Below are some frequently asked questions about Conveyancing.
Q: What is Conveyancing?
A: In very simple terms, Conveyancing is the legal process of transferring the title of a property from one person to another whilst also arranging for its payment.
Q: What is the difference between a lawyer and a conveyancer?
A: Lawyers are qualified to provide legal advice regarding the rights and obligations of a seller and buyer throughout the course of a transaction. I.e. The lawyer is qualified to give advice regarding the terms of the contract and whether a particular term is violated.
Conveyancers are experienced in the area of conveyancing but are unable to provide legal advice. They’re proficient in sales and purchase from the date the contract is signed until the date settlement is reached, under the supervision of a qualified lawyer.
To express the above very simply, when things start getting complex, lawyers need to take over and you don’t want to pay for both professionals.
Q: What is “Cooling off”, and who can cool off?
A: Cooling off is a term used to describe the right of a purchaser to real estate to cancel the contract and walk away from the purchase on a “no questions asked” basis within a specified period of time. There is a small fee payable by the purchaser.
The purpose of cooling off is to enable a buyer to change their mind about proceeding with a contract with minimum penalty.
In the state of Victoria, a purchaser has 3 clear business days, from the day they signed an offer to purchase to “cool off”. However, there are certain exceptions to the right to cool off. Call us to discuss what these exceptions are.
Q: What is the difference between a ‘standard purchase’ and an ‘off the plan’ purchase?
A: A standard purchase involves purchasing a property which has already been surveyed and registered with the titles office. To put simply, it has its own title.
An ‘off the plan’ purchase involves purchasing a land for which a title does not yet exist. E.g. If the seller owns a land which they propose to subdivide into smaller blocks and sell as individual lots.
Q: Should I have the Section 32 and the Contract checked before I buy?
A: Unquestionably, YES. Prompt Legal Services are committed to assisting new purchasers navigate their way though this complex transaction. Email email@example.com and ask us for a review. Property reviews are normally charged at $50 per review, but for a limited time only, we can waive this fee on your first review by quoting the code “PLS259A”
Purchasers can access free information on the basics of dealing with real estate agents and buying real real estate with our Information to the Purchasers of Real Estate.
Q: What is PEXA?
A: PEXA is an acronym for Property Exchange Australia. The PEXA platform allows settlement to occur in a digital workspace. PEXA is an online settlement process that can be used to settle matters without the need for parties to physically meet and exchange documents and bank cheques. The process is completed electronically which means for a Seller your funds are distributed more quickly and for purchasers your property title is in your name sooner.
Q: Can I still use your service if I’m in a remote area?
A: Definitely, all features of our conveyancing services can be delivered to you online as long as you have access to a reliable internet connection. We’ll make sure to give you the best legal advice providing you with reliable and quality service.
For more information, please contact us today for a free consultation by calling us on these numbers;
Essendon Branch: (03) 9379 0877
Sunbury Branch: (03) 8722 0877
Craigieburn Branch: (03) 9308 4400
Gladstone Park Branch: (03) 9334 2370