Conveyencing Process?

88mph on 09/12/2017 - 20:32

Did a bit of googling and got a brief idea, but was hoping to gain some collective wisdom of Ozbargainers.

I'm in Vic, Contracts signed and exchanged, Finance sorted, now what does the:

1) Purchaser's conveyencer do?

2) Vendor's conveyencer do?

3) Side topic, real world examples of things going wrong (for those willing to share) in the hope I may avoid same?

Home & Garden

Comments

  • oscargamer on 09/12/2017 - 21:05
    +2
    1. nothing - apart from making sure everything is done correctly and legally. (paid for by the purchaser)
    2. see 1 (paid for by the seller)
    3. lots of things can go wrong - usually not foreseeable so not preventable?

    what's your concern?

    trying to save $1000 on a spend of 750K?

    • 88mph on 09/12/2017 - 21:25

      Thanks for replying, not trying to save a quick buck here, just curious.

  • chumlee on 09/12/2017 - 21:06
    +1

    Your conveyencer needs to look over the contract, organise payments on settlement day (adjusted rates, utilities and vendor or vendors mortgage holder)

    Most common thing that goes wrong is one party is not ready come settlement day

    • 88mph on 09/12/2017 - 21:29

      Ok thanks, I confirmed the date with my conveyencer just before signing the contract so hopefully that may not be an issue.

      Vendor wanted a short settlement, so I guess their conveyencer will be there.

      • djkelly69 on 09/12/2017 - 21:31
        +2

        Issue will almost always be with the bank not being ready - there is quite a bit to do between loan approval and settlement.

        • 88mph on 09/12/2017 - 21:41

          Oh ok…

  • dcep on 10/12/2017 - 02:28
    +1

    finance sorted , as in loan unconditionally approved ?

    • 88mph on 10/12/2017 - 04:06

      Yes, and loan doco signed.

  • spal on 10/12/2017 - 06:56
    +1

    Banks do things at the last moment, but they do. Be proactive and get them to check that everything is in order to their satisfaction.
    Jump on to sro.vic.gov.au familiarize your self of any concession conditions that you may be receiving on the transfer duty. Sometimes, forms are incorrectly completed by your conveyancer, which would result in you receiving a certain concession which you never intended to apply. Then the SRO comes knocking on your door after a few years.
    Also make sure that if you are eligible for a concession that your bank knows and has all the required evidence, otherwise they would process the transfer without the concession.
    All the best.

    • 88mph on 10/12/2017 - 08:25

      Thanks! Heard about the SRO, didn't think I'd have to check things myself. Will do!

  • Baysew on 10/12/2017 - 10:49

    examples of things going wrong

    Bought a Unit at Auction - Wanna Get out of The Contract Is It Possible?

    • 88mph on 11/12/2017 - 08:40

      Wow, that's scary. Sincerely hope everything worked out for the Op.

  • HighAndDry on 11/12/2017 - 10:19
    +1

    Not much to do to be honest. The vendor's side gets all the docs needed to transfer the ppty ready. Purchaser's side gets cash ready. They swap them on settlement.

    • 88mph on 11/12/2017 - 10:23
      +1

      Thanks Oblivion

      • HighAndDry on 11/12/2017 - 10:32

        No worries, congrats on the new ppty!

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