What is a vendors statement?
The Section 32 or vendor's statement is a document that accompanies the contract, it outlines details specific to the property and contains legally required certificates and disclosure of encumbrances as required by the sale of land act.
What about the contract?
Most real estate agents provide a standard contract of sale. however if selling privately or by auction you will need to have special contracts drawn up.
I sold my property, now what?
The contract and Section 32's will need to be signed by yourself and the purchasers. A copy should be provided to us as soon as possible to allow us to begin the discharge process to advice your mortgage that property has sold and that they need to prepare a discharge of morgage.
SALE
When do I get the deposit money?
Usually the deposit money is released at or after settlement. Where the settlement proceeds are sufficient to discharge a mortgage or where there is no mortgage, a section 27 may be prepared which allows for an early release of the deposit, however the purchaser is under no obligation to sign the section 27.
What else has to be done
We will send you all required documents to be signed, work out cheque details for your settlement and arrange settlement with the bank and the purchasers solicitor/conveyancer.
We handle any and all complications that may arise during this time and keep you up to date on the settlement process.
When do I get the sale money
After the settlement. Usually the day after and in the form of a Bank Cheque which we will arrange for you to collect from our office. Special arrangements may be made if you wish for the settlement cheques to be banked into your bank account.
PURCHASE
I'm going to sign a Contract of Sale, what should I do to protect my interest?
It is advisable to have a conveyancer or solicitor look over your contract as soon as possible. Also it is a good idea to insert a "Subject to Finance Approval" Special Condition into the contract as this will allow you to cancel the Contract if you cannot obtain finance.(Be aware that the cooling off period and "Subject to Finance" are not available when the property is bought to Auction).
What if I haven't received the finance approval before the subject to finance clause date arrives ?
Call us and we can ask the vendor's solicitor/convenyancer for an extension if to finance approvaldue date. This is very common accurance and is only rarely denied.
I've received finance approval, now what?
Let us know ASAP, as we need to send you documents to sign order certificates and arrange fir the bank to have funds available in time for settlement.
What if the bank doesn't provide enough money?
One or two days before settlement we will contact you and let you know the bank cheques that you must provide to us for settlement.
What about Stamp Duty. How does that get paid
If you are obtaining a mortagage, the bank will usually pay the Stamp Duty and Land Titles Office lodgement fees from your loan funds. If you are providing all funds you will have to provide those fees on or shortly after the settlement an we will lodge the documents on your behalf.
When can I collect the keys?
Usually only on or after the settlement day. We will contact you within 30 minutes of the settlement time and let you know you can collect the keys from the Agents Office.
SETTLEMENT
Could anything delay the settlement?
Unfortunately yes. Bank delays. Lost/Misplaced documents by either party can all cause the settlement to be delayed. Penalty interest may be payable by the purchaser if the fault is on their side.
Do I have to attend settlement?
No. LTD Conveyancing will attend on your behalf. Any documents or cheques collected at settlement will mailed to you or can collected at our office after settlement.
Costs?
Disbursements are any costs charged by third parties in the process of your conveyancing matter(eg. Property certificates, Owners Corporation Certificates). Adjustments are charges on the property (eg.Council and Water Rates) that must be paid out for the year and so are divided between the Vendor and the Purchaser based on the settlement date.
What about the conveyancing costs, when do I have to pay them?
LTD Conveyancing deduct costs at settlement from the sale proceeds or in the case of a purchase, by way of Bank Cheque provided either by yourself or your bank.
• Please not this document does not constitute legal advice. Each individual conyeyancing transaction's circumstances differ greatly and as such the advice contained herein cannot be relied on for varying circumstances.