0415 820 248
Purchasing can be an exciting time however, it can also be daunting to trying to navigate the legal requirements that a purchaser has to comply with.
Want to know more take a look at our outlined step by step process on how Purchasing works.
It is extremely important that you are completely aware of what you are purchasing. There may be restrictions on your title which could limit or inhibit what you can and cannot build, materials to use or how you use the property. There can also be easements and building envelopes. These can make a difference in your offer or whether the property is suited to your needs.
It is our job to make sure everything provided in the Section 32 is transparent to you and there is no easier way than a review of the documents before you sign.
Signing a Contract of Sale and Section 32 is probably one of the most exciting parts for any buyer.
Once you have had made your offer and a Contract has been prepared and reviewed it is time to sign and solidify your purchase intention to the Vendor. Remember to ensure you discuss your situation with your conveyancer so they can make sure the right conditions are in the contract. For example: finance, sale of another property, waiting on an inheritance etc.
There are many ways agents will have you sign these days. Electronic signing is very popular and now also accepted as a valid signature under the Section 32 of the Sale of Land Act 1962.
The most important part of this step is to advise your conveyancer you have signed and have a copy of the signed documents sent to them immediately.
There are key dates and times frames which must be met to avoid any penalties which we will explain further down.
In this next step your conveyancer will forward you some instructions to complete, if they haven’t already done so. Please ensure you complete these giving the utmost details therein.
Once your signed instructions have been returned to your conveyancer you will receive your first full client letter which will outline all the key dates, special conditions and confirm the details in the contract. This will help you to keep a track of your dates, along with your conveyancer.
There will be quiet a few documents to sign in this letter many of which allow your conveyancer to complete and sign the required transfer documents on your behalf. It is extremely important in this stage to read everything and follow all the instructions you are given for signing documents. For example, there are new rules regarding your Verification of Identity which need to be adhered too to make it valid.
Our office will contact you the day before a key date or special condition is due to see if it can be satisfied or an extension is needed.
Once your Contract conditions have been satisfied your conveyancer will confirm that the Contract is unconditional with you, the Vendors conveyancer and the agent.
Your file will be opened on the PEXA electronic settlement portal and your conveyancer will prepare all the required transfer documents.
This will be the time you sign your mortgage documents and gather any additional funds you need to provide for settlement ready to be transferred to our firms trust account to be held until settlement.
Your conveyancer will prepare the Duties On Line form which will include all the information needed with respect to stamp duty exemptions and the like to be applied at the time of settlement. This form will be sent to you in an email format from the State Revenue Office and will be signed electronically online. You will receive a letter from our office with instructions on how to successfully sign the document.
Pre Settlement stage is approximately 1 week before settlement and this is when your conveyancer will prepare the Statement of Adjustments and confirm the funds available from your mortgagee and if required the additional funds you need to contribute. A Statement of Account will be forwarded to you outlining the total funds needed to settle, including but not limited to:
You will receive notification form our office when your conveyancer has completed all tasks on your behalf and in a settlement ready position. This may not necessarily mean that the other parties involved are ready, however it is a reassurance that your obligations as a Purchaser is complete.
Settlement will proceed at the date and time which has been agreed by all parties and usually takes approximately 30 minutes to complete. This is completed on the electronic platform PEXA.
Once settlement is complete you will receive a confirmation from your conveyancer and you can then collect the keys.
You will also receive a final letter confirming all details of settlement and important documents to keep on file.
To have your Section 32 and Contract reviewed before signing please call our office on 0415 820 248 or click Enquire Now and a representative from our office will be contact with you.
