In the first meeting, we go over the details of your property sale. We collect what is relevant on the property which may include the title, any encumbrances, and the sale price. This information helps us to better understand the issues at hand in your transaction. Also, during this meeting, we will go into the conveyancing process in full detail so you can be aware of what to expect.
- Preparation of the Contract of Sale
Once we have all the required information, our team puts together the Contract of Sale. This is a key document for transfer of ownership in which we put details like the sales terms and conditions. It includes the sale price, settlement date and any other important property info. We see to it that the Contract of Sale is accurate and legal which is why we check that all info is present and correct.
In Victoria, when you sell property, you are required by law to present a Section 30 Statement. This document includes key info about the property which may also cover the title, zoning and also any encumbrances or easements which play a vital role for the sale. We put together the Section 30 Statement very carefully to make sure it meets all legal requirements and we include all the information the buyer needs.
Once the Contract of Sale and Section 32 Statement are put together, we exchange the docs with the buyer. At this stage, the buyer will sign the contract, and a deposit is usually paid. This means the buyer is now legally tied in to the purchase of the property and the sale moves toward settlement.
- Conducting Searches and Investigations
Before we start the settlement, we do extensive research and investigation to verify that there are no present legal issues or disputes related to the property. We check the title for any encumbrances, that all rates and taxes are paid out, and we confirm the property’s zoning. If we find any issue, we will inform you and advise you and put forth the best course of action.
In the time leading up to settlement, we stay in touch with you to see that everything is in place for a smooth transition of ownership. We check many things like – if the buyer’s funds are received, all required documents are signed, and that the property is in settlement condition. We also work with the buyer’s conveyancer to make sure that all elements of the settlement are fully covered.
On settlement day, we finalize the transaction. We make sure that the balance of the sale price is paid out, and that the title to the property is transferred to the buyer. Once the payment has gone through and the title is transferred, the sale is closed. We will inform you once the settlement is completely done.
After settlement, we continue to assist you by ensuring that all necessary paperwork is filed with the relevant authorities. This covers the submission of documents to the Land Titles Office and making sure you receive the balance of the sale. We also do the processing of the discharge of any associated insurance or utility accounts related to the property.
