Are you looking to add to your property investment portfolio?
Maybe you’re a first-home seller or buyer seeking the perfect dwelling in Melbourne’s outer suburbs? Whatever your situation is, if you’re looking to transfer ownership of property in Melbourne, you’re going to need the help of an efficient, transparent conveyancer. Enter the best conveyancers Melbourne has to offer: Entry Conveyancing.
Frequently Asked Questions
What is conveyancing?
Conveyancers are licensed professionals who deliver expert advice and information regarding the transfer of property from one party to another. A typical conveyancing transaction goes through two main phases: the exchange of contracts and completion. Conveyancers work with you to assist in the sale, pre-purchase advice, the purchase, transfer, and lease of both commercial and residential properties – ensuring that all legal paperwork and legal matters are diligently taken care of. Buying, selling, or conducting property transfers is a stressful time – the last thing you want to be doing is getting the paperwork wrong or paying fines for not having it completed accurately. Feel confident in your transaction knowing that you’ve got a conveyancing lawyer you can trust with the best conveyancers at Entry Conveyancing.
How does conveyancing work?
Your typical conveyancing transaction generally consists of three stages: pre-contract, pre-completion, and post-completion. Your conveyancing solicitor or service provider will do everything necessary to ensure you’re prepared for critical dates during the process.
Conveyancing is a professional service that involves the following actions:
- Research property background and title searches for a title certificate
- Prepare, clarify, and lodge documents as per legal requirements
- Make sure any agreed-upon conditions within the contract of sale are satisfied
- Calculate any adjustments arising from rates or taxes
- Ensuring payment of land tax, water consumption charges etc.
- Settle the property on your behalf.
Understanding the complicated legal jargon of property transactions can be challenging without the necessary knowledge. Of course, you could fill out the forms yourself if you wanted to, however, it’s not as easy as it sounds. And if you get it wrong, you run the risk of losing your property, as well as your 10% deposit.
Conveyancers take the guesswork out of buying and selling property in Melbourne. Conveyancing solicitors are skilled across all aspects of the conveyancing procedure and experienced in filling out the relevant paperwork necessary for finalisation.
When should I engage a conveyancer for property transactions?
As soon as you’ve decided to buy, sell, or transfer property in Victoria, you should contact a conveyancer, law firm, or professional service immediately to set up a ‘pre-purchase contract review’. Like anything, the quicker you start with Melbourne conveyancing services, the easier the process will be for you. It’ll also make the conveyancers’ life easier, as they have much more time to work on and prepare any necessary legal documentation.
What is the difference between conveyancers and lawyers?
It’s easy to get confused by the difference between conveyancers and lawyers. While both occupations are qualified to act for you in a property conveyancing Melbourne transaction, there are differences in what a general lawyer will do, and how a conveyancer can help.
Conveyancers are licensed to operate in only one aspect of property law: conveyancing. As such, it is common that conveyancers possess much more specialised skills, given it’s the only thing they focus on. There’s also less chance of a conveyancer being out of the office or in the courts dealing with other issues. Conveyancers are only responsible for making sure you meet every legal obligation involved in your property transaction.
In contrast to a conveyancing lawyer, a conveyancer cannot advise on areas of the law outside of conveyancing. If you need general legal advice or legal services, conveyancers will refer you to a qualified lawyer. Property lawyers are trained to advise clients on their legal rights and obligations and represent them in the courts across various issues.
Typically, conveyancers have more substantial knowledge regarding the rules and regulations of conveyancing, as this is their only area of specialty. However, there are many property lawyers who specialise and operate only in the field of conveyancing. At Entry Conveyancing, we operate as conveyancers but also have solicitors who specialise purely in the conveyancing service.
If I sell my house without the intervention of a real estate agent, do I still need a conveyancer?
