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Real Estate Conveyancing in Victoria Australia. Some information about the process.

What Conveyancing is about

• Where do I start? 
• What should I watch out for when buying a house? 
• Conveyancing - What is it? Who does it? 
• What does it cost? 
• How do I do it myself? 
• What do real estate agents do, and what do they charge? 
• How do I cut the cost of buying and selling? 

The Process

The basic process is simple:

1. The seller (the "vendor") prepares a document called a "Vendor's Statement"

2. The seller markets the property, receives offers from prospective buyers, and accepts one

3. The buyer and seller sign a Contract of Sale, and the buyer pays a deposit (often 10%)

4. Both sides prepare for "settlement", at which the buyer hands over the outstanding money, and the seller hands over the documents needed to transfer ownership

5. The buyer pays a tax called stamp duty, and registers the change of ownership at the Land Registry.

Conveyancing - what is it?

"Conveyancing" means transferring real estate ownership. For sellers it starts before you even market the property, with the preparation of a" Section 32 Vendor's Statement' and preferably a Contract of Sale too.

Most buyers think conveyancing starts after you sign a contract of sale, but if you do that you lose your best opportunity to make sure "all is well".

Proper conveyancing includes three essentials:

• Investigation (before & after signing a Con tract of Sale)

• Negotiation

• Paperwork.

You have three conveyancing options:

• Do it yourself

• Pay a solicitor

• Pay a non-solicitor conveyancer.

Solicitors fees vary from about $500 to $1000, and with the introduction of conveyancer licensing they seem to charge about the same. But watch out for hidden extras (often called "disbursements"). What seemed like a low price could end up very expensive when boosted by extras for phone calls, photocopying, storage, mark-ups on government charges, or even fictitious items. Some conveyancers even charge extra if you are taking a loan to buy your property. (Given the irresponsibility and stroppiness of banks these days, that is understandable, but you should be aware of it). And don't forget the granddaddy of all extras - GST - the 10% Goods & Services Tax.

Apart from the cost, paid conveyancing is also of limited value because conveyancers never see the property you are buying. From behind their desks they see only the paperwork, and pass the buck for the most important things (investigation and negotiation) onto you. You might as well be doing the whole thing yourself.f

There are real advantages in keeping personal control over your conveyancing, and the Conveyancing Kit from Legal Kits of Victoria shows you how. The kit costs only $88 plus postage. (The GST alone on a solicitor's bill could cost you that). Both buyers and sellers benefit from the Kit:

SELLERS learn:

• How to make their "Vendor's (section 32) Statement"

• How the Contract of Sale system works, and

• How deposits are handled.

BUYERS learn:

• What to investigate before signing a Contract (or Contract Note)

• What to watch out for when negotiating, and

• How to handle the paperwork.

Whether you are buying or selling, the Conveyancing Kit is your first line of defence.

If a house owner dies

What happens when a house owner dies depends on how they owned the house. They might have owned it:

• By themselves, or

• Jointly with another person (as a 'joint proprietor" or "joint tenant"), or

• With another person as a "tenant in common" (which has nothing to do with renting).

Most couples own their houses jointly, so that if one dies, the house automatically belongs to the other. In that case, all you need to do is remove one owner's name from the Government register - which is simple.

If people own a share of a house as a "tenant in common", then when one part-owner dies their share goes to whoever they named in their Will. The executor arranges this (after getting a "probate" certificate).

You can do all of these things without solicitors. Legal Kits of Victoria has do-it-yourself publications for all of them.

It is a good idea to have an up-to-date Will too, and Legal Kits have a kit for that as well.

From here

Back to the Conveyancing Kit page, or to one of the other links below.

17 November 2008