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Once a settlement is complete, the next steps are for the buyer’s conveyancing lawyer to attend the land registry office to lodge the title and transfer documents to put the buyer’s name on title. If the buyer has an incoming mortgagee, then this task is for their representative to complete because they hold a vested […]

Settlement is an event that happens at the end of the contract to give effect to the major term of the contract, which is the transfer of title in exchange of money. In the traditional paper settlement, the seller’s conveyancer would bring all of their title and signed transfer documents for the buyer’s conveyancer to […]

When you are buying a property, you should understand that it is always “buyer beware”, which means that it is up to you to research into the property to satisfy yourself that the property is the right one for you. In other words, “what you see is what you get” or in the case of […]

A law practice trust account is a bank account that is held by a law practice for the purpose of holding client’s money used for the purpose of delivering legal services. In a conveyancing practice, the money held is usually the deposit or the settlement funds. A law practice’s trust account is heavily regulated and […]

When you are purchasing a property, you may have already saved up a decent amount of money to be used for your deposit, your stamp duty and fees, etc. That is, you are contributing to the settlement funds with your savings. The money will need to be collected for the purpose of making the payment […]

A statement of adjustment is basically a statement that contains all the apportionment of outgoings and liabilities attached to the property and required by the contract to be adjusted. The items that are usually included in the statement of adjustments are mortgage discharge fees, rates, water charges, owners corporation levies, land tax liabilities, insurance, rent, […]

Registration fee is a type of government charge passed onto the consumer by the land registry offices for the service in registering your interest over a property in their registers. Each State has their own land registry that administers their own land registers. Each land registry will have different fees for the registration of different […]

Stamp duty is a form of tax that is determined by the state government so the rules will vary depending on which state that you are purchasing in. In Victoria, the stamp duty is assessed and payable on settlement. You will have up to 30 days after the settlement date to pay for it. You […]

Stamp duty is a form of tax that you pay to the government for getting an interest in the land. In other words, it is a form of tax that you must pay if you are a buyer. The stamp duty is assessed based on the value of your land, the more expensive the purchase […]

If you know that there is a tenant living in the property, then you should check the contract to ensure that you have been provided with a copy of the tenancy agreement. Depending on what you are intending to do with the property, you will need to ask different questions of the tenancy. Purchasing to […]