Conveyancing Information

Things to do before you sign

Under the Sale of land Act 1962, a disclosure document known as a "Vendor Section 32 Statement" must be given to a purchaser before a contract is signed. This statement must be signed by the vendor before it is
signed by the purchaser.

The statement must contain certain information about the property being sold such as, information regarding the location of easements, particulars of any building approvals given in the last seven years, and details of rates and charges that affect the property.

The estate agent will discuss with the vendor any prospective offers you make to purchase the property and, when there is a mutual agreement for the terms of a sale, the agent will prepare a "Contract of Sale of Real Estate". This contract will contain all of the relevant information relating to the sale.

We are happy to discuss the Contract of Sale and Section 32 statement contents with you before you sign anything. There are many other things that should be done or considered before a contract is signed, such as:

--- Measuring the property;
--- Determining the availability of services;
--- Examining the property for illegal structures;
--- Ensuring that your contract is conditional upon finance approval (if necessary).

Things to do after you sign

After the Contract of Sale and Section 32 document is executed by all the parties, it will be forwarded to our office, at which time we can proceed with the conveyancing process.

Insurance

You should immediately insure the property. When arranging insurance, remember that it is not necessary to insure the land value - only the improvements. Please note that if you are obtaining finance your financer will require a Certificate of Currency of Insurance noting them as mortgagee.

We advise that whilst there is a statutory obligation on the Vendor to maintain insurance in the name of both parties, it is difficult from our point of view to ensure that the policy remains current and is adequate. Essentially, the Victorian contract law takes the attitude that you have now purchased the property subject only to settlement, and at settlement you have an obligation to pay the purchase price. It is no excuse that the property has been burnt to the ground. Whilst obviously if the property has been damaged and in the absence of satisfactory insurance compensation you would not readily proceed to settlement, however, the position becomes arguable. Therefore, it is our general advice that as a matter of prudence the Purchaser insures the property from signing the Contract.

Deposit

If the deposit is due to be paid, you should do so whether or not your finance has been approved.

Finance and your lender.

If your contract is conditional upon the approval of finance, you must ensure you make immediate application for your loan and do anything reasonably asked of you by your lender to secure approval.

It is the purchaser's responsibility to advise the vendor if finance has or has not been approved or has been declined, by the approval date.

Therefore it is essential that you contact us by the approval date specified in your contract, regardless of whether or not your finance has been approved.

If you do not advise the vendor that finance has not been approved, the usual finance clause will allow the contract to become unconditional. It is critical that you ensure that we are made aware of any delay or problem with finance approval.

Settlement arrangements

Before settlement, we will prepare the additional transfer documents and the statement of adjustments. The Council and Water Rates and any other relevant charges are adjusted for on this statement to ensure sure that you are only paying the rates for the period you have owned the property.

We contact your lender and determine what funds they have available for settlement. If the available amount does not cover all necessary funds due at settlement, we will calculate the amount required from you and provide you with the details.

Any funds being provided by you will be required in the form of a Bank cheque and delivered to our office prior to the settlement date and time. If the property is settling locally, we can receive the cheque from you on the morning of settlement.

Connection of services to the property (ie telephone power gas) should be arranged at least one week prior to settlement to ensure you have availability when you take possession.

You may arrange these via the appropriate authorities direct or contact Fast Connect who will arrange all your reconnections for you free of charge:

Websitewww.fastconnect.net.au
Phone - 1300 661 464
Referral No – C001V

A final inspection of the property should be made prior to the date of settlement. In this regard, arrangements should be made with the Vendor's Agent.

Settlement

Settlement is the process where all the parties involved in the conveyancing process come together to complete the transaction. The parties that usually attend a settlement are the purchaser's conveyancer, the purchaser's bank, the vendor's conveyancer and the vendor's bank. Settlement is arranged to take place at a time suitable to all parties involved.

After settlement

We will notify you that your purchase has been completed, and notify the estate agent so that the keys can be released to you direct by the client.

We will notify the local council and the water authority of the change in ownership and send to them any cheques for rates payable. If you have taken out finance to purchase the property then the lender will take the title and transfer documents to arrange for the registration of the transfer. The lender will hold the title until such time as the loan is repaid in full.

If you have purchased the property with cash, we will arrange the transfer.
Once we receive the title in your name back from the titles office we will inform you.

Local Estate Agents in Bacchus Marsh and surrounding areas

--- AAG Real Estate
--- Arbee Real Estate
--- Joe McFall Real Estate
--- John Kontek Real Estate
--- Rayner Real Estate
--- Re/max Realliance
--- Stockdale & Leggo Real Estate
--- Sweeney Estate Agents




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