Below is a list of frequently asked questions about conveyancing in Melbourne and Victoiran property law.. If you have any further questions to ask, please don’t hesitate to call.
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What is the difference between a lawyer and a conveyancer?
A lawyer is qualified representative who has knowledge across areas of contract, commercial, property, family and other law specialities.
A conveyancer is a person who is only qualified in the transfer of property.
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How do I engage your services?
Call us during our open hours to further discuss your property requirements and how we can be of assistance to you.
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Should a lawyer review a property contract before you sign it?
Yes. Always. Have a lawyer review your contract prior to signing as a final check that everything is in order and there are no extraordinary circumstances on the property you are about to purchase.
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Do I have a cooling off period?
Not always.
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Can I inspect a property prior to settlement?
We encourage you to request an inspection of the property prior to settlement to make sure that it is in the same condition as when it was purchased.
When you and the Vendor signed the contract the vendor guaranteed that the property will be in the same condition at settlement, given wear and tear at time of signing contract. Items such as new broken windows or property damage are the responsibility of the Vendor to restore prior to the settlement being finalised.
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Should I request 30, 60 or 90 day settlement?
This is largely a personal decision based on your individual circumstances, however if you are borrowing, make sure to ask your lender when they will be ready to settle. ie. You might prefer a 30 day settlement but your bank might need longer to prepare documents.
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What else should I consider prior to signing the contract?
Consider getting a pest, termite and building inspection before you sign a contract or within 10 days of signing. Otherwise your contract should be subject to a satisfactory pest and building inspection.
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What happens if my name is incorrect on the Contract?
When you sign a contract use each person’s full name. All associated documentation to the contract needs to be consistent. If not, you can incur additional expenses associated with having all the contracts prepared again in the correct names.
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What is Pexa?
PEXA is a secure online platform that allows property transactions to be completed. Electronic settlement will become compulsory in August 2019.
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What’s the difference between Section 32 and a Vendor’s Statement?
Nothing. They are the same item.
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When do I need to pay you?
Full fees are usually paid at settlement, unless otherwise agreed.
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Do I need to make an up front payment?
No, fees are taken at settlement.
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When do I give you the money for settlement?
If you are providing some of the money, a day or two just before settlement. If you have a loan, the bank shows up and hands over a cheque. If it’s in PEXA, you transfer money into the account, or your bank will transfer money into that account.
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Do I have to be at settlement?
No, I will let you know when settlement has taken place.
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Can we assist a property purchase or sale outside of Victoria?
No. Our property jurisdiction is for Victorian properties only.
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Should I inspect the property again prior to settlement?
Yes. You are entitled to a final inspection within the 7 days prior to and including settlement date.
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Do you give accounting or tax advice?
No. We are not qualified to offer accounting or tax advice.