Frequently Asked Questions
What is Conveyancing?
Conveyancing is the process of transferring the ownership of the legal title of the land to another person or entity.
What is Stamp Duty And How Much Do I have to Pay?
The stamp duty in VIC is calculated depending on the value of the property, and whether you are buying it to live in or as an investment. If you were buying a $400,000 property as your principal place of residence, the stamp duty would be $16,370, excluding first home buyer concessions.
Land transfer (stamp) duty calculator
https://extranet.sro.vic.gov.au/SRO/calcs.nsf/landtransfer.xsp?OpenForm
Who is a Conveyancer?
Conveyancers don’t necessarily have to be solicitors but they often undertake;
- And oversees the process of buying or selling property settlements
- Registration of titles
- Registering subdivisions of land
- Updating a title (i.e. registering a death)
- Registering, changing or removing an easement
For the Purchaser, a Conveyancer will;
- Prepare, documents required for a property settlement
- Research the property and its certificate of title
- Check for easements and any other information that needs verifying
- Complete legal documents electronically
- Secure rights in first home buyer grants
- Order relevant searches, including Body Corporate and City council
- Liaise with your financial institute and other relevant authorities
- Facilitate securing Principle Place of Residence stamp duty concessions
- Calculating adjustments of outgoings at settlement
Reviewing sec 32 & Vendors Statements;
- Review sec 32 within 3 days for enable you to secure cooling off period
- Research the property and its certificate of title
- Check for easements and any other information that needs verifying
- Advise on the property
For the Vendor, a Conveyancer will;
- Prepare Section 32 and Vendor’s Statements
- Complete legal documents electronically
- Liaise with your financial institute to release mortgages if any