FREQUENTLY ASKED QUESTIONS

Q1: What is property conveyancing ?

A1: The process of transferring legal title to property from one person to another is known as conveyancing. Once you have found a property you are interested in, a professional conveyancer can review the contract of sale, Vendor statement on your behalf and, if you proceed, lodge legal documents and settle the property acquisition for you.

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Q2: What is the Contract of Sale of Land ?

A2: A Contract of Sale of Land is a legal binding document that contains the terms and conditions agreed upon by a seller and buyer about all goods. It also includes all pertinent information about the property, such as names and addresses, the terms of sale, and the price.

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Q3: When do you need a conveyancer ?

A3: For purchasers or buyers, it is important to consult with a conveyancer BEFORE making an offer on a property or bidding at auction.
When you start looking for a house to buy, you should also start looking for a conveyancer. We can assist you in avoiding difficulties during the pre-purchase stage.
For Vendors or sellers, our conveyancer can prepare all documentation required for a property sale, including your Section 32 statement and the contract. 

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Q4: What are adjustments?
A4: Before Settlement, Conveyancing 360 will adjust the rates and outgoings for the property from the settlement date.

The adjustment of rates will ensure that the Vendors pay all the rates and taxes that are due on the property until the settlement date, and the Purchaser pays from the settlement date. Most Councils will require the full payment of the rates for the current rating year at settlement, even if they are not due until a later date.

This will be reflected in the adjustments. The adjustments will also allow the vendor to pay any arrears and/or outstanding interest on the rates and charges, as well as fees related to the removal of any mortgage or caveat.

Q5: What is section 32 vendor's statement?
A5: The section 32 vendor's statement is named after section 32 of the Sale of Land Act 1962 (Vic), which is the legislation that governs it. The purpose of the section 32 vendor's statement is to inform the buyer of any matters that may affect their decision to buy the property or their rights and obligations as the owner. The seller must provide the section 32 vendor's statement to the buyer before they sign the contract of sale, otherwise the buyer may be able to cancel the contract.

The section 32 vendor's statement is a complex and important document that should be prepared by a qualified lawyer or licensed conveyancer. If you are selling or buying a property in Victoria, you should seek professional advice from a conveyancing expert before you sign any documents.

Q4: What is a Section 27 statement?
A4: The section 27 statement is named after section 27 of the Sale of Land Act 1962 (Vic), which is the legislation that governs it. The purpose of the section 27 statement is to inform the buyer of any matters that may affect their decision to buy the property or their rights and obligations as the owner. The seller must provide the section 27 statement to the buyer before they sign the contract of sale, otherwise the buyer may be able to cancel the contract.

The section 27 statement is a complex and important document that should be prepared by a qualified lawyer or licensed conveyancer. If you are selling or buying a property in Victoria, you should seek professional advice from a conveyancing expert before you sign any documents. 

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Q6: What is Settlement?

A6: A settlement is the final stage of the conveyancing process, which is the legal transfer of property ownership from the seller to the buyer. At settlement, the buyer pays the agreed purchase price and receives the title deeds and the keys to the property. The seller pays off any existing mortgages or debts on the property and transfers the legal ownership to the buyer. The conveyancers or solicitors of both parties coordinate the settlement process and ensure that all the necessary documents and payments are exchanged. Settlement usually takes place at an agreed time and location, such as a bank or a land registry office

Settlement can also be done electronically through an online platform that allows secure and instant transfer of funds and documents. Settlement is an important and exciting moment for both the seller and the buyer, as it marks the completion of their property transaction.