Undertaking a conveyance (attending to the transfer of a property) may seem a simple process that takes little time. Nothing is further from the truth! Conveyancing is a complex series of tasks that require knowledge and skill – which is the reason that conveyancers must hold special qualifications and be registered by the Government.
Below is a list of tasks required to fulfill a conveyancer’s legal obligations to you where a mortgage is to be registered. Because this task list reflects the commonly accepted legal requirements for a conveyance, all fee estimates must be benchmarked against this list.
Occasionally a transaction involves more work than usual. Time may also be required to advise a purchaser (e.g. in relation to documentation or rights or liaising with your lender) or a transaction may involve extra tasks (e.g. liaising with a GST expert or dealing with an encumbrance or contractual breach). In such cases, your conveyancer is entitled to charge an additional fee unless the work has been allowed for in any fee estimate.
Basic Tasks
Take initial instructions from Purchaser and advise Purchaser to get insurance cover immediately
Send letter of engagement to client to sign and on return, formally open matter and set up file
Carefully peruse the contract, Form 1 and any ancillary documents
Ensure purchaser is getting the correct property – eg client signed plan for land or community/strata property
Obtain appropriate statutory searches. Check contract and Form 1 against searches. Get instructions if appropriate
Diarise date conditions due and settlement date
Ascertain if Property to be owner occupied or for investment purposes
Consider if client needs GST or other tax, legal or professional advice and obtain instructions
Ascertain if there are any stamp duty concessions available to client
Ascertain if Purchaser is a first home buyer
Ascertain the manner in which joint Purchasers are to hold the Property
Confirm conditions of contract are fulfilled by parties by the due dates
Ensure that any encumbrance on the title is dealt with appropriately & get purchaser sign off that they understand
Confirm finance arrangements with Purchaser and deal accordingly with Lender
Obtain ACN from ASIC for any corporation
Prepare Transfer and any other required documents (eg Applications)
Send copy of Transfer to lender for preparation of Mortgage documents
Arrange for Purchaser to sign Transfer
Send Transfer to Vendor’s Conveyancer for signing by Vendor
Chase return of Transfer for stamping
Confirm amount to be provided by Lender at settlement
Advise Purchaser to liaise with Agent to arrange collection of keys after settlement
Advise Purchaser to arrange for utilities and telephone to be put in Purchaser’s name
Order SA Water special meter reading certificate
Adjust rates and taxes and any community or strata levy
Prepare Purchaser’s settlement statement
Do trust account reconciliation calculations
Send settlement statement to Purchaser requesting balance of funds
Receive funds from Purchaser and bank into trust account
Receive cheque details from Vendor’s Conveyancer
Calculate cheques required for settlement
Advise cheque details to Lender
Book settlement with Vendor’s Conveyancer and Lender
Stamp and certify Transfer
Draw bank cheques from trust account (if required) for settlement
Check search Certificate of Title immediately before settlement
Attend and complete settlement at Lands Titles Office
Advise Purchaser by telephone of completion of settlement
Send settlement confirmation letter to Purchaser
Send change of ownership letters to rating authorities and any community or strata corporation
Confirm Vendor’s Conveyancer has paid rates and taxes unpaid at settlement
Calculate usage from special meter reading and confirm payment of appropriate amount to SA Water to put Purchaser into credit
Do trust account journal entries and reconcile
Prepare final account for fees & trust account statement and send to client
Check search Certificate of Title to confirm registration of Transfer
Obtain copy of title showing Purchaser as registered proprietor and send to client
Source: Australian Institute of Conveyancers | SA Division Inc.
