Some of the most common home seller FAQs (Frequently Asked Questions) we get from Sellers or Vendors about conveyancing, centre around what it is a conveyancer actually does or doesn’t do.
What does my conveyancer do?
Here is an overview of what we do for you as your Conveyancer during the conveyancing process. We:
- Set a timetable to ensure all things will be followed up and actioned on time
- Undertake any searches required
- Inform you of your legal obligations under the contract, particularly in relation to satisfying any special conditions
- Review the Form 1 and Contract to ensure that we are informed about the terms particular to your transaction and to make sure that these documents meet your legal obligations to the Buyer
- Prepare the required documentation including the client authorisation, transfer, discharge authority, notifications to rating authorities and any special documentation required for the transaction such as an assignment of lease or new lease, amendments to the contract and any land division documents
- Arrange the discharge of any mortgage that you may have registered over the property
- Meet with you to sign all documents required for the transaction
- Prepare a settlement statement for you information inclusive of adjustments of rates and taxes
- Arrange settlement with your bank (if you have a mortgage registered over the property) and with the Buyer’s Conveyancer
- Telephone you to advise you that settlement has been completed
- Arrange for the net proceeds of sale to be banked into your bank account after settlement
- Pay any commission due by you to your real estate agent
- Pay the local Council rates, Land Tax and Emergency Services Levy accounts to the end of the financial year and pay the Water rates to the end of the quarter and advise these rating authorities of the change in ownership
That is just a sampling of the conveyancing services we conduct on your behalf. Contact us if you’d like to ask questions about how we might be able to help you in your specific situation.
What do I need to do before settlement?
Once you have signed the contract and form 1, you need to:
- work on completing all things required by the contract including any special conditions that might require you to do such things as clear away rubbish in the back yard
- provide the contact details of your bank to your Conveyancer if you have a mortgage registered over the property so that your Conveyancer can arrange for that mortgage to be discharged
- do everything necessary to discharge any other encumbrances registered over the property that require discharging at or before settlement
- make sure that if you have a tenant in the property, that all obligations to that tenant, such as any existing lease agreement are discharged – and that the tenant either moves out or signs a new lease agreement with the new owner – as this will mean that you have no ongoing legal obligations to the tenant, other than the obligations that may have already accrued
- make yourself available to your Conveyancer to sign all necessary documentation required to complete the sale.
What do I need to do after settlement?
As the Seller, if the property sale involves you changing where you live, you are responsible for:-
- notifying your electricity provider of the change of ownership and asking them to send you a final invoice
- notifying your telephone service provider and and your internet service provider of the change in ownership and asking them to send you a final invoice
- changing the address on your driver’s license
- changing your postal address with Australia Post if your existing postal address is the address of the property being sold
- changing your address on the electoral roll.
If the sale of the property does not involve you changing where you live, then your responsibilities will be significantly reduced. In the case where the property is tenanted both before and after settlement by the same tenant, then none of the above will apply and you may not need to do anything at all. In this case, talk to your Conveyancer about what your particular circumstances require you to do.
When can I access my money?
On the settlement day, we arrange for the net proceeds of sale to be paid into your nominated bank account.
You can access your money as soon as it is cleared by your bank.
Sometimes this can take a day and sometimes it can take longer. How long it takes will depend on your bank.
If you require the money urgently, then you can contact your bank as they may be able to clear the money earlier.