First Home Buyers – The role of a Conveyancer in a nutshell

By: elite.property | 7 Apr 2015


A conveyancer reviews the contract and brings to your attention the essential terms. We receive notices from the Vendor on your behalf, during the term of the contract i.e from the day the contract is signed until the day of settlement.

A conveyancer prepares documents required to transfer the property including the Transfer of Land & Acquisition Notice and the State Revenue Office duties form required to calculate stamp duty.

A conveyancer is required to verify your identity and obtain your authorisation to sign these documents on your behalf.

If a bank application is required, (it usually is) we liaise with your finance broker/banker to ensure mortgage documents are correctly prepared and registered on the day of settlement. The bank and the conveyancer exchange information such as the amount the bank will provide at settlement and the bank receive payment directions from the conveyancer. Stamp duty and title registrations fees are also confirmed.

Prior to the day of settlement the conveyancer prepares a Statement of Adjustments which adjusts outgoings expenses between the Vendor and Purchaser. The outgoings generally include council rates, water rates, owners corporation fees & land tax, if applicable.

Once the outgoings are adjusted and your bank inform us the funds available for settlement, we calculate the balance you are required to provide (shortfall), if any.

A conveyancer reminds you of the procedure for the final inspection of the property, which usually takes place 7 days preceding the day of settlement. If there are any outstanding requirements, we communicate these to the Vendor, pursuant the contract.

A conveyancer attends the settlement on your behalf, together with the incoming mortgagee. You are not required to attend settlement.

After settlement is effected we notify you and the relevant authorities of the change of ownership. The authorities include council, water authority & owners corporation manager, as may apply.

A good conveyancer keeps you informed up until settlement is effected and the Title is registered in your name.

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