:: Cheltenham Conveyancing ::

What is Conveyancing?

Basically Conveyancing is the transfer of ownership of property (Transfer of Title) from one person to another. Conveyancing applies to purchasing and selling properties and can also be the result of a devise in a Will or a gift.
The team here at Cheltenham Conveyancing are here to help you along the journey of your property transfer.

What are Disbursements?

Disbursements are the “out of pocket” expenses incurred in each Conveyancing Transaction. These are the fees that Cheltenham Conveyancing has to pay out to obtain the required information to complete your transaction. i.e the cost of rate and Planning certificates, Title Search fees, file archive and settlement fees.
Approximately every 6 months the authorities increase their fees for certificates and therefore it is difficult to quote an exact amount for disbursements until we can see what has been included in the Section 32 Statement.

When do I pay the Stamp Duty and Registration fees?

These fees are normally deducted by your bank from your home loan amount as they are paid the lender immediately following settlement.
i.e. Your loan amount is $500,000.00 – Less your Government fees of $50,000.00 then $450,000.00 is available from your loan amount to your conveyancer for settlement.
If you do not have a lender involved for settlement then we will requires the bank cheques for government fees with the required settlement fund cheques.

Do I qualify for Stamp Duty Benefits?

A good question and one all purchasers should look into. Generally speaking whether or not you qualify for either Stamp Duty benefits or total exemption depends on the circumstances of your Purchase. Depending on the value of the property, benefits can be available to Home Buyers with Concession Cards and First Home Buyers with Families. To check whether or not you qualify for these benefits, you should contact this office, or the State Revenue Office.

Disclaimer: The information provided on the Cheltenham Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Cheltenham Conveyancing web site to your particular circumstances.

I need to organize removalists - Can you tell me what time settlement is?

Cheltenham Conveyancing can in most cases, give a time for settlement at least one week prior to the due date. If removalists need to be booked by you well in advance to settlement, you can advise our office as to what time you have arranged with the removalists and we will endeavor to book settlement as close to that time as possible.

What is Title Insurance?

Purchasing a home is possibly the most important investment that any of us will ever make – an investment that should be protected.

Protecting the ownership of your home is just as important as protecting your home and its contents from physical loss or damage. This is because your ownership, which evidenced by a Certificate of Title that establishes rights to occupy and use the property, is exposed to many risks that can limit those rights.

In order to identify any risks or problems, and to ensure that you have good title to the property that you are buying, your solicitor or conveyancer will conduct a number of searches and enquiries. Good title is important because it ensures that you really own the property, that it is correctly described in public records, and that no one else has a claim to it that you don’t know about. Good title is also essential to be able to sell your home in the future.

Unfortunately your title or ownership in the property is not guaranteed absolutely, as there are still risks that the most diligent professional cannot protect against. For instance, there may be an absence of important information from searches and records which are assumed to be correct.

Title insurance does not replace the need to retain a solicitor or conveyancer. However the combination of title insurance with your solicitor’s or conveyancer’s advice, will provide the most comprehensive cover available to protect your legal ownership in your home.

When you obtain title insurance cover for your property, you can relax knowing that you will be protected against actual loss suffered due to defects covered by our policies and you will be covered for legal defence costs and expenses.

While other types of insurance that protect your home focus on possible future events, title insurance is a unique kind of insurance that protects your legal ownership of a property against losses incurred as a result of unknown or undetected risks that already existed prior to the date of settlement of your purchase.

We recommend Cheltenham Conveyancing for title Insurance.

Title Insurance is also different from other forms of insurance because:

One time premium provides protection forever
No excess payable on claims
No fault claims process means you don’t have to prove fault or negligence – you only need to prove that you have suffered actual loss based on cover that the policy provides
No cap on cover apart from the policy amount

Cheltenham Conveyancing offers the following products to purchasers and existing owners of real estate:

Residential Purchaser Policy
Residential Strata Purchaser Policy
Commercial Purchaser Policy

For further information about the above products, click on the above links or download one of our brochures.

For full details on premiums, refer to a Premium Schedule.

What is a Statement of Adjustments?

Prior to settlement Cheltenham Conveyancing will calculate an adjustment of rates and outgoings between the parties as at the date of settlement.
It is law that Council rates are paid in full on settlement. Therefore we will ensure that the rates are paid in full from the Vendors settlement proceeds at settlement and the purchaser reimburses the Vendor from the date of settlement to the end of the rating period i.e. either 30th June or quarterly – whichever is applicable.

I haven't got my finance yet, can the Vendor withdraw from the Contract?

In most cases, the vendor will be just as keen to continue with the sale as you are to purchase. So long as you comply with the conditions of the Finance Approval Section of the Contract, you can request an extension. If the Vendor will not grant this extension, it is the Purchaser who has the option to withdraw from the Contract. If the Purchaser does not wish to withdraw, then the Contract of Sale will fall unconditional and the purchase will proceed to settlement.

I haven't received loan approval yet and have been granted an extension, do I still have to pay my deposit?

The short answer to this question is YES unless you have also requested and been granted an extension to the date for payment of deposit. Some Vendors will charge interest on any outstanding deposit monies so it is important to pay them by the due date.

My property has just settled, when do I get my money?

If the settlement is occurring within the Melbourne CBD or locally, you will receive a Bank Cheque (for the balance of funds after discharging of mortgage and other fees etc.) on the same day as settlement. If the settlement is to take place interstate or in an area where an agent is to be instructed, we can either have the Bank Cheques forwarded to this office (this is usually received within 2 clear business days after settlement) or the balance of funds can be directly deposited into an account for you.

My property has settled but the Bank Cheque takes three days to clear, why can't I get my money?

This is a bank’s policy not ours. Speak to them. If you create enough fuss about it, miracles have been known to happen.

Professional Indemnity Insurance

Pursuant to Section 330(1) of the Legal Practice Act 1996. This firm holds Professional Indemnity Insurance against civil liablity in connection with all conveyancing work performed in the course of this business. Further details including a copy of the Insurance Policy Schedule, Amount of Cover and any relevant exclusions on the cover may be obtained upon request.

Are Stamp Duty benefits/concessions applicable to my transaction?

The quickest and easiest answer is to go to the State Revenue Office website.
The concessions that might be applicable are: –
First Home Owner Grant
First Home Owner Stamp Duty Exemption or Reduction
First Home Owner/Principal Place of Residence Off the Plan Concession
Pensioner Concession.

When is Settlement normally booked – What time is Settlement?

Settlement is normally booked in the week leading up to settlement.
Let us know if you have a preferred settlement time but keep in mind that some lenders will not settle prior to 2.00 p.m. i.e. First Mac, Advantedge Lending and HSBC Bank.

SELL

When you have made the decision that you wish to sell your property you need to contact us immediately.
We will then send you an email with a list of questions regarding the property being sold. Once you have responded with your answers we will open your file and order the documents required for the completion of your Section 32 (Vendors Statement) and Contract of Sale.
Some of these documents can take up to 15 business days to come back to us so time is off the essence.
Your Real Estate Agent will start pushing you and us for these documents so the sooner you get the information to us the sooner your Contracts and Section 32 Statements will be ready.

FAQ