What is Conveyancing?
Conveyancing is the transfer of property from one owner to another. Conveyancing not only relates to the buying or selling of property but also the transfer of property by way of a gift or a devise in a will.
eConvey facilitates and manages this process for you.
Why use eConvey?
eConvey is the collaboration of people with many years of experience in the property market bringing together a wealth of knowledge and understanding and with goals to make property an easy experience for all. As members of the Australian Institute of Conveyancers you can be assured you are dealing with skilled professionals.
What is the first step?
Contact eConvey on 5976 2700 or alternatively complete our on line sale or purchase form. Upon receipt of your instructions we shall guide you through the conveyancing process.
What is a Section 32 Vendors Statement?
Pursuant to Section 32 of the Sale of Land Act 1962 the vendor must provide to the purchaser a statement of matters affecting the land being sold prior to executing any Contract of Sale. The Statement, amongst other things relates to matters concerning title, planning, building, restrictions, services, notices and owners corporation details. eConvey can usually provide a Section 32 Vendors Statement within 24 hours. Call eConvey now on 5976 2700 and provide your instructions or complete our on line sale form.
What are Stamp Duty and Registration fees?
Stamp duty is a tax you pay when you buy a property in Victoria. Registration fees is another ‘tax’ you pay to have the title transferred into your name. These taxes are not applicable when you sell.
When do I pay the Stamp Duty and Registration fees?
If you are purchasing a property and are borrowing funds from a lending institution, the lender will usually deduct the stamp duty and registration fees, together with any application fee from the loan, before advancing funds for settlement. Alternatively the lending institution will deduct payment for stamp duty and registration fees from your nominated account. If you are not borrowing funds eConvey will account to you for payment of stamp duty and registration fees prior to settlement and will attend to payment of stamp duty and registration of your title following settlement.
What is an Owner Builder?
You are an Owner Builder if you have undertaken any of the following works:-
- Built a new home
- Bought a home and renovated
- Built a front fence
- Replaced a kitchen or bathroom
- Built a deck, pergola or verandah
- Erected a steel kit garage
- Built a carport or garage
- Installed retaining walls
- Installed a swimming pool or spa
- Obtained a building permit but arranged a builder to do the work
Can I sell my property if I am an Owner Builder?
If you are an Owner Builder it is an offence to sell your property unless you provide to the Purchaser a Defects Inspection Report together with Builder Warranty Insurance (if applicable).
What is a Defects Inspection Report?
The report is obtained by a qualified building practitioner and details any defects in materials and workmanship and any incomplete work. The report is valid for six months.
What is Builders Warranty Insurance?
Owner Builder Warranty Insurance covers the purchaser, or any subsequent purchaser, of the property for six years from the date of the Occupancy Permit or Certificate of Final Inspection. Owner Builder Warranty Insurance is only required where the cost of the works exceeds $16,000.00.
It is important to note that a Defects Inspection Report is still required even if insurance is not.
Can I sell my property without obtaining a Defects Inspection Report and Insurance?
No, it is an offence to sell your property without the required Defects Inspection Report and Insurance (if required). You risk fines and penalties. Furthermore, the contract is voidable at any time prior to settlement at the option of the purchaser.
Goods – v – Fixture. Why is it so important to get it right?
When a property is sold it will often consist of land and buildings. Buildings are generally known as improvements. Improvements are distinguished as goods (non-permanent improvements) and fixtures (permanent improvements). A vendor may remove goods from a property when sold but fixtures must remain. It is common for a list of goods sold with the building to be included in the contract, in which case the goods in that list pass with the property. Goods not so listed may be removed by the vendor.
There are often debates and legal arguments which question the definition of a good as opposed to a fixture. Some items which often cause contractual disputes include garden ornaments, home theatre systems, wall mounted televisions, dishwashers, portable spas, television aerials, workbenches in garages, clotheslines, water tanks, swimming pool equipment.
Therefore to avoid contractual disputes we suggest PRIOR to entering into any contract you discuss with your Real Estate Agent the list of goods to be included in the sale and those goods clearly noted. Similarly, if you are selling, it would be prudent for you to state in the contract, any goods that you intend to retain. If in doubt, contact one of our friendly staff at eConvey on 5976 2700 or email contact@econvey.com.au and we will assist you prior to signing your contract.