Duties of Conveyancer to Vendor (Seller)
In brief, here are the duties of a conveyancer when appointed to act in the settlement on a sale of property:
- Carry out Government and Semi-Government searches including a Certificate of Title search from the Land Titles Office (LTO) as required.
- Where there is a mortgage, caveat or any other registered charge on the Certificate of Title, your Conveyancer will take written instructions from you instructing the chargee (e.g. the bank in the case of a mortgage) to issue a payout figure to your Conveyancer for the amount of money to be paid back to the Bank at settlement, and to discharge the mortgage to provide a clear Title at settlement.
- 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 in this transaction attend the property being sold and should your Contract be subject to you, as the vendor, completing specified works prior to settlement, your Conveyancer relies on confirmation in satisfaction of the condition from you or your Real Estate Agent.
- Obtain sufficient documentary evidence from you to establish your right to deal with the property (Verification of Authority) such as original copies rates certificates in your name.
- Ensure that you have complied with the Verification of Identity Requirements and that you have signed your Client Authorisation.
- Obtain your authorisation to sign the Transfer on your behalf to complete the sale settlement.
- Prepare a settlement statement detailing the sale price and the Agent’s Commission, rates and taxes, bank loan to be repaid (if applicable), Conveyancer’s fee and any other money to be deducted from the sale proceeds.
- Take written instructions from you in regard to the payment of the balance proceeds due to be paid to you from the property settlement.
- Arrange and prepare for settlement to either take place electronically or at the Lands Titles Office at a mutually agreed time with the Purchaser’s Conveyancer and outgoing/incoming banks on the settlement day (usually between 11am and 2pm). The documents are duly executed and exchanged at settlement in return for the balance of the proceeds being received from the Purchaser.
- Once settlement has been completed our office will call to advise you of the same and will provide written confirmation to your Real Estate Agent to release the keys to the Purchaser.
- Disburse the sale proceeds as required to the Land Agent, rates and taxes payments and any other payments, then pay the balance to you as instructed in the ‘Payment Authority’.
- Advise Council, SA Water, your Strata Manager and Revenue SA (as applicable) as to the change of ownership. Following settlement all future correspondence and rating information will be forwarded directly to the Purchaser.
Your Conveyancer will also attend to numerous other matters that arise and answer any queries that you may have to ensure that your property settlement is carried out as efficiently and as smoothly as possible.