# Glenferrie Conveyancing > Conveyancing Services Melbourne --- ## Pages - [Conveyancing Glossary](https://www.glenferrieconveyancing.com.au/glossary/): Conveyancing terms can be tricky. In this page we explained the common conveyancing terms you may find in property transactions. - [Conveyancing Fees](https://www.glenferrieconveyancing.com.au/conveyancing-fees/): Our basic conveyancing fee in Melbourne is $780+GST. Our costs are competitive and there are no surprises. Call 03 9815 2351 to get a free... - [Conveyancing Preston](https://www.glenferrieconveyancing.com.au/conveyancing-preston/): If you need a conveyancing service for your residential or commercial property in Preston, our experienced team can assist you. Call us to get - [Conveyancing Brunswick East](https://www.glenferrieconveyancing.com.au/conveyancing-brunswick-east/): Do you need a conveyancing service for your residential or commercial property in Brunswick East? Our experienced conveyancer can assist you. Call us.. - [Conveyancing Thornbury](https://www.glenferrieconveyancing.com.au/conveyancing-thornbury/): If you need a conveyancing service for your residential or commercial property in Thornbury, our experienced team can assist you. Call us to.. - [Conveyancing Alphington](https://www.glenferrieconveyancing.com.au/conveyancing-alphington/): If you need a conveyancing service for your residential or commercial property in Alphington, our experienced team can assist you. Call us to. - [Conveyancing Clifton Hill](https://www.glenferrieconveyancing.com.au/conveyancing-clifton-hill/): Looking for a trusted conveyancing service for your residential or commercial property in Clifton Hill? Our experienced team can assist you. Call us.. - [Home - Without Blog Section (7 Apr 2021)](https://www.glenferrieconveyancing.com.au/): Looking for affordable conveyancing services in Melbourne with a great customer experience? Basic Fee $780+GST. Call us on 03 9815 2351 - [About Us](https://www.glenferrieconveyancing.com.au/about-us/): Why choose Glenferrie Conveyancing? How much does the service cost? We explained our experience, services, and our fees in this page. - [Contact](https://www.glenferrieconveyancing.com.au/contact-northcote/): Contact Andrew Rothfield from Glenferrie Conveyancing Northcote on 03 9815 2351 if you would like to speak with an experienced conveyancer and get... - [Our Services](https://www.glenferrieconveyancing.com.au/what-we-do-for-you/): Whether you are a buyer, seller, property developer, or wanting to transfer your property, you can rely on our 5-star conveyancing services to help you! - [Blog](https://www.glenferrieconveyancing.com.au/blog/): Learn more about buying and selling properties from our trusted conveyancers. Contact us on (03) 9815 2351 NOW! --- ## Posts - [What is Home Title Insurance and Why Is It Important?](https://www.glenferrieconveyancing.com.au/home-title-insurance-why-is-it-important/): Home title insurance protects property owners from financial loss due to title defects or legal issues related to property ownership.... - [What is the Sunset Clause in Victoria](https://www.glenferrieconveyancing.com.au/sunset-clause-victoria/): In Victoria, a sunset clause in an off-the-plan property contract allows a developer to terminate the contract if certain conditions,... - [What is Final Inspection Before Settlement?](https://www.glenferrieconveyancing.com.au/final-inspection-before-settlement/): A pre-settlement inspection, also known as a final inspection, is an important step before finalising a property purchase. It allows... - [Do You Need a Conveyancer Before Making an Offer?](https://www.glenferrieconveyancing.com.au/do-you-need-conveyancer-before-making-an-offer/): It is recommended to engage a conveyancer or solicitor before making an offer on a property. They can review the... - [What Is PEXA Fee and What It Covers?](https://www.glenferrieconveyancing.com.au/pexa-fee-what-it-covers/): A PEXA fee is a mandatory charge for using the Property Exchange Australia (PEXA) platform to facilitate electronic property settlements.... - [What Happens If Finance Falls Through After Auction?](https://www.glenferrieconveyancing.com.au/what-happens-if-finance-falls-through-after-auction/): If your finance falls through after an auction, you face serious consequences as the property purchase is legally binding. You... - [Why Does An Owners Corporation Certificate Have To Be Current?](https://www.glenferrieconveyancing.com.au/why-does-an-owners-corporation-certificate-have-to-be-current/): To find out more about buying property affected by an Owners Corporation(s), please contact Glenferrie Conveyancing on 03 9815 2351. - [What's Different When You're Buying A Newly Constructed House?](https://www.glenferrieconveyancing.com.au/whats-different-when-youre-buying-a-newly-constructed-house/): To find out more about purchases of newly constructed homes, please contact Glenferrie Conveyancing on 03 9815 2351. - [What's The Temporary Off-The-Plan Stamp Duty Concession?](https://www.glenferrieconveyancing.com.au/whats-the-temporary-off-the-plan-stamp-duty-concession/): To find out more about stamp duty concessions for off-the-plan purchases, please contact Glenferrie Conveyancing on 03 9815 2351. - [The Steps for Land Subdivision in Victoria: What You Must Know](https://www.glenferrieconveyancing.com.au/the-essential-steps-to-land-subdivision-in-victoria/): Learn the essential steps in land subdivision in Victoria from our trusted and experienced conveyancers. Contact us on (03) 9815 2351 today! - [Information For Buyers - Money and