Level 11, 575 Bourke Street, Melbourne, VIC, 3000
Phone: 61 3 8621 2888 Email: client.services@mckeanpark.com.au
Residential Conveyancing
If you are a first home buyer or even an experienced property person, sometimes it is useful to have some of the basics explained. Read below for some quick answers to some of the questions asked by clients of our firm.
To receive a quote for your conveyancing needs, simply email Anne Marie Gasbarro.
- What is Conveyancing?
- I have just purchased a property, what do I need to do?
- I am selling my property, what do I need to do?
- Who handles my finance details?
- What happens on the day of settlement?
- When can I move into my new home?
- Am I entitled to the First Home Owners Grant?
- When should I insure the property?
- When are the government charges payable (stamp duty and registration fees)?
- Will GST apply to this transaction?
- When does penalty interest apply?
- Why should I engage a law firm to handle my conveyancing and not a conveyancing firm?
- What documents am I required to give my lawyer/conveyancer?
- Who do I call if I have any queries during the process – my real estate agent or my lawyer?
- Am I able to choose my lawyer/conveyancer or do I have to use the one the real estate agent uses?
Conveyancing is the process for transferring the ownership of property when buying and selling.
Firstly you need to engage a solicitor/conveyancer to act on your behalf in order to deal with the conveyancing process.
Firstly you need to engage a solicitor/conveyancer to act on your behalf in order to deal with the conveyancing process on your behalf. You will also need to engage a real estate agent to sell the property on your behalf.
Buying - You will need to apply for your loan directly with your financial institution, then your solicitor/conveyancer will handle the rest to ensure that funds will be available for settlement.
Selling - Your solicitor/conveyancer will contact the relevant financial institution in order to make arrangements for the discharge of your mortgage.
Your solicitor/conveyancer will attend the settlement on your behalf to exchange the necessary documents and funds. You are not personally required to attend settlement.
You are entitled to move into your new home once a settlement has been effected by your solicitor/conveyancer and you have been notified of its completion. You are then entitled to collect the keys to the new property from the selling agent.
If you have never owned a property before in Australia (whether alone or with someone else) and you will reside in the property as your principal place of residence, you will then be eligible for the First Home Owners Grant.
We recommend that insurance be taken after the signing and exchange of a Contract.
Government charges are collected on the day of settlement and payment will be made once the settlement has been completed.
GST will not apply to any purchase or sale of an existing residential property.
GST can apply when purchasing or selling vacant land or a new property, but this will not always be the case.
Penalty interest will only apply if you have defaulted to pay any money owing by a due date under a Contract of Sale. If the payment is not made by the due date the aggrieved party has a right to claim penalty interest on the amount owing. The current penalty interest rate on a conveyancing transaction is 13.25% but this can vary according to the terms of the Contract of Sale.
We will provide you with detailed advice in relation to your transaction and we have qualified lawyers to deal with any difficult issues which may arise.
Copy contract of sale when purchasing a property.
You should always contact your lawyers/conveyancer.
You can choose any lawyer/conveyancer you wish.