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 licensed.
Below is a list of tasks required to fulfill a conveyancer’s legal obligations to you where a mortgage is to be discharged. 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 vendor (e.g. in relation to the documentation, 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 client (including return of cancelled duplicate Certificate of Title)
Send letter of engagement to client for signature and return
Open matter and set up file
Carefully peruse the contract, Form 1 and any ancillary documents
Obtain appropriate statutory searches. Check contract and Form 1 against searches. Get instructions if appropriate
Check search Certificate of Title for any unregistered documents
Diarise Date conditions due and settlement date
Check/ensure deposit is paid
Consider if client needs GST or other tax, legal or professional advice and obtain instructions
Send letter to Agent requesting balance of deposit
Prepare and arrange for Vendor to sign discharge authority
Send signed discharge authority to Lender requesting loan payout figure and preparation of Discharge of Mortgage
Confirm conditions of contract are fulfilled by parties by the due dates
Deal appropriately with any encumbrance on the title
Prepare any required documents (eg Application to Note Death, Transmission Application)
Obtain appropriate documents from client (eg death certificate, probate)
Receive Transfer from Purchaser’s Conveyancer, check and arrange for Vendor to sign
Return signed Transfer to Purchaser’s Conveyancer in escrow for stamping
Receive balance deposit from Agent and bank into trust account
Confirm outstanding amounts with rating authorities for payment
Advise Vendor to arrange final readings in respect of utilities and telephone
Order SA Water special meter reading certificate
Adjust rates and taxes and any community or strata levy
Prepare Purchaser’s adjustment statement and send to Purchaser’s Conveyancer
Receive loan payout figure from Lender
Prepare Vendor’s settlement statement and send to Vendor with payment authority
Do trust account reconciliation calculations and chase outstanding deposit
Calculate cheques required for settlement
Advise cheque details to Purchaser’s Conveyancer
Book settlement with Purchaser’s Conveyancer and Lender
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 Vendor by telephone of completion of settlement
Send settlement confirmation letters to client and Agent
Send change of ownership letters to rating authorities and any community or strata corporation
Pay any rates and taxes outstanding at settlement
Calculate usage from special meter reading, pay appropriate amount to SA Water to put Purchaser into credit and advise Purchaser’s Conveyancer
Do trust account journal entries and reconcile
Prepare final account for fees & trust account statement and send to Vendor
Check search Certificate of Title to confirm registration of Transfer
Source: Australian Institute of Conveyancers | SA Division Inc.