Settlement](https://www.glenferrieconveyancing.com.au/information-for-buyers-money-and-settlement/): Know the in-depth information about money and settlement when you buy a property. Talk to our trusted conveyancer on (03) 9815 2351 NOW! - [4000 Electronic Settlements and Counting](https://www.glenferrieconveyancing.com.au/electronic-settlement-update/): Glenferrie Conveyancing recently conducted its 1000th electronic settlement. Talk to our trusted property conveyancers on (03) 9815 2351 to know more. - [Electronic Lodgement from 1 October 2018](https://www.glenferrieconveyancing.com.au/electronic-lodgement-from-1-october-2018/): Learn more about Electronic Lodgement from 1 October 2018 from our professional conveyancers. Talk to us on (03) 9815 2351 to get free ... - [What Happens If a Property Owner Dies?](https://www.glenferrieconveyancing.com.au/what-happens-after-a-property-owner-dies/): Talk to a trusted property conveyancer at Glenferrie Conveyancing to learn what happens if a property owner dies. Contact us on (03) 9815 2351 - [What Happens at (electronic) Settlement?](https://www.glenferrieconveyancing.com.au/what-happens-at-electronic-settlement/): Wondering what happens at electronic settlement? Talk to our trusted property conveyancers to know more. Contact us on (03) 9815 2351. - [What Happens After You Sell Your Property?](https://www.glenferrieconveyancing.com.au/what-happens-after-you-sell/): Talk to our trusted and reliable property conveyancers to learn all about what happens after you sell. Contact us on (03) 9815 2351. - [How Electronic Settlement Saves You Money](https://www.glenferrieconveyancing.com.au/electronic-settlement-saves-money/): Do you want to know how electronic settlement saves you money? Talk to our conveyancing specialist at (03) 9815 2351 NOW! - [What is a Section 27?](https://www.glenferrieconveyancing.com.au/what-is-a-section-27/): If you are searching for Section 27 Sale of Land Act, please click on the link above and find out how it can affect you and your property transactions. - [What is a Section 32?](https://www.glenferrieconveyancing.com.au/what-is-a-section-32/): If you are searching for Section 32 Sale of Land Act, our trusted conveyancer better explain you about that. Call us on (03) 9815 2351 now! - [What's the Problem with Paper Certificates of Title?](https://www.glenferrieconveyancing.com.au/whats-the-problem-with-paper-certificates-of-title/): Paper Certificates of Title can be lost or mislaid, and should be converted to electronic form for safekeeping. Talk to us at (03) 9815 2351. - [What is GST Withholding?](https://www.glenferrieconveyancing.com.au/what-is-gst-withholding/): Wondering what is GST withholding? Talk to our trusted and reliable property conveyancer to know more. Contact us on (03) 9815 2351 - [Progress with Electronic Settlement](https://www.glenferrieconveyancing.com.au/progress-with-electronic-settlement/): Talk to our Northcote trusted conveyancer about the progress of electronic settlement. Call us on (03) 9815 2351 for more details. - [Verification of Identity](https://www.glenferrieconveyancing.com.au/verification-of-identity/): Are you planning to buy or sell a property in Victoria? Learn about identity verification from our trusted conveyancer. Call (03) 9815 2351 NOW! - [The 4 Major Banks And Electronic Certificates Of Title](https://www.glenferrieconveyancing.com.au/4-major-banks-electronic-certificates-title/): Learn more about electronic Certificate of Title and the 4 major banks from our trusted and professional conveyancers. Call (03) 9815 2351... - [Your Wish is Granted – Help for First Home Owners](https://www.glenferrieconveyancing.com.au/your-wish-is-granted-help-for-first-home-owners/): Are you a first time home owner? Let our friendly and trusted conveyancer help you with all your conveyancing concerns. Call (03) 9815 2351 NOW! - [What Is Partition?](https://www.glenferrieconveyancing.com.au/what-is-partition/): Learn more about what partition is from our trusted conveyancer. Contact Glenferrie Conveyancing at (03) 9815 2351 and get free... - [What Are Material Facts?](https://www.glenferrieconveyancing.com.au/what-are-material-facts/): Wondering what are the material facts that you must disclose as a seller? Let our trusted conveyancers help you. Contact us on (03) 9815 2351.. - [What Are The Obligations Of A Buyer?](https://www.glenferrieconveyancing.com.au/what-are-the-obligations-of-a-buyer/): Talk to the trusted and reliable property conveyancers of Glenferrie Conveyancing to learn the obligations of a buyer. Contact us on (03) 9815 2351 - [The Top 7 Things to Be Careful of When Selling a House](https://www.glenferrieconveyancing.com.au/the-top-7-things-to-be-careful-of-when-selling-a-house/): If you are looking to sell a house, check out these guidelines to ensure your sale won't fall through. Talk to us on (03) 9815 2351 to know more - [The Top 7 Things to Beware of When Buying a House](https://www.glenferrieconveyancing.com.au/the-top-7-things-to-beware-of-when-buying-a-house/): Are you buying a house? Know the things you should be aware of. Talk to our trusted property conveyancers at (03) 9815 2351 to learn more. - [Obtaining A Certified Copy Of Your Power Of Attorney](https://www.glenferrieconveyancing.com.au/obtaining-certified-copy-power-attorney/): Learn how to obtain a certified copy of Power of Attorney by the help of our trusted conveyancer. Contact us on (03) 9815 2351 NOW! - [What's Different About a Property Transfer Between Related Parties?](https://www.glenferrieconveyancing.com.au/whats-different-about-a-transfer-between-related-parties/): To find out more about property transfers