Duties of Conveyancer to Purchaser
In brief, following are the duties of a Conveyancer to you when appointed to act in the settlement of your purchase of real property:
- Take written instructions from you in relation to the correct spelling of names, the addresses and the manner in which you desire the property to be held (e.g. Joint Tenants, Tenants in Common or as Trustees), all of which are to be recorded on the property title when transferred to you.
- Prepare the Transfer document required to transfer the property title from the Vendor (seller) to you, obtain your authority to sign the Transfer on your behalf and provide the certifications required on the Transfer under the Real Property Act.
- Liaise with your financial institution and/or mortgage broker (if applicable) to advise them of the correct ownership details that you have instructed us to transfer the property title to, and to be advised by the bank the amount of the loan to be provided at settlement, and to determine when they will be ready to settle.
- Seek confirmation from the Real Estate Agent when any Special Conditions of the Contract have been fulfilled.Please be aware that your Conveyancer does not at any stage, attend the property being purchased. Should your Contract be subject to the Vendor completing specified works prior to Settlement, your Conveyancer relies on confirmation of satisfaction of the condition(s) from you or the Real Estate Agent.
- Carry out Government and Semi-Government searches including a title search from the Land Titles Office (LTO) as required.
- Once the details of the transaction have been confirmed, your Conveyancer will register a Priority Notice at the LTO to secure priority for your transaction. If a Priority Notice is required beyond the standard 60 day period, then additional disbursement expenses may apply.
- If instructed, subscribe to the Title Watch service so that you will be notified of certain dealings made on the title.
- Stamp the Transfer, calculate the associated fees and make the stamp duty payment electronically.
- Ensure that you have had your identity verified as required by the Verification of Identity Requirements and that you have signed your Client Authorisation.
- Prepare a settlement statement detailing the purchase price, deposit paid, stamp duty, adjustment of rates and taxes, Government fees and Conveyancer’s charge, and advise you how and when the settlement money is to be paid prior to the settlement date.
- Arrange and prepare for settlement to either take place electronically or at the Lands Titles Office at a mutually agreed time with the Vendor’s Conveyancer and outgoing/incoming banks on the settlement day (usually between 11am and 2pm).
- Once settlement has been completed, call you to advise you of the same and confirm settlement with your Real Estate Agent to enable the release of the keys to you.
- Advise Council, SA Water / Central Irrigation Trust and your Strata Manager, as may be applicable, as to the change of ownership so that future correspondence and rating information will be sent to you.
Your Conveyancer will also attend to numerous other matters that arise and queries that you may have to ensure that your property settlement is carried out as efficiently and as smoothly as possible.