Contract Review before buying a property
If you are buying a property, Glenferrie Conveyancing Pty Ltd can review your proposed Contract and Vendor’s Statement (Section 32) for you before you make an offer (i.e. sign the Contract).
A Pre-Signing Contract Review costs $190 plus GST, and we provide you with a written review of your proposed Contract and Vendor’s Statement noting:
- Any Special Conditions in the proposed Contract that are oppressive to your interests.
- Any issues identified in the Vendor’s Statement.
If you proceed to purchase the property, and engage Glenferrie Conveyancing Pty Ltd to do the conveyancing for you, then the cost of your Pre-Signing Review is waived (i.e. it’s free).
What are the Stages of Property Ownership?
There are three stages of property ownership that, as a Buyer, you move through in turn. These are as follows:
- Equitable Ownership – This stage begins when your formal Offer (made by signing a Contract) is accepted by the Vendor signing the same Contract. At that point (the Day of Sale) you become the Purchaser of the property, and you may (optionally) register your interest in the property by placing a purchaser’s Caveat on the Title, which forbids any dealings on the Title until your Transfer is registered.
- Contractual Ownership – This stage begins at settlement, when you as the Purchaser have met all of your obligations under the Contract (in particular paying the Balance owing). After settlement, you are entitled to obtain the keys and take possession of the property, or commence receiving rent for it if applicable.
- Legal Ownership – This is the third and final stage, and the overall objective of the conveyancing process. You become the legal owner of the property when your Transfer is registered by Land Use Victoria, which issues an updated Certificate of Title for the property with your name(s) on it. If you purchased the property with the assistance of a lender, your lender will lodge your Transfer at Land Use Victoria for you, together with their Mortgage. If you purchased the property without the assistance of a lender, Glenferrie Conveyancing Pty Ltd will facilitate payment of the stamp duty and then lodge your Transfer for you. As the legal owner of the property, you have the right to sell the property, borrow against it or leave it to someone in your will.
If your settlement is conducted electronically using PEXA (and this is almost always the case), stages 2 and 3 occur simultaneously, as your legal ownership of the property will be registered by Land Use Victoria as part of the electronic settlement process.