between related parties, please contact Glenferrie Conveyancing on 03 9815 2351. - [Why You Should Not Buy A Property Subject To A Building Inspection](https://www.glenferrieconveyancing.com.au/why-you-should-not-buy-a-property-subject-to-a-building-inspection/): To find out more about building inspections and contracts, please contact Glenferrie Conveyancing on 03 9815 2351. - [What's changed with Foreign Resident Capital Gains Withholding?](https://www.glenferrieconveyancing.com.au/whats-changed-with-foreign-resident-capital-gains-withholding/): To find out more about the changes to FRCG withholding, please contact Glenferrie Conveyancing on 03 9815 2351. - [When Can You Object To a Section 27 Deposit Release Request?](https://www.glenferrieconveyancing.com.au/when-can-you-object-to-a-section-27-depost-release-request/): To find out more about objecting to early deposit release, please contact Glenferrie Conveyancing on 03 9815 2351. - [Who Can We Refer You To?](https://www.glenferrieconveyancing.com.au/who-can-we-refer-you-to/): To find out more about our trusted referral partners, please contact Glenferrie Conveyancing on 03 9815 2351. - [What Is The Commercial And Industrial Property Tax?](https://www.glenferrieconveyancing.com.au/what-is-the-commerical-and-industrial-property-tax/): To find out more about the commercial and industrial property tax, please contact Glenferrie Conveyancing on 03 9815 2351. - [Who Decides The Settlement Date?](https://www.glenferrieconveyancing.com.au/who-decides-the-settlement-date/): To find out more about settlement dates and contracts, please contact Glenferrie Conveyancing on 03 9815 2351. - [What's Happening On 3 August 2024?](https://www.glenferrieconveyancing.com.au/whats-happening-on-3-august-2024/): To find out more about electronic certificates of title, please contact Glenferrie Conveyancing on 03 9815 2351. - [What Are Fixtures And Goods Sold With The Land?](https://www.glenferrieconveyancing.com.au/what-are-fixtures-and-goods-sold-with-the-land/): To find out more about fixtures and goods sold with the land, please contact Glenferrie Conveyancing on 03 9815 2351. - [What Is A Licence Agreement?](https://www.glenferrieconveyancing.com.au/what-is-a-licence-agreement/): To find out more about Licence Agreements and occupations, please contact Glenferrie Conveyancing on 03 9815 2351. - [Land Tax Is No Longer Apportionable (in most cases)](https://www.glenferrieconveyancing.com.au/land-tax-is-no-longer-apportionable/): To learn more about the new law prohibiting the apportionment of land tax, please contact Glenferrie Conveyancing on 03 9815 2351. - [How Do Trusts And Superannuation Funds Buy Property?](https://www.glenferrieconveyancing.com.au/how-do-trusts-and-superannuation-fund-buy-property/): How do trusts and superannuation funds buy property? Glenferrie Conveyancing knows all about this, please call us on 03 9815 2351. - [How Are Utilities And Rates Handled In A Conveyance?](https://www.glenferrieconveyancing.com.au/how-are-utilities-and-rates-handled-in-a-conveyance/): How are utilities and rates handled in a conveyance? Glenferrie Conveyancing knows all about this, please call us on 03 9815 2351. - [When Do I Need A Property Valuation?](https://www.glenferrieconveyancing.com.au/when-do-i-need-a-property-valuation/): Why do some property transfers need a valuation? Glenferrie Conveyancing can assist, please call us on 03 9815 2351. - [What If I'm A Foreign Purchaser?](https://www.glenferrieconveyancing.com.au/what-if-im-a-foreign-purchaser/): What do you need to know if you are a foreign purchaser? Glenferrie Conveyancing can help, call us on 03 9815 2351. - [What Happens If A Registered Proprietor Has Died?](https://www.glenferrieconveyancing.com.au/what-happens-if-a-registered-proprietor-has-died/): What do you need to know if you a registered proprietor has died? Glenferrie Conveyancing can help, call us on 03 9815 2351. - [Is Conveyancing For Rural Properties Different?](https://www.glenferrieconveyancing.com.au/is-conveyancing-for-rural-properties-different/): What do you need to know if you buy a property in rural or regional Victoria? Glenferrie Conveyancing can help, call us on 03 9815 2351. - [What Happens If You Buy A Property Subject To Lease?](https://www.glenferrieconveyancing.com.au/what-happens-if-you-buy-a-property-subject-to-a-lease/): What do you need to know if you buy a property subject to a lease? Glenferrie Conveyancing can help, call us on 03 9815 2351. - [What Is Cooling Off?](https://www.glenferrieconveyancing.com.au/what-is-cooling-off/): If some cases, purchasers have a change of heart after offering to buy a property and want to end their contract instead. - [What Is A Partial Interest Title?](https://www.glenferrieconveyancing.com.au/what-is-a-partial-interest-title/): If some cases, tenants in common owners can hold individual titles, each reflecting their part ownership of the property. - [As A Purchaser, When Do I Have To Pay The Vendor's Legal Costs?](https://www.glenferrieconveyancing.com.au/as-a-purchaser-when-do-i-have-to-pay-the-vendors-legal-costs/): Subsection 42(3) of the Property Law Act 1958 prohibits many conditions in contracts that require a purchaser to pay a vendor's legal costs. - [What Happens If a Trustee Dies?](https://www.glenferrieconveyancing.com.au/what-happens-if-a-trustee-dies/): Section 33 of the Duties Act 2000 exempts a transfer that changes trustees from stamp duty. Contact 03 9815 2351 for more information. - [What Is a Section 24 Transfer?](https://www.glenferrieconveyancing.com.au/what-is-a-section-24-transfer/): Sale of Land Act