Conveyancing is the transfer of property ownership from one party to another. The exercise is not just a matter of filling out forms. The laws associated with land transfer are complex and the process can be full of pitfalls. It is imperative that you choose a competent settlement agent. This will allow your RE/MAX representative…Read More→
When buying or selling you have rights and obligations in regards to: Mortgage finance Contract of sale Dates Insurance Settlement Encumbrances on the title Rates Conditions Times & dates Possession Agents fees
The Torrens Title System of ownership is one where, in principle, governments guarantee title and boundaries for your land. It is important to search the relevant certificate of title because it records all caveats, easements, covenants, mortgages and mortgage discharges. There is also the issue of ensuring all conditions on the contract are met. It…Read More→
The Contract by Offer and Acceptance is a legal document that is used to negotiate the sale of the property. It also summarises any special conditions that have been agreed upon, i.e. finance approval, white ant clause, etc. It gives the proposed dates for these conditions to be fulfilled and final settlement to be completed.
The normal period from sale to final settlement is around 6-8 weeks, but can be shorter or longer to fit in with the vendors’ or purchasers’ plans. However, occasionally complications can arise and it may be necessary to amend these dates (with the agreement of the vendors and purchasers) if it becomes apparent that a…Read More→
Mortgage documentation is prepared for signing by the purchasers and your broker or bank should ensure that this procedure is completed by the purchasers without delay. Statements of account are prepared by your settlement agent to enable the balance of purchase monies to be paid into the trust account so that settlement can proceed on…Read More→
These are payable to building society solicitors for the preparation of standard documentation to evidence the finalisation of your loan. They are usually added to the final mortgage payout figure and repaid when the mortgage is finalised at settlement.
Although the purchaser pays to register the Transfer of Land document you will be charged with the registration fees for any mortgage discharges, caveat withdrawals etc. These statutory charges are also added to the final loan payout figure at final settlement.
If you have paid your Shire and Water rates up to June 30th in advance, then you will receive a proportional refund which is shown as a credit on your final settlement statement. Your settlement agent will act on your behalf to finalise all the above items and account to you for the proceeds of…Read More→
When embarking on anything that requires expertise we normally enlist the services of proven, qualified specialists. For our health we go to a doctor, for legal matters we approach a solicitor, for finances, an accountant. These are professionals who have studied, qualified and practiced their different crafts for many years and big promises or cheap…Read More→