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In part 1 of our conveyancing series we explored what a conveyancer does for a purchaser (read it here). In this part we will discuss the work they do for Sellers.
E-Conveyancing
Electronic conveyancing (or eConveyancing) means that your settlement will happen in a workspace online. It is mandatory in Queensland for most residential sales. Prior to eConveyancing the parties to a sale transaction would meet in a nominated room (offline) for settlement however this could get complicated and time consuming when parties were not ready or even something minor went wrong. Online conveyancing has created a much more efficient straightforward process for parties.
Snapshot of a Sale
Your conveyancer will:
1. Advise on the contract to be offered to buyers including your disclosure requirements and whether you have met them.
2. Advise on any special conditions requested by a prospective purchaser.
3. Monitor and advise on key dates.
4. Create the eConveyancing workspace and liaise with parties to agree on settlement times.
5. Assist with Discharge of Mortgage.
6. Advise on satisfaction of special conditions.
7. Prepare documentation for transfer and settlement.
When should I engage a conveyancer for a sale?
The ideal time to engage a conveyancer and get advice is prior to issuing the contract. Gilmore Legal provides complimentary advice on a sale contract with no charge even if you change your mind about selling.
Disclosure Requirements
There is a new disclosure regime likely to come in this year which we will explore in depth in another article. At this stage some of the primary disclosure requirements are:
Disclosures about the existence of a pool and if there is a safety certificate.
Disclosing encumbrances like easements and caveats on your property.
Notify if there is an application or an order about a tree on the property.
Body corporate information disclosure requirements including strata fees and how they are calculated.
Disclosures about compliant smoke alarms
You may also need to provide an ATO clearance certificate if your sale is over a certain amount.
Satisfaction of Special Conditions
Your conveyancer will ensure that notifications about special conditions are made by the key dates in the contract. If anything adverse comes up during a building and pest or a due diligence search your conveyancer can assist you to negotiate with the purchaser about any reductions or rectification they may be requesting.
If the purchaser wishes to terminate then your conveyancer will help you understand if they have the legal right to end your contract and if you have any remedies.
Workspace
When an eConveyancing workspace is created the relevant parties are usually invited by the Seller’s solicitor. The parties are usually the seller, the purchaser, the outgoing financier, and the incoming financier. Your conveyancer will be monitoring to ensure that your bank has accepted any discharge of mortgage paperwork and is going to provide a payout figure for settlement.
Settlement
Your conveyancer will come to a final agreement on the settlement figures with the purchaser prior to the settlement date. This will mean analysing any searches obtained by the purchaser and agreeing to any adjustments for items such as rent, strata fees, water fees and rates. Once the parties are in agreement, they will ensure that settlement goes smoothly on the day so you can have your funds cleared into your account as soon as possible.
How much does conveyancing cost?
Gilmore Legal & Conveyancing provides market rate (or lower) costs at a fixed fee for Conveyancing. EOFY Sale on now. Residential Conveyancing for a sale is $400 +GST + disbursements, Residential Conveyancing for a purchase is $800 +GST + disbursements. We will also match or do better than any legitimate competitor.
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