Melbourne’s property market is diverse and competitive, and changing titles to property in the metropolitan area requires more than giving someone a key and receiving money in exchange. The Melbourne property market is closely regulated by statutory requirements, and the timely completion of various legal obligations. Engaging a specialist Conveyancer to protect your interests removes the stress of dealing with the complex regulations involved with buying and selling property. There are risks involved if you do not have the right legal advice during the process.
When you engage a conveyancing lawyer you get peace of mind that your transaction is both legally and legally compliant. You have a legal representative protecting your rights and interests throughout the process, and meeting all of your legal obligations as a purchaser.
What Does a Conveyancer Do?
A conveyancer represents the legal interest of a purchaser or vendor in the transfer of the title to land or buildings. Conveyancing is a specialised area of law and varies from state to state. When purchasing a property it is the role of the conveyancer to represent your interests and meet all of the obligations as a purchaser under Victorian property law.
Key Responsibilities Undertaken by Your Conveyancing Team
- Contract Analysis: Reviewing the Contract of Sale to ensure there are no onerous conditions, and no limitations, burdens, and/or restrictions on the title.
- Searches: Performing Title Searches and Utilities Searches.
- Title Calculations and Tax: Calculating the adjustments for rates and taxes and other duties payable on settlement.
- Settlement: Conducting and participating in Settlements.
Lender and Broker Coordination:
Work directly with lenders to efficiently manage mortgage discharges and loan drawdowns.
Deconstructing the Property Settlement Timeline
Knowing the key legal milestones of a sale or purchase allows clients to plan ahead during the conveyancing process:
- Pre-Contract Review Phase: Your legal team goes through a Section 32 to verify whether there are any legal obligations attached to the title before you sign any binding documents or make an offer.
- Contract Execution and Deposit: The deposit is paid and secured in a trust account upon the signing and execution of the contracts.
- Verification of Identity (VOI) and Statutory Filings: State Anti-Fraud Legislation requires formal Identification Verification in addition to filing duties at the State Revenue Office and transfer documentation.
- Final Inspection and Settlement Preparation: The buyer conducts a final inspection of the property. The conveyancer prepares the final settlement statement and coordinated with the lenders.
- Digital Settlement Day: On the settlement day, the title is electronically transferred, mortgages are discharged/registered, and the legal ownership is updated digitally.
Major Risks Avoided Through Professional Legal Oversight
Customizing legal documents using forms and templates found online generally leads to legal pitfalls. Using the services of a qualified property lawyer avoids the following:
- Undiscovered Overlay Restrictions and Planning: Failing to identify planning restrictions, building overlay, flood zones and the like means buyers cannot proceed with the renovations or development they had in mind.
- Missed Financial Concessions: Failing to properly lodge an application for the First Home Owner Grant or principal place of residence concessions and pensioner duty exemption means the buyer loses out on thousands of dollars.
- Unresolved Title Encumbrances: Failure to identify easements and/or mortgages on title may cause disputes, particularly after the title is conveyed.
- Settlement Default Penalties: Not meeting deadlines may cause the other party to the contract to exercise its right to rescind the contract and possibly charge daily default interest.
The Importance of Local Melbourne Market Knowledge
From high-rise apartments to family residences and diverse off-the-plan developments, each sector of the Melbourne real estate market carries its own unique complexities. For Greater Melbourne, there are different municipal planning schemes, council bylaws, and owners corporation rules.
Easy Link Conveyancing, and similar agencies, located in Melbourne understand the needs of their clients and provide easy access and timely services at competitive prices.
- Complete all required VOI checks as early as you are able.
- Make sure your mortgage broker or lender has final loan documents fully processed at least two weeks prior to settlement.
- Arrange your pre-settlement inspection 3 to 5 days prior to settlement to check the property’s condition.
- Make sure you have sufficient cleared funds available in your designated bank account to cover the remaining settlement balances and conveyancing costs.
Conclusion
Settling on real estate in Victoria is a big deal, and having qualified legal professionals supporting you means you can be sure your investment is protected every step of the way. You can take comfort in knowing that your Contracts and Titles have been reviewed and your Digital Settlements have been managed by Conveyancing Melbourne professionals.
About the Author
