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Your Guide to Conveyancing Services in Melbourne, Australia

Conveyancing is a procedure carried out in a legal and constitutional way to transfer the title or say ownership of the property from one person to another. Experts who undertake this process on behalf of you are known as conveyancers. However, there are number of terms and aspects related to legalities of conveyancing and property ordinance that are generally difficult for a commoner to understand. Thus, to help you understand and educate with the terms used in matters related to conveyancing, here’s a list we have compiled it for you.

Loans Direct – Protecting Your Interests & Rights While Buying or Selling a Property

A to Z of Conveyancing
  • An Agent :
    An individual authorised to perform and undertake services on behalf of a prospective client.
  • An Agency :
    The registered body that agrees to act and serve for the needs and requirements for their clients in matters related to conveyancing..
  • Auction :
    An occasion where the property is sold on last call, high call basis in place of a mutually negotiated sale.
  • Certificate of Title :
    A Certificate of Title is issued for the title details, the owners of the property and any dealings noted on the property.
  • Completion Date :
    A completion date is the settlement period of commencing all the necessary transactions and transfers. Generally, a settlement period is of six weeks and can be reformed by the mutual understanding between the parties.
  • Cooling off Period :
    After the purchase of a residential land in NSW, a 5 business day cooling off period is available as per the law. However, no cooling off period is applicable if the property is bought at the auction.
  • Contract for the Sale of Land :
    An official document that specifies all the relevant details about the property and the terms and conditions associated with the sale or purchase. The contract includes information like the property address, contact information of both the seller as well as the buyer, associated dealings, deposited plan, the inclusions of the sale, a title search, s149 council certificate and sewer diagram.
  • Deposit :
    Usually the deposit amount is 10% and is visible on the first page of the contract as the consideration paid to the seller, commonly known as holding deposit, to freeze the deal.
  • Discharge of Mortgage :
    Before selling a property, a discharge of mortgage is required if there is a mortgage charged over the property. It is a Certificate of Title that is issued by the bank after paying off the mortgage in full.
  • Easement :
    An easement is a limitation of use of the land or property. Such as easement for utility services whereby the authority will have access to your property to maintain water supply, sewer, gas or electricity, telephone or internet service. Usually, easements are listed on title.
  • Exchange :
    A legal agreed-upon contract signed and dated by both the seller and the buyer that brings the deal into existence.
  • Exclusions :
    Something which is not included in the sale of the property, like decorative artefacts, etc.
  • Folio Identifier :
    It is the discrete portion and deposit/strata number specific to individual property, which is available on the Certificate of Title.
  • Inclusions :
    Things that are included and are part of the sale of the property, like carpet, pool equipment, closets, etc.
  • Pest & Building Report :
    This report gives detailed information regarding any pest or termite infestation.
  • Requisitions on Title :
    A list of enquiries related to the value of the title provided by the seller.
  • Section 66 Certificate :
    This certificate permits the buyer to renounce the cooling off period. Someone providing conveyancing services in Australia or a solicitor can provide with a Section 66 certificate.
  • Strata Property :
    A property which has strata managing agents to regulate the use of common property by the laws is termed as strata property. The objective is to embed harmony among residents and uniformity in the appearance of the property, like home units, apartments and villas.
  • Strata Report :
    A report that states any building flaws, the cost of strata duties, the financial standing of the governmental and sinking fund and any disagreement that may be present among residents of the strata property.
  • Survey Report :
    A report concluded by a competent surveyor to determine that the property is correctly labelled.
  • Torrens Title :
    It refers to a property register maintained by the Government.
  • Transfer :
    An event to transfer the property from the seller to the buyer in the presence of a witness. A solicitor or licensed conveyancer can execute and sign on behalf of the buyer.
  • Vacant Possession :
    A contract is marked as ‘with vacant possession’ means that the property will be vacant on settlement. The substitute is ‘with existing tenancies’ wherein a buyer purchase the property with tenants.
  • Zoning Certificate :
    A zoning certificate, also known as s149 certificate, is provided by the Local Council with information pertaining to development controls and any local government policies, such as bush fire prone, flood prone or heritage areas that may affect your land.

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