Steps in Conveyancing Transaction – Acting for Vendor

Pre-Exchange

  • Obtain prescribed documents in accordance with Schedule 1- Conveyancing Sale of Land Regulation (2005)
  • Obtain instructions in respect of fixtures, fitting, building work, litigation/disputes
  • Prepare Contract for Sale and forward to agent so that it is available for inspection in accordance with s63 Property Stock and Station Agents Act and S.66R Conveyancing Act cheap_exterior_home1919
  • Leave blank price and description of Purchasers on the Contract for Sale
  • Negotiate final form of Contract with Purchasers Solicitors and issue finalized Contract for Exchange
  • Arrange execution of Contract for Sale
  • Attend to Exchange of Contracts and forward Cheque in payment of deposit to agent after Exchange

Post Exchange

  • After expiry of cooling off period reply to purchaser’s Requisitions on Title
  • Arrange discharge of Vendor’s Mortgage (if any) and obtain payout figure
  • Arrange removal of any other encumbrances (e.g. Caveat)/Check Settlement form
  • Advise Purchaser how cheques drawn on settlement
  • Arrange settlement time and place with Mortgagee and Purchaser
  • Arrange execution of Transfer and hold pending settlement

Settlement

  • Collect Order on Agent and forward to agent
  • Collect settlement monies and distribute

Hand Over

  • Certificate of Title
  • Discharge of Mortgage/withdrawal of Caveat
  • Transfer in registrable form

Steps in Conveyancing Transaction – Acting for Purchaser

Pre-Exchange

  • Review Contract for Sale and disclosure documents
  • Negotiate amendments if required
  • Obtain loan approval
  • Make enquires at council: Zoning, use, existing use rights, buildings approvals, future developments, positive covenants etc
  • Obtain Pest Report
  • Obtain Building Report
  • Obtain Identification Survey
  • Order Geotechnical Report( if necessary)
  • Orders 149D certificate – Environmental planning and Assessment
  • Act(Council Certificate-building-or alternatively occupation)
  • If there is swimming pool Order Swimming Pool Certificate from local council
  • Obtain cheque in payment of deposit (usually 10%-unwise to accept less than 10% in view of recent cases)
  • Review all reports ordered and request any further amendments to Contract
  • Advice Purchaser in respect of Contract and above documents, advice in respect of S.66W Conveyancing Act (Waiving the “Cooling Off” period), obtain instructions to exchange contracts and arrange execution
  • Attend to Exchange of Contracts

Post Exchange

  • Raise Requisitions on Title
  • Order Governmental Searches and enquiries (e.g. RTA, Defence, Education, Land Tax, Rates Water etc.)
  • Prepare Transfer and arrange for cheque in payment of Stamp Duty on the Contract for sale, copy Contract and Transfer
  • Stamp Transfer and forward to Vendor of execution pending Replies to Requisitions
  • Obtain mortgage documents from mortgagee, arrange for execution and comply with any requirements-sign and stamp mortgage documents
  • Return mortgage documents to Mortgagee
  • Based on documents returned from council, water, land tax (if required) prepare settlement figures and forward to Vendor for approval and cheque directions
  • Make settlement arrangements with vendor. Vendor(or its mortgagee) has the right to choose the time and place of settlement
  • Advise Mortgagee cheques required on settlement and time and place of settlement

On Settlement

  • As close to settlement as possible obtain Final Search of the property (and common property if strata title)
  • Arrange for Purchaser to inspect property as close to settlement time as possible. Property should be in the same condition as at the date of Exchange (fair wear and tear excepted)
  • Attend Settlement
  • Executed Transfer in registrable form
  • Certificate of Title
  • Discharge of Vendor’s Mortgage or withdrawal of any Caveat
  • Direction to pay
  • Any other documents required as per contract (e.g. Clear land tax certificate)
  • S118 Certificate (if Strata Title)

Hand Over To Vendor

  • Settlement Monies
  • Order on Agent to account to the Vendor for the deposit (and any share of interest earned as per the Contract)
  • Allow Vendor to sight any cheques in payment of water and/or council rates, strata levies

Hand Over to Purchaser’s Incoming Mortgagee

  • Certificate of Title
  • Transfer
  • Discharge of Mortgage/Withdrawal of Caveat
  • Notice of Sale
  • Mortgagee will attend to lodgment of documents for registration and hold certificate of title pending repayment of loan

After Settlement

  • Attend to payment of rates, water strata levies etc. and advise change of ownership
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