Frequently Asked Questions
What is Conveyancing?
Put simply, Conveyancing is the legal process of transferring property from one person or entity to another. Here at Sargeants Glen Eira and Monash we hold Professional Indemnity Insurance and are licensed by the Government to conduct this work. It is our role to ensure all Land Registry and State Revenue Office documents are prepared correctly, to enable settlement to occur, and for the Title Deed to be transferred. We liaise with you, your Bank, the Real Estate Agent and the other parties Conveyancer through to the final settlement. We also manage the payment and adjustment of all statutory rates and charges such as Council Rates, Water Rates, Owners Corporation Fees and Land Tax charges to ensure that no outstanding rates debts pass with the property.
We understand that buying and selling real estate is the biggest single investment most of us will ever make and pride ourselves or making the conveyancing aspect as clear and stress free for our clients as possible
When should I have the Contract and Vendor Statement (Section 32) reviewed?
You should have the Contract and Vendor Statement (Section 32) reviewed prior to buying a property, particularly for properties being auctioned, or where the ability to cool off does not apply. Although conveyancing begins after a Contract has been signed, we do recommend, where time permits, that you contact our office to conduct a pre-purchase review of the Contract of Sale.
The purpose of a Contract Review is to provide you with a summary of the key Special Conditions and to alert you to anything contained within the document of which you should be aware prior to purchase. Reviews are conducted over the telephone and are not placed in writing. We require 2 business days to conduct reviews from receipt of the PDF Contract. Sargeants Glen Eira and Monash has a team of highly experienced Licensed Conveyancers on staff to conduct pre-purchase reviews. Please phone our office to discuss this further, or lodge an enquiry via our website.
What is a Vendor Statement (Section 32)?
A Vendor Statement is a document which must be provided by a seller, to a prospective buyer, before Contract signing.
Section 32 of the Sale of Land Act provides a list of the disclosures a seller must make regarding their property which must be evidenced to the prospective buyer in the Vendor Statement, hence it is often referred to as a Section 32.
How long does it take to prepare a Vendor Statement when selling a property?
We pride ourselves on being able to issue a Contract and Vendor Statement within 24-48 hours, however, this does depend on the property being sold and the availability of the searches required. For example, where there is an owners corporation involved, a Contract can take a week or more to complete as Consumer Affairs allow Owners Corporation Managers 14 days from receipt of payment to complete and issue their Certificate. If selling a property where any owner-builder works have been conducted or where the property has been built or works conducted within 7 years, additional documents may also be required that may not be as quick to obtain.
How do I calculate my Government costs when buying a property?
Both the Victorian State Government Department of Environment, Land, Water and Planning and the State Revenue Office have useful Calculators on their websites (links below) to assist in calculating your Government Land Transfer (Stamp Duty) and Registration Fees.
What is PEXA (Property Exchange Australia) and do I need to settle on this platform?
PEXA is essentially the electronic platform on which conveyancing matters must be transacted and has replaced the paper settlement process. All but a very select type of transactions must be settled on this platform. The PEXA website is https://www.pexa.com.au/company and provides further information on who owns PEXA and their Policies. On their website they describe PEXA as…
“PEXA (Property Exchange Australia) is Australia’s online property exchange network. It assists members – such as lawyers, conveyancers and financial institutions – to lodge documents with Land Registries and complete financial settlements electronically.
PEXA was formed in 2010 to fulfil the Council of Australian Governments’ (COAG) initiative to deliver a single, national e-Conveyancing solution to the Australian property industry. It was originally known as National e-Conveyancing Development Limited.
PEXA is committed to supporting the property industry as it transitions towards a 100% digital conveyancing process that’s fast, safe and efficient.”