Property Settlement

Settlement for sale or purchase of property

Buying or selling property is arguably one of the largest and most exciting, yet potentially stressful transactions you will undertake.

At Eckermann Conveyancers we pride ourselves on providing first class service to ensure that the process is completed in the smoothest possible manner.

In addition to advising you on the general aspects of buying or selling real property (preferably before signing a contract), Eckermann Conveyancers will:

  • Review your contract and Form 1 (cooling off rights and property details) and advise of any implications
  • Offer independent advice on special conditions that may be included in the contract
  • Advise you on the different consequences between buying as joint tenants or tenants in common
  • Advise you of your responsibilities in regard to insurance
  • Inform you of the obligations, regulations and responsibilities when buying a strata unit or community lot
  • Inform you of any GST withholding measures or requirements associated when selling or buying
  • Advise you of all settlement costs associated with the sale or purchase
  • Obtain from you the required documents to confirm your right to deal with the property and meet Verification of Authority requirements
  • Guide you through the steps to have your identity verified and Client Authorisation signed as required by the Lands Titles Office
  • Advise you on your eligibility to qualify for the First Home Owners Grant or other stamp duty concessions
  • Obtain and examine the title and statutory charges to ensure that there are no outstanding charges on the property
  • Advise on the preparation or transfer of leases when buying an investment property
  • Advise if a caveat is required to protect your interest
  • Register a Priority Notice at the Lands Titles Office
  • Calculate rates and taxes to be adjusted on the property and discuss any land tax implications
  • Liaise with your bank in regard to discharging your mortgage if selling, or providing information for your new loan when buying, if applicable
  • Prepare a Transfer and such other documentation as necessary to transfer the property
  • Arrange for the Government stamp duty to be paid on the Transfer prior to settlement
  • Arrange GST withholding lodgements and payments to the Australian Taxation Office (ATO)
  • Apply for a reading of the water meter and calculate the water used by the vendor to settlement date
  • Prepare a settlement statement and forward it to you prior to settlement, so you know what you need to pay, or are to receive
  • Complete Commonwealth Reporting requirements with Revenue SA
  • Coordinate and complete settlement on your behalf
  • Arrange payment for all monies due to be paid at settlement
  • Once the settlement is completed, advise you that settlement has occurred, forward change of ownership notifications to local council, SA Water and strata manager, pay any outstanding rates and taxes, and deposit your proceeds if required
  • Confirm once the new ownership has registered with the Lands Titles Office when buying a property

We can also advise you on many other real property matters such as:

  • Family transactions
  • Private sales
  • Sale and purchase of business
  • Land and community divisions
  • Strata applications and amendments
  • Commercial leases
  • Mortgages
  • Applications to register name change
  • Marriage or death
  • Power of attorney
  • Caveats

Download this information on Settlement for sale of purchase of property as a PDF.

 

Duties of a Conveyancer to buyers and sellers

We’ve addressed what the duties of a Conveyancer are to you when appointed to act in the settlement of your purchase or sale of real property. Please click on the following link which is relevant to your circumstance as either the buyer or seller of real estate.

Duties of Conveyancer to Purchaser (the buyer)

Duties of Conveyancer to Vendor (the seller)

If you have any queries relating to buying or selling property, we are also available to answer your questions through our out-of-hours information service, Eckermann Assist. This service is available Monday – Friday from 7.00am-9.00pm and on weekends & public holidays from 9.00am-5.00pm. Simply phone 8235 3944 or email assist@eckermannconveyancers.com