Sale or purchase of residential property
If you are the seller (“Vendor”) or buyer (“Purchaser”) of a residential property, GEA Lawyers have a highly dedicated profession team to assist you in carrying out legal searches for contract preparation. GEA Lawyers will arrange appointment for you to attend our office for revision and explanation of the contract. We will exchange the contracts upon your instructions. Requisitions or reply to requisitions, liaison with the real estate agent and the lender, settlement arrangement, mortgage discharge are some of the services legally required in the conveyancing process.
Each property that you sell or buy is different from others. There may be problems or potential problems associated. If you are thinking to sell or buy property or you have issue in relation to conveyancing, we suggest that you contact our experienced GEA Lawyers earlier.
“Conveyancing” means the transfer of legal title of property from one person to another or granting of an encumbrance such as a mortgage or a lien. Typical process of conveyancing is outlined as follows:
- Contract preparation - The contract is prepared by Vendor’s lawyer including searches for Title, Certificate 149(2), Sewage Diagram, etc.
- Pre-exchange - The Vendor’s lawyer gives the contract to the Purchaser. The Purchaser’s lawyer reviews it and may raise requisition to the Vendor’s lawyer. When the purchaser decides to exchange it, the Vendor and Purchaser will sign (“execute”) the contract separately with the help of each party’s lawyer. The purchaser gives deposit cheque and obtains loan pre-approval before the exchange.
- Exchange – Both lawyers exchange their executed contract with the deposit cheque to Vendor’s lawyer or the real estate agent.
- Following exchange – Each lawyer notifies their client and the client’s agent of such exchange. Usually, the deposit is held by the Vendor’s sale agent in trust. Both parties contact their mortgagee for formal loan approval or discharge. The Purchaser’s lawyer obtains certificates or documents for Council Rates, Water meter reading, gas, electricity, land tax, etc. The purchaser pays the stamp duty, arrange insurance and prepare a form “Transfer of Land”.
- Pre-settlement – The Purchaser’s lawyer sends the Vendor’s lawyer the stamped form “Transfer of Land” and books a settlement date and place. Modern practice is for the Contract and the Transfer of land to be stamped immediately before settlement on settlement date. The Purchaser’s lawyer forwards the adjusted figures for the settlement and prepares cheques for the settlement.
- Settlement – Both parties’ lawyers, Mortgagee (and others if there is) meet and exchange documents, include the Certificate of Title and cheques.
- After settlement – Both lawyers inform their own client. The Purchaser’s lawyer registers the transfer and obtains a Title search, if there is no mortgage involved in purchase of the property, otherwise the mortgagee will do the registration of title and registration of the Transfer. The Vendor’s lawyer sends cheques to each payee, informs the Sale Agent to release the deposit, cancel the insurance. Both lawyers complete their records and close the conveyancing.
If you are not a Permanent Resident or Citizen of Australia, GEA Lawyers can help you with your Application for Approval from Foreign Investment & Review Board (FIRB) before you invest in residential properties in Australia.
Other related matters
If you have issues on easement, covenant, boundary or encroachments, development application, GEA Lawyers are able to provide the right legal service.
If you have issues on land tax, Capital Gains Tax, Stamp duty, Goods and Services Tax in relation to your property, GEA Lawyers can provide you with legal assistance.