Section 24 allows trust money to be transferred from one trust account to another. Call us on 03 9815 2351 for more details. - [Can I Move Into a Property Before Settlement?](https://www.glenferrieconveyancing.com.au/can-i-move-into-a-property-before-settlement/): Yes, it is possible in some cases to occupy a house/property before settlement. To find out more contact Glenferrie Conveyancing on 03 9815 2351. - [What is Consolidation?](https://www.glenferrieconveyancing.com.au/what-is-consolidation/): What is the consolidation of titles, and when might this apply? To learn more about consolidation contact us on 03 9815 2351. - [What is a Caveat?](https://www.glenferrieconveyancing.com.au/what-is-a-caveat/): All about caveats, who lodges them and who is affected by them. To learn more about caveat contact us on 03 9815 2351. - [More than 2,000 Electronic Settlements and Counting](https://www.glenferrieconveyancing.com.au/more-than-2000-electronic-settlements-and-counting/): Glenferrie Conveyancing recently conducted its 2,000th electronic settlement. Call us on (03) 9815 2351 to learn more. - [Why Do I Have to Sign a Client Authorisation?](https://www.glenferrieconveyancing.com.au/why-do-i-have-to-sign-a-client-authorisation/): When you engage a conveyancer, they will generally require you to sign a Client Authorisation. To learn why contact us on 03 9815 2351. - [Is the Property You Buy Going to Be Your Principal Place of Residence?](https://www.glenferrieconveyancing.com.au/all-about-principal-place-of-residence/): There are concessions if you're buying a principal place of residence. To find out more contact Glenferrie Conveyancing on 03 9815 2351. - [How Do You Buy a Property Subject to Finance?](https://www.glenferrieconveyancing.com.au/how-do-you-buy-a-property-subject-to-finance/): It is possible to purchase a property subject to getting a loan. To find out more contact Glenferrie Conveyancing on 03 9815 2351. - [What Are The Steps to Buy a Property?](https://www.glenferrieconveyancing.com.au/what-are-the-steps-to-buy-a-property/): Buying a property involves a series of steps. To find out more contact Glenferrie Conveyancing on 03 9815 2351. - [Can Trusts Own Land?](https://www.glenferrieconveyancing.com.au/can-trusts-own-land/): Trust land is owned by the trustee of the trust. To find out more contact Glenferrie Conveyancing on 03 9815 2351. - [What Is An Easement?](https://www.glenferrieconveyancing.com.au/what-is-an-easement/): What is an easement, and could it be an issue? To find out, contact Glenferrie Conveyancing on 03 9815 2351. - [Increased Conveyancing Charges From 1 July 2021](https://www.glenferrieconveyancing.com.au/increased-conveyancing-charges-from-1-july-2021/): Conveyancing charges have risen on 1 July 2021. To find out more, contact Glenferrie Conveyancing on 03 9815 2351. - [How Are Rates Adjusted at Settlement?](https://www.glenferrieconveyancing.com.au/how-are-rates-adjusted-at-settlement/): How are rates adjusted at settlement and inherited debt avoided? To find out, contact Glenferrie Conveyancing on 03 9815 2351. - [Why Do I Have to Pay Land Tax at Settlement?](https://www.glenferrieconveyancing.com.au/why-do-i-have-to-pay-land-tax-at-settlement/): Why do I have to pay land tax, if I'm buying a principal residence? To find out, contact Glenferrie Conveyancing on 03 9815 2351. - [What is The Difference Between Joint Proprietorship vs Tenants in Common?](https://www.glenferrieconveyancing.com.au/what-is-the-difference-between-joint-proprietorship-and-tenants-in-common/): What is the difference between joint proprietorship and tenants in common? To find out, contact Glenferrie Conveyancing on 03 9815 2351. - [What Are The Common Stamp Duty Exemptions and Concessions?](https://www.glenferrieconveyancing.com.au/what-are-the-common-stamp-duty-exemptions-and-concessions/): Find out all about stamp duty exemptions & concessions. Contact the trusted property conveyancers of Glenferrie Conveyancing on 03 9815 2351. - [How Do You Add a Name to a Property Title?](https://www.glenferrieconveyancing.com.au/how-do-you-add-a-name-to-a-title/): Talk to the trusted property conveyancers of Glenferrie Conveyancing for adding a name to a property title. Contact us on 03 9815 2351 - [Should you purchase a property subject to a building and pest inspection?](https://www.glenferrieconveyancing.com.au/should-purchase-property-subject-building-pest-inspection/): Talk to the trusted property conveyancers at Glenferrie Conveyancing on 03 9815 2351 about when to get a building and pest inspection. - [How do you make changes to an auction contract?](https://www.glenferrieconveyancing.com.au/making-changes-to-an-auction-contract/): Talk to the trusted property conveyancers of Glenferrie Conveyancing to how to make changes to an auction contract. Call us on 03 9815 2351 - [The Ultimate Moving House Checklist: What to Arrange Before Moving Day](https://www.glenferrieconveyancing.com.au/what-do-you-have-to-arrange-when-you-move/): Talk to the trusted property conveyancers of Glenferrie Conveyancing to learn what you have to arrange when you move. Contact us on 03 9815 2351 - [What Sellers Must Declare on Their Stamp Duty Form](https://www.glenferrieconveyancing.com.au/what-does-a-seller-have-to-declare-on-their-stamp-duty-form/): Sellers have to declare information on their stamp duty form about the land being sold. Wanted to know more? Talk to us on (03) 9815 2351. - [We are still conveyancing during Melbourne's stage 4 lockdown](https://www.glenferrieconveyancing.com.au/we-are-still-conveyancing-during-stage-4/): We're continuing to assist all of our clients