Frequently Asked Questions

We understand that the conveyancing process is a little confusing, that is what we are here for. To save you time, we have comprised a small list of frequently asked questions so all the answers are right at your fingertips. If you are still confused about anything, please do not hesitate to contact us on admin@hayesconvey.com or call us on (03) 9703 0588.

What is conveyancing?

Conveyancing is the transfer of property from one owner to another, Hayes Conveyancing manage the process for you when you’re buying or selling. From the moment you find your dream property or decided to sell, the first thing must be to call Hayes Conveyancing for handle everything.

Why use Hayes Conveyancing?

We take the stress and confusion away from you, making the entire process special from start to finish. Our personalised approach means we can answer your questions and to guide you through your sale or purchase.

Do I need a Conveyancers or Solicitor for my property transaction?

Both a Conveyancer or Solicitor can help you with your property transaction.

What is Stamp Duty?

Stamp Duty is payable to the State Revenue Office which is a government fee for all transfer of land, including gifts unless an exemption or concession applies. Stamp duty is calculated on either the market value of the property or the consideration which is the amount you have purchased the property for including any GST.

How much stamp duty will I need to pay?

Our office will advise you of the Stamp Duty payable once we have received a copy of your contract of sale. Should you require the information earlier please refer to the State Revenue Offices website

www.sro.vic.gov.au/SRO/SROCalcs.nsf/transfer?OpenForm

What is Land Registration fee?

Land registration fee is payable to the Land Titles Office which is a government fee to register your name on your property Title after settlement.

How much will I need to pay for the Land Registration fee?

Our office will advise you of the Land Registration fees. Should you require the information earlier please refer to the Land Titles Office website

www.dtpli.vic.gov.au/property-and-land-titles/forms-guides-and-fees#Fees

What is a Contract of Sale?

A Contract of Sale is a sales agreement prepared by the Vendors representative or the Real Estate agent. The terms and conditions of the sale will be detailed on the Contract of Sale which includes important information such as sale price, settlement date and any conditions such as clauses for purchasers finance and building and pest inspections.

What is a finance Clause and will I need this to be included in the Contract of Sale?

A finance clause is a condition that allows the purchaser to obtain an unconditional loan approval from your bank before the expiry of the clause. Should the purchasers finance be declined they can withdraw from the Contract of Sale and any monies paid under the contract will be refunded and the contract will be at an end.

Before you sign a Contract of Sale you should discuss your property purchase with your conveyancer and Banker/Broker to decide if you require a finance clause to be including in the Contract of Sale.

Why do I need Building and Pest inspection and will I need this clause to be included in the Contract of Sale?

A building and pest inspection should be conducted on all established property purchased by a qualified building inspector to ensure there a no major structural defects or termite infestations which could cost you unexpected costs after the settlement.

We highly recommend that all inspections are conducted by the building inspector Robert Francischelli 0477 660 118.

What are the important dates I need to be made aware of when signing a Contract of Sale?

“Cooling off period” – this is the period during which buyer can terminate the contract without needing to rely on a term of the contract, and with limited potential for the seller to charge a penalty.

Finance approval date – the date by which a buyer must advise the seller that finance approval has been obtained.

Building and pest inspection date – the date by which a buyer must indicate to the seller their satisfaction or otherwise with the inspections they have obtained. You should get a licensed building inspector to perform the inspection as quickly as possible to meet this date. We highly recommend the building inspector Robert Francischelli 0477 660 118.

The settlement date – the date on which settlement of the transaction is scheduled to occur.

What is a Section 32 Vendors Statement?

The Section 32 Vendors Statement is a document that declares to a potential purchaser the story of your property. It details information such as the properties Title description, zoning details, local council, utility companies, rates, building permits, notices and much more.

What are disbursements?

Disbursements are the costs incurred as we manage your sale or purchase. Remember to get a quote for the final price of your transaction from start to finish. If the conveyancer or Solicitor can’t do this you may could end up with a large unexpected bill at the end.

What is the Statement of Adjustments?

Statement of adjustment is prepared by your conveyancer and is a breakdown of settlement monies owed to the vendor at settlement which includes adjustments of rates.

Do I need to attend the settlement?

No our office will attend settlement on your behalf to ensure everything is in order and once the settlement is complete you will receive a call from our office advising that the property has settled.

Should I do a final inspection of my property that I am purchasing before settlement?

We highly recommend that you complete your final inspection within 7 days of settlement, which can be organised through the Real Estate Agent. At settlement the property must be provided in the same condition as of the day of sale subject to general wear and tear.

Where do I collect the property keys from once my property purchase has settled?

The property keys can be collected from the Real Estate Agents office once they have received notification that the property has settled from the vendors and purchasers legal representatives

Who hold the Certificate of Title once settlement has been completed?

If you have purchased your property with a mortgage your mortgagee will hold the title or if you have purchased the property with cash our office will deliver the title to you for safe keeping.

I’m a First Home Buyer, when do I get my grant?

New Dwelling:

If you are purchasing a new dwelling your bank will organise the First Home Owners Grant. In some cases depending on your loan contract this may not be done until after settlement. Our office will prepare the necessary forms that allow for the 50% stamp duty reduction. This can only be applied once your grant is approved. If your grant is not approved prior to settlement you will be required to pay full stamp duty upfront and apply for a refund after settlement.

Established Dwelling:

If you are purchasing an established dwelling you do not receive a grant however you are entitled to a 50% stamp duty reduction. Our office will prepare the form that will allow the reduction to be applied at settlement. Please note some banks require full stamp duty to be paid upfront and will withhold the funds until they have submitted the form to the State Revenue Office for approval.

How should I conduct a thorough inspection before I sign the contract?

When you purchase a property you accept it in the condition it is in on the day of sale. The Vendor is under no obligation to fix items that were already broken when the Contract was signed. We strongly recommend that if an item needs to be fixed you negotiate a Special Condition into your contract before signing. We also recommend a Special Condition that confirms that all electrical items will be in working order when the property settles.

Are there any additional Special Conditions I should have when negotiating my contract?

When you purchase a property you accept it in the condition it is in on the day of sale. The Vendor is under no obligation to fix items that were already broken when the Contract was signed.

We strongly recommend that if an item needs to be fixed you negotiate a Special Condition into your contract before signing. We also recommend a Special Condition that confirms that all electrical items will be in working order and that that the Vendor will remove all personal items and rubbish prior to settlement.