Attending to the transfer of a property may seem a simple process that takes little time.  Nothing could be further from the truth!  Conveyancing is a complex series of tasks that require knowledge and skill – which is the reason that conveyancers must hold special qualifications and be registered.

Below is a list of tasks required to fulfil a conveyancer’s legal obligations to you where a mortgage is to be registered.  Because this task list reflects the commonly accepted legal requirements for a conveyance, all fee estimates must be benchmarked against this list. 

Occasionally a transaction may involve more work than usual.  Extra time may be required to advise a seller regarding dealing with an encumbrance/covenants, lease or contractual breach.  In such cases, your conveyancer is entitled to charge an additional fee unless the work has been allowed or in any fee estimate.  Arafura Conveyancing will never do this without discussing your options with you first.

Basic Tasks include:

• take initial instructions from buyer and advise buyer regarding insurance
• send letter of engagement to buyer for signature and return
• open matter and set up file
• get copy of certificate of title and any other documents affecting the title as required
• carefully peruse the contract, any disclosure statement and ancillary documents
• obtain ACN and company search for any corporation
• check certificate of title for any items that need to be addressed at settlement
• provide copy of any encumbrance /covenants to buyer
• ensure buyer is getting the correct property e.g. client signed plan for land or body corporate plan
• ascertain if property to be owner occupied or for investment purposes
• consider if buyer needs GST or other tax, legal or professional advice and obtain instructions
• ascertain if there are any stamp duty concessions available to buyer
• ascertain the manner in which joint buyers are to hold the property
• ascertain the names in which the property is to be held and ensure it matches the names on the contract
• check contract against title to ensure contract been drawn correctly and meets clients needs
• get instructions from client regarding exchange of contract
• exchange contract
• diarise cooling off date (if applicable), date conditions due and the settlement date
• check/ensure the deposit is paid
• order any reports the buyer require
• provide copies of reports to client and get instructions
• prepare transfer. Any associated documents and any stamp duty concession forms and arrange for buyer to sign
• send transfer to seller’s solicitor for signing
• send copy of transfer to financial institution for preparation of mortgage documents
• chase return of transfer from seller’s conveyancer for stamping
• lodge transfer and stamp duty documents with Stamp Duty Office for assessment
• confirm conditions of contract are fulfilled by parties by the due dates
• ensure all conditions met by the correct date in the contract
• confirm outstanding amounts with rating authorities for payment
• confirm any outstanding amounts with body corporate (if applicable)
• advise buyer to arrange final readings in respect of utilities and telephone
• receive adjustment statement and cheque details from seller’s conveyancer
• confirm amount of available funds from financial institution
• prepare buyers settlement statement and calculate cheques required for settlement
• send settlement statement to buyer and request any balance of funds required
• send settlement statement to bank setting out cheques required for settlement
• receive funds from buyer
• reconcile trust account
• book settlement with buyer’s conveyancer and financial institution
• check search certificate of title immediately prior to settlement
• draw bank cheques for settlement
• attend and complete settlement at Lands Titles Office
• advise buyer and agent by telephone of completion of settlement
• send settlement confirmation letters to client and agent
• send change of ownership letters to rating authorities and any body corporate
• ensure seller’s conveyancer has paid any rates and taxes outstanding at settlement
• do trust account journal entries and reconcile
• prepare final account for fees and trust account statement and send to buyer
• check search certificate of title to confirm registration of transfer