during the stage 4 lockdown. Contact our trusted and reliable property conveyancers at (03) 9815 2351 - [First Home Buyer Guide in Victoria](https://www.glenferrieconveyancing.com.au/are-you-a-first-home-buyer/): Are you a first home buyer? Talk to the trusted and reliable property conveyancers of Glenferrie Conveyancing to know more. Contact us on (03) 9815 2351 - [The Pros and Cons of Buying a Property Off the Plan](https://www.glenferrieconveyancing.com.au/buying-a-property-off-the-plan/): Buying a property off the plan? Talk to the trusted and reliable property conveyancers of Glenferrie Conveyancing to know more. Call us at (03) 9815 2351. - [What's the difference between a mortgage and a loan?](https://www.glenferrieconveyancing.com.au/whats-the-difference-between-a-mortgage-and-a-loan/): Be informed! Know the difference between a mortgage and a loan. Talk to our professional conveyancers at (03) 9815 2351 to learn more. - [Foreign Resident Capital Gains Withholding Tax (FRCGW): What Property Sellers Must Know](https://www.glenferrieconveyancing.com.au/foreign-resident-capital-gain-withholding-tax/): Are you a foreign resident and has questions about Capital Gain withholding tax? our trusted conveyancer can help you with that. Call (03) 9815 2351 - [Lost Certificate of Title](https://www.glenferrieconveyancing.com.au/lost-certificate-of-title/): Do you have a problem of lost certificate of title? Let our experienced and reliable conveyancing specialist help you. Contact us on (03) 9815 2351 - [Selling Property in Victoria: Your Guide to Contractual Obligations](https://www.glenferrieconveyancing.com.au/successful-selling-contractual-obligations-when-selling-property-in-victoria/): Know the contractual obligations when selling a property in Victoria. Talk to our trusted and professional conveyance at (03) 9815 2351 NOW! - [How to Buy Property in Victoria: Your Step-by-Step Guide](https://www.glenferrieconveyancing.com.au/your-roadmap-for-buying-property-in-victoria/): Our professional conveyancer gives a helpful roadmap for buying a property in Victoria. To know more, call us on (03) 9815 2351 to get free.. - [Stamp Duty for Foreign Buyers: Costs, Rules, and Updates](https://www.glenferrieconveyancing.com.au/everything-need-know-stamp-duty-foreign-buyer/): Wanted know more about Stamp Duty as a Foreign Buyer? Talk to Glenferrie's experienced and trusted conveyancer at (03) 9815 2351 today! - [Special Conditions in Property Contracts: What Every Buyer Must Know](https://www.glenferrieconveyancing.com.au/understanding-special-conditions-common-contract-traps-for-property-buyers/): Learn more about common contract traps when buying a property from our Northcote trusted conveyancers. Talk to us on (03) 9815 2351 now! --- # # Detailed Content ## Pages Conveyancing Glossary Our conveyancing glossary is an essential resource for you to understand the key terms and concepts in the property transfer process. Whether you're a first-time homebuyer, a seasoned investor, or a professional in the field, our comprehensive glossary will help demystify the legal jargon and complexities of conveyancing. From "adverse possession" to "zoning," we provide clear, concise definitions to guide you through every step of your property transaction journey with confidence and clarity. Adverse Possession: When a property owner has been occupying or using a parcel of land that is adjacent to their own property without objection from the owner of the subject parcel of land for a period of 15 years or more. Aggregation: If a purchaser buys two or more parcels of land from the same vendor at the same time in separate contracts, the Duties Act regards this as a single purchase of all of the parcels of land for the sum of the component contracts. Allotment: A parcel of land on a title (typically one of several) that can be sold separately without having to subdivide the parent land. Arrears: How much money a property owner owes in respect of the land for council or water rates, owners corporation fees or land tax. Auction: Selling a property in public to the highest bidder. Beneficial Interest: It indicates for whose benefit the land is owned, and this may be different from the legal owner of the land. A common example is a trustee, who as... --- Conveyancing Fees Buying and selling property can be a complicated business. But conveyancing fees don’t have to be. We offer low cost fixed fee conveyancing and complete transparency so you aren’t hit with any nasty surprises. What are average conveyancing fees? Conveyancing fees in Victoria, including Melbourne and regional areas, falls within a range of $800 to $2,500. The variation in fees is largely dependent on whether services are provided by a conveyancer or a solicitor. Our Basic Fee Our basic conveyancing fee is only $780 plus GST. We charge extra for any disbursements required to complete the conveyancing process on your behalf (such as property certificates or Titles Office fees). Please see our list of disbursements to see more details. We keep our fees low to make our service more affordable for home buyers and sellers. Disbursements Disbursements are items that we buy for you from external providers. We only charge you their cost to us. Examples are: Fees for property information certificates that may be needed by a seller for their Section 32 Vendor’s Statement. Some of these certificates may also be needed by a buyer in order to ensure that rates and taxes owed at settlement are correctly shared between buyer and seller. Common certificates and their typical costs include: Register Search (Title), $8. 10 or $17. 