We can help you with your conveyancing in purchasing:
- Vacant land
- Residential conveyancing services for houses (new or established)
- Off plan purchases (townhouses, houses or units)
- Commercial property conveyancing for commercial freehold properties (shops, factories or offices)
YOUR FIRST STEP WHEN BUYING PROPERTY
The first step in the process of acquiring your new property is to sign the Contract. We suggest that prior to signing any contract, you (or request the agent to) forward a copy of the Contract including the Section 32 Statement through to us for review. Nelson Property Transfer Services does not charge to review contracts and therefore it is in your best interests to have this done prior to signing any documents.
WHEN DOES THE CONVEYANCING PROCESS START?
Once you have signed the Contract, the conveyancing process begins. We will review the Contract and conveyancing Section 32 Statement for you (if not already perused prior to you signing) and will ensure our conveyancing system, whether residential conveyancing or commercial conveyancing, has all relevant dates noted, including dates of when special conditions are due to be satisfied. This includes the date that your finance is due to be approved (if applicable).
FINANCE APPROVAL DATE
Buyers are sometimes mislead by lenders in believing that they have been given formal approval for their loan application where in actual fact they have only been given pre-approval. Lenders can change their policies overnight and therefore being given pre-approval does not necessarily mean you will automatically receive formal approval. This is where your finance approval date is paramount. We will liaise with you and your broker/banker to ensure this condition is satisfied by the due date or endeavour to seek an extension on the date for you.
Should your contract be subject to any other conditions, i.e building inspection or pest inspection etc, please advise our office as soon as the conditions have been completed and/or satisfied. Our commercial conveyancer or residential conveyancer will ensure these are noted.
When your contract becomes unconditional, we will obtain a search of the Title including obtaining any necessary encumbrance certificates in relation to your transaction.
FUNDS TO COMPLETE SETTLEMENT
Should you be obtaining finance to complete the transaction, we will liaise with your financier to arrange the funding for the settlement and provide all necessary paperwork and documentation to them as requested. In some cases, purchasers will be required to contribute some monies (or all if it is a cash purchase) to the final settlement. If this is the case in your transaction, we will advise you of the cheque payee and amounts in due course. This will usually take place approximately 2-5 days prior to settlement. Please ensure you have this money available to you at this time as you will be required to draw bank cheques for settlement. If you are required to sell shares, close term deposits etc; please ensure you allow yourself enough time to have the money cleared to complete this transaction at settlement.
The Statement of Adjustments is the document that sets out the financial details of the transaction some of which is required to be apportioned as between the vendor and the purchaser. The Statement of Adjustments will show the full purchase price, the amount of deposit paid by the purchaser and the balance owing on the purchase price. The amount due for council and water rates along with owners’ corporation fees and rent (if either is applicable) will also be shown here. If the vendor currently has any encumbrances on the title, i.e. a mortgage, then the registration fees to remove such encumbrances will also be stated. Finally, should penalty interest apply then the amount of interest will also be shown in the adjustments. All rates and fees are adjusted accordingly so that the purchaser will only be paying the rates as from settlement date and will not be left paying for any vendor arrears. Please note there are occasions that the Contract of Sale will stipulate as a Special Condition that adjustments are to be apportioned as from the day of sale and not from settlement date. If you are unsure, please contact NPTS to clarify.
The settlement date will normally be specified in the Contract, however if your transaction is dependent on a Plan of Subdivision or Vendors probate being granted etc, settlement date will take place as specified by the terms in the Contract. If you are not sure of these terms, then please contact our Geelong conveyancing staff at our Yarra Street office.
Settlement date is the day the purchaser takes ownership and possession of the land. We will organise a convenient time and location with all parties involved to complete the transaction, however please bear in mind, that the lending institutions sometimes have strict policies as to the time they will settle, therefore it is not always possible to settle in the morning. It is not required for the Purchaser to attend settlement.
You should contact the settling agent in the weeks leading up to settlement to organise your final inspection. Nelson Property Transfer Services Geelong and Bellarine suggest you organise this inspection to take place 2-3 days prior to your settlement date and requests you advise them should the property not be in the same condition as to when you signed the Contract (fair wear and tear excluded).
The keys are usually held with the selling agent. Once your settlement has been effected, we will contact you to advise. The agent will also be notified on the completion of settlement with instructions to release the keys to you. Should you have any difficulty in obtaining the keys at the offices of the Real Estate Agent, please contact NPTS immediately.
NPTS Geelong and Bellarine will notify the council, water authority, owners’ corporation (if applicable) and managing agent for existing tenancies (if applicable) of the change in ownership. Should you have not already organised or have chosen not to use Connect Now to connect your services, it will be your responsibility to arrange for any connections required.