Conveyancing Narre Warren Conveyancing Melbourne Victoria Fixed Fee Conveyancing and Property transfers

1. Vendors Statements
(ALSO KNOWN AS SECTION 32 STATEMENTS)

What is a Vendors Statement?

A Vendors Statement is a document prepared by the person selling a property and must be provided to a prospective purchaser prior to them signing the Contract. A Contract of Sale is not enforceable unless a Vendors Statement has been provided to the purchaser.

The function of the Vendors Statement is to inform the purchaser of certain particulars about the property. When a purchaser is deciding whether or not to buy a property, they will be shown a Vendors Statement by the selling agent. The Vendors Statement will include such information relating to rates, zoning, restrictions etc.

Who needs a Vendors Statement?

Any Vendor accepting a written offer for the sale of a property is required to produce a Vendors Statement.
So if you are selling your property, you do. If you intend to sell your property, contact We Care Conveyancing, and we can prepare your Vendor statement within 48 hours.

2. Settlement

Settlement Date is the date the Purchaser takes possession of the Property and a specific date is usually referred to in the Contract of Sale.

A convenient time of day is agreed to by all parties involved in the matter (Purchasers representative, Vendors representative, incoming Mortgagee and Discharging Mortgagee) who will attend a nominated location (usually the bank of the discharging Mortgagee) at a specific time to effect settlement.

It is not usual for a Purchaser or Vendor to attend their own settlement.

At settlement, funds by way of Bank Cheques are handed to the Vendors representative for inspection. The direction of these cheques and the amounts will have already been advised to the Purchasers representative in writing.

Documents required to Transfer the property out of the Vendors name and into the Purchasers name are handed to the Purchasers representative and incoming Mortgagee for inspection.

Once good title has been established and all parties are satisfied, settlement is deemed to have been effected. Both the Vendor and Purchaser will then be contacted by telephone to be advised settlement has occurred.

3. Discharge of Mortgage

Unless you have made specific arrangements with your lender, Mortgages are generally not transferable. This means that when your property is sold, the Mortgage or Mortgages together with any other charges, liens, caveats or the like are discharged or paid off.

The mortgage will be paid out at settlement from the settlement funds and any balance left over will be paid as you direct.

Some lending institutions will require your signatures on a "Discharge Authority". This document will be forwarded to you from We Care Conveyancing if required. You must sign this document and complete any other sections where indicated and return the document to We Care Conveyancing without delay.
MOST BANKS WILL NOT SETTLE WITHOUT THIS AUTHORITY.

Prior to settlement, We Care Conveyancing will advise you of the amount owing under the mortgage and any query regarding this amount should be taken up immediately with your lender.

4. Fees And Charges

Land Titles Office:

Any Mortgage, Caveat or Charge registered against your property is required to be discharged at settlement. The fees associated with the removal of these encumbrances are payable by the Vendor is reflected in the adjustment statement:-

$92.40 - for each Mortgage Discharged

$64.00 - for each caveat withdrawn.

Capital Gains Tax:

Be aware of the potential tax liability associated with your sale. For example unless the property is used as your principal residence, you may be taxed on any profits made by you on the re sale of such property.

If you intend to sell within 12 months of a purchase, or if you believe you might be affected by any Capital Gains Taxes, you should contact the Tax Office or your Accountant.

Agents Fees:

This is a major expense incurred by a Vendor when selling a property through an Estate Agent and can be negotiated between the agent and the vendor. Remember, the commission negotiated by the agent might not necessarily take into account any advertising expenses or bank keeping fees on the deposit.

Conveyancing Fees:

We Care Conveyancing will provide you with an up front, fixed fee for your conveyance. There are no hidden fees, you will know exactly what you will be charged for our services.

5. Rate Adjustments

Prior to Settlement, We Care Conveyancing will undertake an adjustment of rates and outgoings to the property from the date of settlement.

(PURCHASERS PLEASE NOTE in the cases of some land settlements, the adjustment will be required to be undertaken as at the day of sale)

The adjustment of rates will ensure that the Vendors pay all rates and taxes due on the property up until settlement date, and Purchaser pays from the settlement date.

Most Councils will require all rates for the current rating year to be paid at settlement even though they may not be due until a later date. This will be reflected in the adjustments.

The adjustments will also allow the vendor to pay any arrears and/or outstanding interest on the rates and charges together with fees pertaining to the discharge of any mortgage or caveat.

6. No Sale, No Charge

Should your property not sell we will waive our professional fees for preparing the Section 32 Statement.
Many other Solicitors/ Conveyancers charge up to $150 for this document regardless of whether your property sells or not. In the event that your property does not sell, the only cost to you would be a fee of $40 to cover the title search fee and expenses incurred by this office.