33 with Land Index Copy of Plan, $7. 70 Council, $42. 21 Water Authority, $34. 26 Land Tax, $30. 00 Building Regulation 51(1), $70. 68 Vic Roads, $31. 98 Owners... --- Conveyancing Preston Have you been searching for conveyancing Preston? You are on the right page! Glenferrie Conveyancer specialises in Preston conveyancing for both buyers and sellers. Buying or selling real estate can be very intimidating as you familiarise yourself with the transferring ownership process. For such a significant business transaction, you can't afford to make a mistake, especially in legal documents conveyancing needs. Conveyancing services in Preston provide assistance from contract review to settlement coordination. This is where our professional conveyancing services can step in to assist you at every stage of the whole process. Whether it’s a family home or investment property - we have the right team of licensed conveyancer to help you through all the hassle that comes with property transfer. Preston's conveyancing services can assist with title transfers and partition agreements. Contact Us Buying Residential or Commercial Property in Preston Studies show that in the course of their lifetime, people change residences an average of three times. This means that if you're lucky enough to own and purchase all these properties, then you'll only be exposed to real estate finance documentation three times in your whole life! Preston is a dynamic suburb located just 9km from Melbourne's CBD. That's probably not enough to understand all of the conveyancing requirements that are associated with property ownership. Local expertise is essential for navigating the complexities of Preston's property market. We understand how difficult it can be to purchase residential properties. This is where our service about property matters... --- Conveyancing Brunswick East Have you been searching for conveyancing Brunswick East in Victoria? You are on the right page! Buying or selling real estate can be very intimidating as you familiarise yourself with the process. For such a significant business transaction, you can't afford to make a mistake, especially in legal documents. This is where our professional conveyancing services can step in to assist you at every stage of the whole process. Whether it’s a family home or investment property - we have the right team to help you through all the hassle that comes with property transfer. Contact Us Buying Residential or Commercial Property in Brunswick East Studies show that in the course of their lifetime, people change residences an average of three times. This means that if you're lucky enough to own and purchase all these properties, then you'll only be exposed to real estate finance documentation three times in your whole life! That's probably not enough to understand all of the conveyancing requirements that are associated with property ownership. We understand how difficult it can be to purchase residential properties. This is where our local conveyancer service can step in and handle the process for Brunswick East, Melbourne property purchases. From contract reviews to reliable advice, we take great pride in assisting our clients through the all of steps of home ownership - whether you're selling or buying. Residential and Commercial Property Transaction Service Are you Selling? If you're selling your property: We prepare the Contract of... --- Conveyancing Thornbury Have you been searching for conveyancing Thornbury, Victoria? You are on the right page! Buying or selling real estate can be very intimidating as you familiarise yourself with the process. For such a significant business transaction, you can't afford to make a mistake, especially in legal documents. This is where our professional conveyancing services and expert advice can step in to assist you at every stage of the whole process. Whether it’s a family home or investment property - we have the right team to help you through all the hassle that comes with property transfer. The conveyancing process can be complicated for both buyers and sellers, making professional assistance invaluable. Contact Us Buying Residential or Commercial Property in Thornbury Studies show that in the course of their lifetime, people change residences an average of three times. This means that if you're lucky enough to own and purchase all these properties, then you'll only be exposed to real estate finance documentation three times in your whole life! That's probably not enough to understand all of the conveyancing requirements that are associated with property ownership. We understand how difficult it can be for home buyers to purchase residential properties. The process of buying a home can be complex and daunting for first home buyers. This is where our service can step in and handle the process for Thornbury and Melbourne property purchases. From contract reviews to reliable advice, we take great pride in assisting our clients through the all... --- Conveyancing Alphington Have you been searching for conveyancing Alphington? You are on the right page! Buying or selling real estate can be very intimidating as you familiarise yourself with the property settlement process. For such a significant business transaction in Alphington VIC, you can't afford to make a mistake, especially in legal documents for conveyancing needs. This is where our professional conveyancing services can step in to assist you at every stage of the whole process. Whether it’s a family home or investment property - we have the right team to help you through all the hassle that comes with property transfer. Contact Us Buying Residential