frequently asked questions
What is Conveyancing ?
Conveyancing is the legal process of transferring the ownership of a property from one person to another. Although it may seem straightforward, conveyancing can be rather complex, and understanding the Contract, Special Conditions, Mortgages, Covenants, Easements, Caveats, Tenancy and Local Council zoning regulations all need to be considered during the conveyancing process.
Do I need to visit your office during the Conveyancing process ?
Most conveyances can be completed via phone, fax, email or post. You do not necessarily need to attend on the office, however, you are more than welcome to attend if you would like to discuss anything in person.
Why is there a difference between the conveyancing prices for buyers and sellers?
When you purchase a property, there are more complex searches required to provide assurances to you as the purchaser, and to ensure that the risk to you is minimised.
These searches provide us with further information regarding the property such as any current or future plans which may affect the property you are purchasing, or if your property is subject to a heritage listing, caveats or any other agreements.
These searches provide us with further information regarding the property such as any current or future plans which may affect the property you are purchasing, or if your property is subject to a heritage listing, caveats or any other agreements.
What are settlement adjustments ?
Settlement adjustments are done at the end of a conveyancing transaction and put together in settlement figures. Settlement figures contain council, water and if applicable strata rates and rental adjustments.
These rates are then calculated and adjusted to show what each party’s share is owed at settlement. If rates are paid in advance, as a Purchaser, you will have to reimburse the Seller for the amount of time you are in the property. If a Seller is in arrears with their rates, they will have to pay these arrears out during the rating cycle.
These rates are then calculated and adjusted to show what each party’s share is owed at settlement. If rates are paid in advance, as a Purchaser, you will have to reimburse the Seller for the amount of time you are in the property. If a Seller is in arrears with their rates, they will have to pay these arrears out during the rating cycle.
What if my property I am selling has a Tenant ?
If your property has a tenant, and they have a current Lease, an adjustment of rent will be made at settlement. If the rent is paid in advance, you will need to give the purchaser a credit in the settlement figures for the portion of rent already paid to you. However, if the rent is in arrears, no adjustment of rent is made as the purchaser should not be expected to take over a debt that is owed to the previous owner.
Once settlement has been effected, the new owners take over as Landlords immediately. The current Lease will remain in force and the new owners will be bound by the terms of that Lease.
If your tenant is not staying in the property after settlement, you will need to ensure you give them the required period of time to vacate as stated in your Lease agreement.
Once settlement has been effected, the new owners take over as Landlords immediately. The current Lease will remain in force and the new owners will be bound by the terms of that Lease.
If your tenant is not staying in the property after settlement, you will need to ensure you give them the required period of time to vacate as stated in your Lease agreement.