Tag: Conveyancer

How To Keep Your Deposit Safe in a Property Transaction!

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September 14, 2011

“How To Keep Your Deposit Safe in a Property Transaction!”

 

The average person purchasing a property may not be aware that when the Agreement for Sale and Purchase is prepared by the Real Estate Agent they will ask you how much deposit you will be paying. This will generally be 10 or 20 percent of purchase price being paid for the property transfer.

As an example if you were purchasing a property at a price of $350,000k you would need to have @ 10% $35,000 deposit or @ 20% $70,000.

It is very important that the deposit is noted on the Agreement for Sale and Purchase to be paid upon the Agreement being confirmed unconditional and not at the date of signing.

The deposit will be paid to the Real Estate Agent and held in their trust account for a statutory 10 working days from the date the Agreement is confirmed unconditional, after this period has lapsed the Agent is paid their commission due and the balance of the deposit is sent to the Vendor’s Conveyancer or Solicitor to make up part of the settlement proceeds.

It is not uncommon for Conveyancers and Solicitors to receive a request for an early release of the deposit prior to the 10 working days. Your Conveyancer and or Solicitor should seek your approval as the Property Purchaser before authorising the release.

Who ever is nominated to act for you in the property transfer should check with the Vendor’s Conveyancer to ensure they have sufficient funds to repay any mortgage which maybe required to be discharged at settlement. You do not want a situation of settlement day to discover that the Vendor’s do not have sufficient funds to release any security or charge against the property.

It is therefore wise on your behalf to appoint a Professional to handle your Property Conveyancing and Property Transfer – ensuring your biggest Property Investment is protected.

Property Conveyancing Services Limited is the National Online Conveyancing Company who will do exactly that – Protect your Interests!

Cheers Kim :)

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OUR FREE REAL ESTATE PURCHASE AND TRANSFER INFORMATION

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August 22, 2011

 

OUR FREE REAL ESTATE PURCHASE AND TRANSFER INFORMATION

 

The following information is provided to help your purchase proceed with maximum efficiency, and by the due date for settlement. Please read it carefully since it may answer many questions you might have concerning your transaction. While every effort has been made for this information to be as comprehensive as possible, we recommend you contact us if you have any questions or queries regarding the information.

 COMMUNICATION 

Please provide your Conveyancer with any information or pertinent facts which you believe may be relevant to your property Settlement. Early advice is excellent to avoid any delays in settlement.

GENERAL 

  • It is important you attend to signing any documents as requested by your Conveyancer as soon as possible and return them as quickly. This is particularly important if the time frame for settlement is short or if you are going to be away.   Please ensure that you return your Appointment to Act together with your photo identification immediately.
  • Attend to any special conditions noted on the Agreement for Sale and Purchase which need to be satisfied, if the responsibility is yours.
  • Ensure payment of any funds i.e. deposit or balance of settlement proceeds, is made by the date set out in the Agreement.
  • Don’t forget to take into account additional expenses i.e. Insurance, moving costs, rates
  • As this Agreement is a binding contract, you must take all steps to carry out all that you have agreed to do.

    • 

FINANCE

 If your Agreement for Sale and Purchase is subject to you obtaining Finance Approval by a specified date, please ensure you take immediate steps to obtain the Loan.

  • If you are utilizing the services of a Finance Broker, please provide the name and contact details to your Conveyancer.
  • We will be in contact with your Finance Broker/Lending Institution and will prepare the Mortgage documentation once the Agreement is unconditional. We will then contact you to arrange signing; at this point we will also require you to provide our office with a copy of the Certificate of Insurance or the contact details of who is providing your Certificate of Insurance.  If you need to make an appointment outside office hours please do not hesitate to discuss this with us.  We want you to be comfortable with and understand the documents – please allow 30-60 minutes for our appointment.
  • The Lenders fees may or may not be included in the Settlement Statement you receive from us; however they may be deducted from your loan funds at settlement, therefore increasing any balance that you may need to pay prior to settlement.
  • Please note that if your Bank/Lending Institution requires a Guarantee then you may be required to obtain Independent legal advice at an additional cost to you.

 DOCUMENTATION

  • We will prepare the Transfer documentation and arrange signing by the Vendors through their Conveyancer.
  • We shall prepare a preliminary settlement statement showing the amount due by you prior to settlement. Please note this amount will need to be provided to our office in the form of a bank cheque or by electronic transfer preferably the day before settlement.
  • Kindly note if you receive any accounts from the Local Council soon after settlement, please contact your Conveyancer before making payment, as this account may already have been paid following settlement.