or Commercial Property in Alphington Studies show that in the course of their lifetime, people change residences an average of three times. This means that if you're lucky enough to own and purchase all these properties, then you'll only be exposed to real estate finance documentation three times in your whole life! That's probably not enough to understand all of the conveyancing requirements that are associated with property ownership. We understand how difficult it can be to purchase residential properties. This is where our service can step in and handle the process for Alphington and Melbourne property purchases. From contract reviews to reliable advice, we take great pride in assisting our clients through the all of steps of home ownership - whether you're selling or buying. Residential and Commercial Property Transaction Service Are you Selling? If you're selling your property: We prepare the Contract... --- Conveyancing Clifton Hill If you have been googling for "conveyancing Clifton Hill", you are on the right page! Buying or selling real estate can be very intimidating as you familiarise yourself with the conveyancing process. For such a significant business transaction, you can't afford to make a mistake, especially in legal documents. This is where our professional conveyancing services can step in to assist you at every stage of the whole process. Whether it’s a family home or investment property - we have the right team of best conveyancers to help you through all the hassle that comes with property transfer. Contact Us Buying Residential or Commercial Property in Clifton Hill Studies show that in the course of their lifetime, people change residences an average of three times. This means that if you're lucky enough to own and purchase all these properties, then you'll only be exposed to real estate finance documentation three times in your whole life! That's probably not enough to understand all of the property settlement, transferring ownership and conveyancing requirements that are associated with property ownership. Buying a home can be tricky and we get that. That's why we offer our custom conveyancing services to help with Clifton Hill and Melbourne property purchases. From contract reviews to reliable advice, we take pride in guiding our clients through the steps of home ownership — whether you're selling or buying. Residential and Commercial Property Transaction Service Clifton Hill, VIC, Australia Are you Selling? If you're selling your Clifton... --- JTNDZGl2JTIwY2xhc3MlM0QlMjJidG4tdGVsJTIyJTNFJTNDYSUyMGhyZWYlM0QlMjJ0ZWwlM0EwMzk4MTUyMzUxJTIyJTNFQ2FsbCUyMHVzJTIwb24lMjAlM0NiciUzRSUyMCUyODAzJTI5JTIwOTgxNSUyMDIzNTElM0MlMkZhJTNFJTNDJTJGZGl2JTNF Buying or selling property? Best Conveyancer Melbourne, CBD and Suburbs Conveyancers You Can Trust Buying or selling a house is a life-changing decision. It is also one of the most financially significant ones you can make. We help you understand your legal obligations and risks, the pitfalls to avoid and we submit all the required documentation on your behalf. At Glenferrie Conveyancing you receive: meticulous attention to detail from your conveyancer to ensure your interests are protected affordable fixed-fee advice so you don’t get a surprise at settlement a responsive and attentive conveyancing service where your questions are answered when you need them to be. Read more... Who Can Benefit from Our Melbourne Conveyancing Services Our conveyancing services in Melbourne VIC serve an extensive range of clients. Although we are not lawyers or solicitors, we can expertly assist you in your journey of buying a new home. If you are selling a property, or transferring ownership, we can also assist. Property buyers Buying property can be a stressful time, especially if you are a Melbourne first home buyer. However, Glenferrie Conveyancing can help home buyers securing their dream home! Of course, there will be legal documents and legal matters to navigate. Purchasing residential properties such as a townhouse or an apartment can be complicated. But as your best conveyancer in Melbourne, we’ll help you understand everything before you sign anything. Our property conveyancing services typically include: preparing a written review of your unsigned Contract of Sale and Section 32... --- About Us Powered by Trust. Reviews We have your back At Glenferrie Conveyancing protecting your interests is our number one priority. Our experience and meticulous attention to detail enables us to identify issues in contracts that you may have overlooked, so that you can avoid unfavourable sales terms when buying and importantly, obtain peace of mind. Answers when you need them Because we know that you often need answers urgently, we respond to your queries quickly and get things done when we say we will. We are also open in the evenings and on weekends, and also during January. Affordable rates Though we are meticulous in our attention to detail, we keep our costs low. A complete conveyancing service Glenferrie Conveyancing will take care of your property transactions from beginning to end, so your whole experience is seamless and stress-free. We also operate a general trust account. Our basic fee is only $780 plus GST and disbursements (i. e. the cost of any necessary Titles Office searches or property certificates). The PEXA electronic settlement fee ($137. 39 or $157. 