Both are required to be accredited with their relevant associations, however Conveyancers cannot give any legal advice outside certain narrow limits. If your matter has any issues and requires any advice it needs to be referred to a lawyer.
Lawyers understand case law and relevant Acts the law rather than just the transactional side of matters, which is where conveyancers operate.
This is the major benefit of engaging Conveyancing Lawyers in the first instance so that you get that advice quickly and at a cheaper rate if required. It is much more expensive to get subsequent legal advice from a lawyer if a problem arises as they are not familiar with the matter and will spend time revising your matter.
Because we deal with complex property law matters we have law case knowledge that makes a difference if a problem arises and can pre-empt problems quickly. Having the right advice and response in a timely manner will prevent problems from escalating.
This is unique to Victorian properties and enables the Vendor to obtain the deposit monies earlier than the settlement date.
There are a few conditions that the Vendor must comply with in order to be eligible, and if so they can seek to have the monies released early via issuing the purchaser with a Section 27 Statement.
If the Vendor is eligible to have their deposit released they can do so within 28 days of providing all the correct information and Section 27 Statement to the Purchaser or earlier if the purchaser consents. Most purchasers do consent prior to the 28 days time-frame, however some do have to wait the full time. We do follow up for our Vendors to seek the early release of deposit monies asap.
A Vendors Statement is required by Victorian Law to be provided to a purchaser prior to them signing the Contract of Sale. It is similar to a roadworthy certificate on a car and discloses the critical title, planning and rating information that the property is subject to.
The information contained in the Section 32 should allow the Purchaser to be fully aware of what they are purchasing and encumbrances, restrictions or the like that are over the property.
If information has not been disclosed then the Section 32 maybe deemed defective and the purchaser maybe able to avoid the Contract.
If you are unaware of what information is contained in the Section 32 you should seek legal advice. There could be critical information contained in the Section 32 that could disadvantage you as a purchaser.
A caveat is an interest that is registered on the Title at the Land Titles Office. It could be described as staking a claim on the title.
It restricts activity on the Title and protects purchasers until they are the registered proprietor on title, this does not always happen on settlement day.
If you are purchasing a property we do recommend that you lodge a caveat.
Conveyancing disbursements are essential costs and fees incurred by the conveyancing lawyer on your behalf during the conveyancing process. These include the cost of attending settlement, costs for property searches and certificates relevant to your property.
For vendors, disbursements are primarily incurred when drafting the Section 32, also known as a Vendor Statement. The Section 32 tells potential buyers about the property. The Section 32 must include current searches and certificates pertaining to the purchase property. These searches and certificates will provide information relating to any mortgages on the property, easements, covenants, zoning, any building works over the last 10 years and notices from authorities such as a relevant road authority to indicate if it has acquired or is acquiring the property. A deficient or incorrect Section 32 may mean a purchaser can cancel the contract prior to settlement or take legal action.
For purchasers, the most common disbursements are property searches. For example, title searches, council rates, water rates and land tax. These searches are conducted to discover any “encumbrances” or rates and taxes on the property so that you have a clear title at settlement and ensure you are not inheriting debts of the vendor.
To learn more about conveyancing disbursements and to obtain a fixed fee conveyancing quote, contact us on 1300 900 440 or complete the enquiry form.
We always recommend everyone to obtain advice prior to purchasing a property.
No real estate transaction is the same. There are multiple steps involved in the conveyancing process and some carry risk. It is therefore important to have a property lawyer advise you on your legal rights, obligations and to help you avoid unexpected issues and traps.
For example, there can be many hidden issues in Special Conditions and this can leave you out-of-pocket or your rights diminished.
We can draft Special Conditions if required and we also check any Special Conditions drafted by Real Estate Agents or other firms. Special Conditions are often drafted with the Vendor’s interests in mind and should never be agreed to without advice.
At PLC Lawyers, we can not only help you identify potential risks, we can also tailor our advice depending on what you wish to do with the property. Our property lawyers can provide concise legal advice to ensure you are protected and ready to place your formal offer or bid at auction.
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