BUILDING LICENSES

We recommend you visit the Local Council and ascertain that all Buildings and Renovations have been issued with a permit or Code Compliance Certificate. If you require assistance in this regard, please contact our office.

 INSPECTION OF THE PROPERTY

Your Agreement for Sale and Purchase gives you the right to a final inspection of the property on one occasion before settlement date. We recommend this inspection is arranged with your Real Estate Representative at least one day prior to settlement to ensure the property is in the same state and condition as the day you signed the Agreement. Please provide advice to us of any problems as soon as possible prior to settlement being completed.  If you have not arranged the purchase through an Agent, please contact our office.

 KEYS

We will notify you once settlement has taken place, at which time you should contact the Real Estate Agent or ourselves to arrange collection of the keys and any other security devices for the property.  We would recommend that if you have purchased a property that was previously tenanted that you change the locks.

 AFTER SETTLEMENT

Once settlement has been completed we shall provide you with a copy of the Certificate of Title showing the property being transferred and registered in your names. Please keep this copy for your reference.

 We will ensure that the Local Council is notified you are the new registered owner/s.  We will need to know your postal address including your postal code.

 THINGS YOU SHOULD DO

You will need to make arrangements for connection of the electricity, gas, and telephone services. We recommend you also arrange a re-directional order on your mail until you have notified all interested parties of your change of address.

  • You may wish to obtain quotes and book a removalist prior to settlement date. We shall communicate with you to ensure you are kept up to date with the progress of settlement.

 Fore more great tips and advice visit: https://www.propertyconveyancingservices.com

 

 

 

 

: Property Conveyancing News
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How to Help Your Property Transfer Proceed with Ease! Part 1

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August 10, 2011

How to Help Your Property Transfer Proceed with Ease!

When you are selling a property it is the Role of your Conveyancing Practitioner is to ensure the Transfer of your Property is completed Professionally and with the least amount of stress on you as a property owner. Below is a Property Transfer Real Estate Sales guide we have put together.

The key to any successful property conveyancing is the communication between the Conveyancer and Client, so it is important that you provide any information or pertenent facts which you believe maybe relevant to your property transfer. Early advice is excellent to avoid any delays in the conveyancing service.

General

It is important you:

A. Attend to signing any documents quickly as requested by your Conveyancer as soon as possible and return them as quickly. This is particularly important if the time frame for settlement is short or if you are going to be away. Please ensure you return the Appointment to Act together with your photo identification.

B.  Attend to any special conditions noted on your Agreement for Sale and Purchase which need to be satisfied, if the responsibility is yours.

Discharge of Mortgage

If you have a mortgage security registered over your property transfer, we will contact your Lender and request them to prepare the necessary Discharge of Mortgage and provide our office with a payout figure of the loan. In cases where you are only partially paying out a loan, the Lender may require a valuation on the property to determine the amount the loan is to be reduced by.

Special conditions

If there are any special conditions in the Agreement for Sale and Purchase which you as the property owner are required to satisfy, please attend to satisfaction of the special conditions to avoid any delay in settlement. Please note if the property purchaser normally has 10 working days in which to check the Certificate of Title and encumbrances even if your Agreement for Sale and Purchase is considered unconditional.

Stay posted for part 2. :)

 

 

 

: Property Conveyancing News
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Cheap Conveyancing and Settlement Fees

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September 17, 2010

Hello all I read an interesting  in article in the Australian Institute of Conveyancers NSW newsletter the other day about cheap conveyancing and settlement fees.

The Profession of Conveyancing is not opposed to  competition on fees based on comparable services. The choice of a Conveyancer based on the fees has a corrupting influence in the market place.

Those that offer low fees in a Professional and Legal environment to win clients is stepping into dangerous territory. In most cases such Firms are cutting corners without the client knowing and putting the client at risk especially when a transaction goes pear shape, and this also has an impact on the other party acting on the other side of the dealing.

Service delivery to the client is greatly compromised. When someone is willing to pay peanuts you can guarantee they will be dealing with monkeys, and in the end will always wish they had engaged with a Professional.

The transaction should not be about the cheapest fee, but based on integrity, trust and honor. In consideration of the value of the dealing being settled.

Property Conveyancing Services Ltd prides it self on professionalism, service delivery, industry expertise and experience.

Would love your feed back and comments. Cheers Kim :)

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