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.
Instructing Us – Firstly we will need to get a little information from you. This can be done by simply completing our online instruction form ‘I am selling a property‘. This information will be used to prepare your Contract of Sale, Section 32 Statement and any paperwork needed for your transaction. 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.
Preparation of the Contract and Section 32 Statement – Once we have your instructions, we will order ‘certificates’ to be included in the Section 32 Statement. These are required by law to be provided to the purchaser prior to settlement. We are able to offer both electronic format Contracts of Sale and Section 32 Statements, meaning these can be signed on any computer or smart device no matter where you are! If you prefer, we can still prepare paper documents for signing. Once these are prepared you just need to electronically sign the Section 32 Statement, which then goes to your selling agent for provision to any prospective purchasers.
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 Andriod 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.
Discharge of Mortgage – If you have a mortgage over the property we will need to arrange for your bank to provide a Discharge of Mortgage at settlement. We will provide you with a ‘Discharge Authority’ for signing. This document advises your bank that the property has been sold, a discharge of the mortgage is required at settlement and provides your authority for us to deal with the bank to arrange settlement.
Section 27 Early Deposit Release– You can request the release of the deposit prior to settlement under Section 27 of the Sale of Land Act. For a release to occur, the purchaser must agree and not object to your request. The industry rule of thumb is if your mortgage amounts to more than 80% of purchase price, the purchaser has reasonable grounds to object to the release. A letter in support from your bank is required to substantiate your request (see Discharge of Mortgage above).
Signing Documents – The purchaser’s lawyer is required to provide us with a signed Transfer of Land at least 10 days prior to settlement if not an electronic settlement via PEXA. If the transaction can be conducted electronically, we will arrange for you to complete a Verification of Identity (VOI) either at our office or at a location of your choice via our VOI agent. We will arrange for you to sign the Transfer of Land (if not a PEXA transaction) and a Goods Statement. The Goods Statement is a document required by the State Revenue Office as a declaration as to the sale price of the property. 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 the purchaser’s lawyer. As you are required to pay all rates and taxes on the property to the end of the next rating period at settlement, adjustments are made in your favour for these; in essence the purchaser will reimburse you for the time between settlement and the next rating period. Once these adjustments have been checked by us and approved, we provide the purchaser’s lawyer with directions on how we want the bank cheques drawn for settlement. If you have elected to allow the bank to take all funds (see above), then a cheque will be requested for the balance, less cheques for council, water, land tax and owner corporation fees, taxes and charges (if applicable) and our fees.
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 vendors with immediate access to the sale proceeds via EFT while the old ‘paper’ method it funds are provided via bank cheque which are subject to bank clearance periods. 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. Please click on the PEXA logo to the right for more information regarding electronic settlement.
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!