Frequently Asked Questions / Helpful Links
While you can always rely on the Edge Point Conveyancing team to talk you through the process, here are some helpful conveyancing terms to help you understand.
Got questions about conveyancing? We’ve got answers.
What is conveyancing?
Conveyancing is the term used to describe the legal process of transferring ownership of property. This involves such things as the preparation and lodgement of legal documents, verification of identities and settlement of funds.
What is a conveyancer?
A conveyancer is a licensed and qualified professional that handles the conveyancing process on your behalf. They liaise with all the relevant parties, conduct property related research and prepare and lodge all documentation to ensure the settlement of the property runs smoothly. A good conveyancer will explain clearly the meaning and importance of each process, using plain English (not complicated legal terms) to help you understand exactly what’s involved and what documentation you are signing. Drawing upon your instructions, we will also assist you to meet your legal obligations and protect your rights and interests.
At what point in time should I consult a Conveyancer?
We recommend speaking to a Conveyancer as soon as you decide to buy or sell and never to sign anything without your Conveyancer’s advice.
When purchasing, we offer our clients a Pre Purchaser Contract Review. A Contract of Sale can be difficult to decipher. Before, you sign a contract to buy land, dwellings and apartments, we can review it for you. The contract review involves going through the contract, advising on conditions in the contract of sale and offering suggestions on adding special conditions and recommending various due diligence. Contact our office on 0421 079 370 or if you complete our contact form within the contact tab, we will phone or email you to discuss this service further.
What is “cooling off”, and who can cool off?
Cooling off is a term used to describe the right of a purchaser of real estate to cancel the contract and walk away from the purchase on a “no questions asked” basis within a specified period of time.
What does “cooling off” mean?
In Victoria a purchaser has 3 clear business days, from the day on which they sign a Contract of Sale, to “cool off”. However, there are some exclusions to the right to cool off, for example a purchaser cannot cool off when purchased at or within three business days before or after an auction. The right must be exercised in accordance the procedure set down in Section 32 of the Sale of Land Act 1962. In addition, be aware when cooling off the vendor is entitled to the greater of $100 or 0.2 per cent of the purchase price.
What is an “off-the-plan” purchase?
Buying “off-the-plan” means buying land or an apartment that does not yet exist other than as a drawing on a proposed plan.
What is the Section 32 or a Vendors Statement?
The Sale of Land Act requires a vendor (seller) of real estate to provide specific information about the property being sold to a prospective purchaser. This is what is known as a Section 32 Vendor’s Statement. In general terms, if the vendor fails to provide the information required by the Act before the contract is signed, the purchaser may be in a position to cancel the contract. The Section 32 is prepared by a Licensed Conveyancer
What do you mean by adjustments?
Adjustments is the calculation of various rates (water, council etc) and any outstanding debts are paid by the vendor on the property from the settlement monies. As a purchaser, you will then allow the vendor back your share of rates for the financial year (from the date of settlement). Adjustments are an important step to the conveyancing process and is typically performed by the purchaser’s conveyancer.
Do I need to attend settlement?
No, we attend settlement on your behalf to ensure your bank (if applicable) receives the necessary documents and that your interests are protected.
When can I collect the keys?
Keys are usually collected from the real estate agents office. You can collect your keys as soon as the vendor’s solicitor or conveyancer gives notice that settlement has occurred.