Yes. It is not possible to have a property listed on the market or advertised before a proposed contract for sale has been prepared. Anyone who makes an enquiry or offers a property in Melbourne is entitled to ask for a proposed contract for sale. This is a legal requirement – failure to do so can result in fines.
To draw up a proposed contract of sale and vendor statement, you’ll need to enlist the services of a conveyancer. At Entry Conveyancing, we make the process of buying, selling, or transferring property as stress-free and straightforward as possible; you won’t have to worry at all about little details or legal jargon. We can help you prepare a contract for sale and deliver much advice regarding the other aspects of the process, pre-completion, and post-completion measures.
If you’re looking for the best service with conveyancers who hold high standards, call us today on 1800 518 187for a free consultation and quote for all of your conveyancing needs.
Should I have the contract and Section 32 checked before I buy?
It is crucial to have your contract and Section 32 checked before you purchase any type of property – residential or commercial property. At Entry Conveyancing, our pre-purchase legal advice allows you to navigate the many ups and downs of buying, selling, and transferring property with more confidence. Too many people fail to receive conveyancing or legal advice from a qualified professional before purchase, which can unfortunately lead to substantial financial issues later on in life.
If you’re in the early stages of purchasing, selling, or transferring property ownership, your best bet is to work with a conveyancing company in Melbourne that you can trust.
What is “gazumping”?
Gazumping occurs when a seller accepts a verbal offer on the property from one potential buyer but then reneges and accepts a higher offer from another party. In Melbourne, it is assumed that a purchaser understands that a sale has not taken place until all involved parties have fully executed the contract and that a purchaser who claims to have “been gazumped” has merely failed to understand the law.
To prevent yourself from being gazumped on a property, we recommend formalising a written contract agreement with your offer as soon as possible.
What happens at settlement?
Property settlement is the legal process necessary for the transfer of ownership from one party to another. Buyers, sellers, solicitors, and banks are all involved at settlement. The length of the settlement process varies from state to state and property to property; however, as a rough guide, it typically takes anywhere from 30 to 90 days in Melbourne.
On settlement day, the purchasers’ bank will provide the funds needed to purchase the property to the buyers’ agent or solicitor, and in return, receive the Certificate of Title from the seller’s bank. Keys can then be handed over to the purchaser, provided all other agreements listed in the contracts have been met. From here, the buyer’s bank registers the relevant documentation and mortgage, notifying services such as electricity and water of the change.
What is a cooling-off period, and how long is it?
A cooling-off period is an interval during which both sides of the transaction can cancel the contract and ‘walk away’ from the purchase without incurring a penalty. Cooling-off period regulations and length differ from state to state. However, in Victoria, the cooling-off period lasts for three days and begins as soon as the buyer signs the contract, even if the seller hasn’t. In Melbourne, if the buyer decides to exit or cancel their contract within the cooling-off period, they will have to forfeit either $100 or 0.2% of the purchase price, whichever is higher.
That’s why we recommend buyers undergo a comprehensive review of their contract, making sure they’re happy with the terms before the final agreement or the cooling-off period. Conveyancing offers invaluable insight and advice regarding property contracts and final sale actions, allowing you to better navigate the often-complex nature of legal jargon and property contracts.
What do I need to know about buying at an auction?
Real estate auctions are a risk for everybody involved, however, they can be highly rewarding, especially for the seller. At an auction, a vendor will list their property for a reserve price. If the final ‘winning bid’ is below this reserve price, the house is not sold. Auctions can go very well for sellers if multiple parties are interested in the property and bid against each other. As a buyer, you should compare the listed reserve price to how much you or an agent believe the property to be worth. It is possible to get a good deal on a home that goes to auction.
What is stamp duty and do I need to pay it?
Stamp duty is a tax imposed by your state government upon the purchase of a property. Whilst both parties are liable, the terms of a standard sale contract place liability on the buyer. The amount of stamp duty payable is determined by the purchase price of the property.
Different states in Australia have differing rates of stamp duty. The payment deadline also varies from state to state.