Not everyone is familiar with the terms used by Conveyancers. Below is a short list of conveyancing terms that you may need to understand. Of course, we are always available to talk to you if you need more information on a specific topic.
Contract of Sale / Section 32
A Section 32 document contains the details of a home and the conditions of its sale. If you are selling your home you will need to organise a Conveyancer or lawyer to prepare a Section 32 document as soon as possible. Once you have your Section 32 ready, your home can be advertised and buyers will be able to make an offer.
It is important to note that a Conveyancer and lawyer will provide you with the same advice and complete the same process for your property settlement. We have the knowledge and experience to assist you on all property transfer matters.
Cooling Off Period
You may end a Contract of Sale within 3 clear business days of the day that your sign the contract under certain circumstances.
You must either give the vendor or the vendor’s agent written notice that you are ending the contract or leave the notice at the address of the vendor or the vendor’s agent to end this contract within this time in accordance with this cooling-off provision.
You are entitled to a refund of all the money you paid EXCEPT for $100 or 0.2% of the purchase price (whichever is more) if you end the contract in this way.
Section 27 (early release of deposit)
Section 27 of the Sale of Land Act states that a deposit placed on a property must be held in trust by either a solicitor/conveyancer or a real estate agent. Under certain conditions, a solicitor or conveyancer can arrange for an early release of the deposit paid by your purchaser. After receiving a Section 27 request, a buyer has the option to sign and agree to the release or you must wait for 28 days to lapse. The release is dependent on a number of requirements, we will discuss this with you should you require the release prior to settlement.
Finance Approval
If the purchase of a home is subject to finance approval, then it is the buyer’s responsibility to make sure that they make every effort to obtain finance approval by the specified date. If the finance is declined, the contract will end and the buyer will have their deposit refunded. If the Vendor doesn’t receive written advice that the finance has been declined by the due date, then the Contract of Sale becomes unconditional.
Settlement
Property settlement involves the transfer of property from one owner to another. While the aim of property settlement is quite simple, there are many regulations and procedures which can make the settlement process quite complex and time consuming. Most people appoint a licensed conveyancer for this task.
Settlement date is the date the remainder of the funds are payable to the Vendor. You do not need to attend on this day as your fixed cost Conveyancing fee includes our office to attend on your behalf and complete the settlement process.
Our office will call you once all funds and documents are finalized between the vendor, purchaser and bank. Keys can then be exchanged from the real estate agent.
Find out more
B.O.S.S. Conveyancing provide expert conveyancing services throughout Melbourne and Victoria. If you would like more information on how our expert Conveyancers can help you with your next property transfer, call us directly on 03 9366 8818.