Victoria FAQ – Buyer (June 2016)

1. Can you review a contract and section 32 for me?

   Yes, we specialise in contract and section 32 reviews for both residential and off-the-plan properties. The review is included within our fixed fee and we allow a 48 hour turnaround for the review process to ensure a reasonable timeframe and to perform a thorough review. We will then provide you with written advice about any unusual terms, things you need to be aware of about the property, and may propose any amendment to the Contract to better protect you as a buyer. Once you send through the contract and section 32, we start the process asap!

2. How much is our fee?

   Our fee structure is comprises of a fixed-fee for the professional work that we perform in representing you on your purchase, and disbursement costs (ie., known also as out-of-pocket expenses) which are incurred at costs price. Request a quote today which will clearly set out this fee structure, including the large scope of work included in our fixed-fee and the disbursement cost range. The fixed-fee quoted in based on the type of property you’re buying (eg., unit, house, land, off-the-plan etc).
   
   Disbursement costs predominantly include the cost of searches regarding the debts to the property owing by the seller, so that they fall to $0 by the settlement date and you’re not incurring the seller’s debt. Hence why we take disbursement costs seriously; they are important to protect you.

3. What makes Think Conveyancing different to other conveyancers?

   We offer value for money. We may be a law firm, but we don’t carry the same price tag. We remain competitive in price and we offer the quality of service that you should expect from your conveyancer, including ongoing communication and updates about the conveyancing process, lodging a caveat on the title if applicable to protect your interest in the property prior to settlement, and advising you of your rights and obligations along the way. These are just a few of the ways we look after you. You are also protected by our professional indemnity insurance.

4. Where are we based in Victoria?

   We are located at Suite 4, Level 6, 451 Little Bourke Street, Melbourne. The located of our office verses the location of the property does not affect the quality of our conveyancing service one bit, and the beauty of being located in Melbourne CBD is that we are 5 minutes down the road from most of the settlement venues. This eliminates the need to hire a settlement agent on your behalf, reducing your cost.

5. Do I need to attend settlement?

   You don’t need to attend settlement, as we will perform the settlement on your behalf, as this service is included in our fixed fee. We are located 5 minutes away from the most settlement venues and the settlement process generally takes around 20 mins on average. All you need to do is just simply wait for our call after settlement confirming it has taken place. Thereafter you can collect any spare keys to the property from the selling agent’s office.

6. What does the conveyancing process involve?

   I’ll break the process down into easy steps for you. We always recommend that we perform a review of the Contract and Section 32 for you before you sign. Once we have completed the review and you have decided to proceed with the purchase, we will focus on preparing for your settlement. This includes but isn’t limited to preparing the necessary settlement documents for you to sign and return, lodging a caveat where applicable, and liaising with you bank to ensure they are ready to settle by the due date. Settlements generally take place 30 or 60 days after settlement, depending on the timeframe you negotiate with the seller. The final step in the process is attending the settlement on your behalf. Once you engage us, we start the process asap!

7. Do we specialise in property transfers?

   Yes, we have extensive experience in representing buyers in the market and private transfers of properties. We recommend that you contact the State Revenue Office to confirm if any stamp duty implications apply to your transfer. The conveyancing process is vastly similar to purchasing from the market and we can talk you through all aspects of the process. Call us today for a chat about your particular transfer and how we can help you. Often we represent both sides of the transfer, more commonly where the parties are related or spouses. The main this is, we can help you!

8. What happens with the rates, taxes and outgoings on the property?

   A contribution is payable by you at settlement for the number of days you are the owner for in the financial year that settlement takes place. The usual rates to which this adjustment applies includes water rates, council rates, land tax and owners corporation levies. If the property is being rented, the seller must make a contribution in your favour at settlement for the number of days which you are the owner. If the property is mortgaged, the seller much make a contribution in your favour at settlement for the cost of discharging the mortgage by you or your lender.
   
   Whatever you pay is added to the sale proceeds owing at settlement and whatever the seller pays gets offset against what you pay to reduce the final balance owing at settlement. The process is often described as making “adjustments” to the balance owing at settlement.

9. What happens with the utilities?

   The seller is responsible for disconnecting any gas, electricity and telephone services from the property by the settlement date. You as purchaser bear the responsibility of arranging connection of these services to commence from the settlement date. These are not adjustable at settlement, as they do not represent rates, taxes and outgoings that run with the land. Rather, they fall under private contract which requires connection and disconnection.

10. When do I get to inspect the property?

    We recommend that you inspect the property prior to signing the Contract to ensure you are aware of the condition of the property. In saying that, it is important to obtain a Building and Pest Inspection report prior to signing. The inspector is trained in assessing the structural integrity of the property and whether it is susceptible to or affected by pest infestation, which can assist with your decision on whether to proceed with the purchase.
    
    The report also comes in handy if there is any dispute prior to settlement about a change to the state of repair and condition of the property after signing the contract.
    If prior to settlement you notice there is any material loss or damage to the property that was not present when you signed the Contract, you can rely on the report to establish what the condition of the property was like on the date of signing.
    
    If you don’t have time to arrange the Building and Pest Inspection report, we can propose a special condition be inserted into the Contract following a review of the contract and section 32 prior to signing. We also recommend that you take pictures of the condition of the property prior to signing.
    
    After signing the Contract, you are also entitled to one pre-settlement inspection within 7 days prior to settlement. You may need to make arrangements with the selling agent for a suitable date and time of inspection that the seller is agreeable to.

If you have more questions, get your no-cost, obligation-free consultation now by calling 1300 932 738 or requesting your free quote HERE.