We appreciate the conveyancing process can be confusing and at times daunting, but it need not be. We can guide you through the process and if the road does get a little bumpy you are in the hands of a lawyer who can provide advice and help you with more complex legal issues if required.
Contract Review – it is a good idea to have the contract reviewed to ensure that there are no ‘hidden extras’ in the special conditions or any issues with the property in the Vendor Statement (Section 32). This is best done before you sign or during the cooling-off period (if applicable).
Signing the Contract – Make sure you use your full legal name on the contract and sign with your usual signature. All the documents used by your bank and us will need to contain the same information and the signatures must match on all of these documents.
Providing Instructions – We will ask you a series of questions to obtain the information required to prepare everything needed to transfer the property into your name. This can be done easily by completing our online form ‘I am buying a property‘. If you are unable to access this form for any reason, please let us know and we will send you a questionnaire to complete by post or email. We will not start any work until we have given you a written quote for our fees and you are happy for us to proceed on the basis of that quote.
Verification of Identity – We are required by law to verify the identity of all parties to land transactions in Victoria and this can be completed:
A. Either in our office or remotely at a location of your choice via our provider IDfy at a cost per person of $9.90 (this will be included on our invoice as a disbursement). Available on either Apple or Android smart devices – you just take a photo of your identification documents and identification is completed via a face to face meeting or video call with one of the West Lawyers team. If you select this option we will send you a link via email… or
B. At a location of your choice by ZipID at a cost of approximately $39.00 each. If you select this option we will send you the details required to book a ZipID appointment at your home or office.
Transfer of Land – Once we have all your details, we will prepare a Transfer of Land for you to sign or if a PEXA settlement this is done by us electronically. It is at this point that we will also prepare any stamp duty concession or nomination forms. Please note that we can prepare a First Home Buyers Application on your behalf for an additional fee but we advise that this is best done through your bank as they are able to streamline your application so the funds will be available for settlement.
Signing Documents – Again, you can attend at our office to sign or we can post these to you with instructions on how to sign, depending on your availability.
Adjustments – Prior to settlement a Statement of Adjustments is prepared by us on your behalf. As the vendor will pay all rates and taxes on the property to the end of the next rating period, adjustments are made in the vendor’s favour for these; in essence you are reimbursing the vendor for the time between settlement and the next rating period. So we may accurately calculate these adjustments, we will obtain certificates from Council, the Water Authority, the State Revenue Office (Land Tax) and Owners Corporation (as applicable).
Settlement – There are two ways to settle a land transaction in Victoria, by the traditional ‘paper’ form method or alternatively electronically via Property Exchange Australia (PEXA). PEXA is our preferred method to settle as it provides our purchasers with immediate registration on title while the old ‘paper’ method it can take weeks for actual registration to occur. Whilst we like to use PEXA whenever possible, sometimes it is just not possible if not all the other participants are registered to use the system. Once we have your signed Contract and know who your bank is, we will be able to let you know if we can settle via PEXA. Please click on the PEXA logo to the right for more information about settling electronically.
Our Fees and Government Charges (if applicable) – Once we have your instructions, we will prepare and provide to you a ‘Costs Disclosure’ providing you with our fixed fee cost and an estimate of any ‘out-of-pocket’ expenses we think we may incur on your behalf. We will not proceed with any work until you have told us that you are happy with the costs. Click here to generate your own instant conveyancing quote!