What Does A Conveyancing Practitioner Actually Do In A Sale

It is rather interesting when Property Vendor and Purchasers are looking for a quote from a Conveyancing Practitioner for the actual costs involved most are willing to pay on price alone, not on service delivery or industry expertise. Rather concerning when you factor in the investment being undertaken, so I thought I’d outline what is involved in a Residential Conveyancing transaction.

1. Receipt of initial Sales and Purchase Agreement.

2. Check the Sales and Purchase Agreement is legal correct and binding. This involves checking all legal names for both the Vendor and Purchaser (This may require further investigation if any of the entities are a Trust or Company), legal description and title details, settlement and possession dates, amount of penalty interest rates, conditions, gst implications and that all parties have signed and initial the Contract.

3. If necessary ensure the appropriate Pre-Settlement Disclosure Statements have been given.

4. Ring client and confirm the instructions have been received.

5. Load the file and prepare the initial correspondence to the Vendor, Vendor’s Real Estate Agent and Representative for the Purchasers.

6. Diarise the conditions date for when they are due.

7. Follow up confirmation dates for conditions when they need to be satisfied and communicate to all parties to the transaction.

8. Upon confirmation of the Agreement for Sale and Purchase being unconditional communicate again to all parties.

9. Forward the unconditional correspondence and ensure the deposit has been paid to the Vendor’s Real Estate Agents Trust Account, together with confirmation of settlement and possession date.

10. Complete Title Search.

11. Request the Council Rates information from the Local and Regional Councils together with water reading if applicable.

12. Request the Discharge of Mortgage instructions from the mortgagee for settlement.

13. Confirm edealing details to the Purchasers Conveyancer and request the Sales Notice and edealing particulars.

14. Request the Commission Statement from the Vendor’s Real Estate Agent together with the deposit less commission.

15. Prepare the Authority and Instruction and arrange for the Vendor’s to sign with current photo identification. This is the transfer document.

16. Request any tenancy details if the Contract is subject to a Tenancy Agreement.

17. Forward a settlement statement inclusive of rates adjustment and settlement proposal to the Purchasers Conveyancer detailing the amount required to complete settlement.

18. Check the commission payable is correct with the Vendor.

19. Certify and sign the dealing electronically on behalf of the Vendor.

20. Complete the Personal Property Security Register search to ensure none of the chattels are secured by any store card.

21. Ascertain as to where the keys can be collected by the Purchaser or their Conveyancer prior to settlement.

22. Forward the relevant undertakings in relation to the Discharge of Mortgage and Transfer document to the Purchasers Conveyancer.

23. Upon receipt of repayment figure complete the necessary Trust Reconciliation of money received and money out.

24. Complete a Guaranteed Search.

25. Confirm the balance of outstanding rates.

26. Receive funds from the Purchasers Conveyancer to complete settlement – receipt funds.

27. Disburse repayment figure to the Discharging Bank and provide confirmation of payment to the Mortgagee, repay any outstanding rates.

28. Deposit balance of funds to the Vendor’s instructed bank account.

29. Release the Discharge and Transfer into the workspace of the Purchasers Conveyancer so they can complete registration.

30. Advise the Vendor and authorise the release of keys to the Purchasers via the Vendor’s Real Estate Agent.

31. Forward the Sales Notice to the Local and Regional Council.

32. Complete final settlement statement, tax invoice and forward to Vendor.

33. Close file and file Authority and Instruction form for Landonline.

Pretty broad step by step guide of what goes on behind the scenes. Should any of the basic steps be missed the Vendors position could be greatly jepodised. So it is important they you do not shop for Conveyancing Fees on price alone but Industry Expertise. Cheers Kim