveyancer and the other party’s representatives exchange documents, including the Certificate of Title for the property, and organise for funds and ownership of the property to be transferred.
Property transactions are completed online; the transaction time can be quicker than the traditional method and the process is easier for all parties involved. Bank cheques are not required, which saves time and allows the seller faster access to funds.
SETTLEMENT STATEMENT Once settlement has taken place, your Conveyancer will provide you with a final settlement statement to confirm how funds were distributed.
The statement details payments and receipts, including deposit paid, land transfer costs, legal costs, and adjustments made for council rates, water and strata fees.
Your settlement statement will show confirmation from your lender of your payout figure or loan amount.
We can assist and give advice to land owners who are considering subdividing their property.
Strathalbyn Conveyancing will prepare the documentation required to subdivide land once a plan has been lodged at Land Services SA by a Surveyor. We have Surveyors who can give advice on potential Land Divisions.
A Surveyor will be able to divide the land and submit all the documents to Council for approval and consent.
Strathalbyn Conveyancing will work with your Surveyor to prepare the documents required and lodge them with the Lands Titles Office for ‘Deposit of the Plan’ and the ‘Issue of New Titles’.
The Plan SA website has lots of information on the Land Division process.
Buying or selling a farm?
Strathalbyn Conveyancing have extensive experience in this area and can assist with your rural transaction.
Farmland and rural property transactions differ from residential property transfers, all assets of the property including plant, equipment, stock, water rights, and more, must be considered.
Family & Matrimonial Transfers
Whether you are adding a new partner, or removing a person from the Certificate of Title, Strathalbyn Conveyancing can prepare the documentation you need to transfer property between individuals.
It is highly recommended that you seek legal advice from a Family Law expert as there could be repercussions later if the transfer is not done in accordance with Family Law. A Binding Financial Agreement or Family Court Order is required in most matrimonial transfers to protect the interests of both parties.
During the transfer process Strathalbyn Conveyancing liaise with all legal and financial organisations to ensure Settlement is completed smoothly.
If you are buying an existing business or intending to sell one that you own, we can help you with the contract and settlement process.
We are able to assist with the following: • Preparation of Contract and Form 2 • Provide advice and review Contract and Form 2 • Business name and contact changes • Transfers or Assignments of Leases • Exchange of Funds • Adjustments of rent, rates and taxes
Verification of Identity
Your Conveyancer (or an agent appointed by the Conveyancer) is legally required to verify the identity of every client.
They will explain what the requirements are and assist you through the process.
This requirement was introduced to reduce the risk of land title fraud in South Australia.
The Conveyancer must certify each document lodged with the Land Services SA Office and verify that you have the authority to enter into the transaction.
Form 1 Documentation
This document is the formal statement from the Seller about details of the property being sold, and cooling off rights.
It is a legal requirement for the form to be provided as part of the sales process.
The purpose of the Form 1 is to make the buyer of the property aware of any particulars of the property that could affect their purchase.
It’s in the Buyers best interest to read though the form and consult with their Conveyancer to ensure they understand all particulars included in the document.
Strathalbyn Conveyancing can check that the form has been completed correctly and advise on any inclusions that need to be drawn to the attention of the Buyer.
Strathalbyn Conveyancing will complete a property search on the property you are interested in buying or selling.
These searches include contacting Local Council and Government Departments, conducting a Certificate of Title search and any other searches for anything that affects the property.
If one of the owners of a property passes away, Land Services SA needs to be notified.
Strathalbyn Conveyancing will guide you through this process, ensuring that it is a stress-free and smooth experience.
If the property was held as Joint Tenants, the property is able to pass to the survivor after lodging appropriate documentation.
If the property is held Solely or as Tenants in Common, a Transmission Application is needed which requires Probate of the Will. The Transmission Application allows for the transfer of the Deceased’s share of the property to pass to the beneficiaries.
If you have been appointed as an Executor of a Will you may be required to file an application for Grant of Probate or a Letter of Administration. You may also need a Transmission Application to be lodged once Probate has been granted.
Probate determines that the deceased’s property or portion of the property transfers to you, the Executor. From here you’ll be able to transfer the property onto the beneficiaries.