19 if there is more than one title involved), and (for buyers only) stamp duty and Land Use Victoria lodgement fees are payable separately at settlement. Additional fees may apply for those clients requiring additional conveyancing services. Please see “Our Services” and “Conveyancing Fees” for more information. Glenferrie Conveyancing Originally operating in Hawthorn, but now located in Northcote, Glenferrie Conveyancing Pty Ltd is a licensed conveyancer that holds the prescribed professional... --- Contact us Please note that Glenferrie Conveyancing Pty Ltd is unable to review contracts or conduct settlements during the period 4 July to 4 August 2025 and during the week 20-25 October 2025. Name* First Last Address** Street Address City State / Province / Region ZIP / Postal Code Phone Number*Email* Are You:* Buying Selling Other Have you signed the contract? *Please SelectYesNoWould you like the agreement reviewed? Please SelectYesNoDetails, including the address of the property that you wish to buy, sell or otherwise deal with*By submitting this form, I consent to my information being used only for the purpose of my request. * I Agree /* { mutations. forEach( ( mutation ) => { if ( mutation. type === 'attributes' && visibilityTestDiv. offsetParent ! == null ) { debouncedTriggerPostRender; observer. disconnect; } }); }); observer. observe( document. body, { attributes: true, childList: false, subtree: true, attributeFilter: , }); } else { triggerPostRender; } } );} ); /* ]]> */ Powered by Trust. Reviews Glenferrie Conveyancing Northcote Glenferrie Conveyancing will assist you with all your conveyancing services, whether you are buying, selling or transferring the ownership of your property. We help our clients navigate through all of the difficult issues with their property transactions. In response to your submitted enquiry using this page, Glenferrie Conveyancing will promptly reply you with a Costs Disclosure letter (written quote). If you are happy with this quote, our conveyancing process can commence. Payments need only to be made to us after an invoice has... --- Our Services Powered by Trust. Reviews You’ve found your dream home. Let us help you secure it. Buying property is a major decision, and usually something people don’t do very often. For us though, it is our day-to-day focus. Get expert advice before you sign. Glenferrie Conveyancing can review your proposed Contract and Vendor’s Statement (Section 32) for you before you sign the Contract. A Pre-Signing Contract Review costs $130 plus GST, and we provide you with a written review of your proposed Contract and Vendor Statement noting: Any Special Conditions in the proposed Contract that are oppressive to your interests. Any issues identified in the Vendor Statement. If you proceed to purchase the property, and Glenferrie Conveyancing completes the conveyancing for you, then the cost of your Pre-Signing Review is waived (i. e. it’s free). Whether you are buying a piece of land, an existing home or off the plan, we have the experience to protect you and your investment. Before you sign on the dotted line, Glenferrie Conveyancing will ensure that you understand all of the risks so you can make the most informed choice possible. These risks include those involving title, zoning, easements, restrictive covenants, overlays including heritage, adverse possession, rates in arrears and the stamp duty implications related to the purchase. We can also refer you to a mortgage broker if you need help with finance, a real estate agent if you need help finding your dream home or a buyer's advocate if you need help... --- Featured News All Conveyancing News Why Does An Owners Corporation Certificate Have To Be Current? June 2, 2025 03If the property that you’re considering buying is affected by an Owners Corporation that is not inactive, in accordance with subsection 32F(1)(a) of the Sale of What’s Different When You’re Buying A Newly Constructed House? May 1, 2025 03If you buy a newly constructed dwelling, some differences apply: You may be eligible for the First Home Owner Grant, if you are first home buyer What’s The Temporary Off-The-Plan Stamp Duty Concession? March 31, 2025 03If you buy a dwelling off the plan in a strata subdivision on or after 21/10/2024 but before 21/10/2025, you will eligible for the off-the-plan stamp The Steps for Land Subdivision in Victoria: What You Must Know March 24, 2025 01If you want to secure your finances and protect your family’s future you might have thought about investing in properties and why not? Property investment is Information For Buyers – Money and Settlement March 24, 2025 00If you’re buying a property, at settlement you are obligated to pay the seller the adjusted settlement price. If you have a lender There are two 4000 Electronic Settlements and Counting March 22, 2025 00Glenferrie Conveyancing Pty Ltd was the first firm in Australia to be registered as a practitioner subscriber of the PEXA electronic settlement platform, and we conducted What Happens If a Property Owner Dies? March 21, 2025 00Here’s what happens to a property if the owner dies: Joint Ownership:... --- --- ## Posts Home title insurance protects property owners from financial loss due to title defects or legal issues related to property ownership. It's a one-time cost, typically paid at the time of purchase, and provides coverage for as long as the owner holds the property. While not mandatory, it reduces your risks of ownership. What Title Insurance Covers Title defects: Issues with the legal ownership of the property that weren't discovered during the initial search. Fraud and forgery: Protecting against fraudulent claims or changes to the title. Boundary disputes: Addressing issues related to property boundaries, including encroachments or incorrect dimensions. Unapproved building works: Covering structures or renovations built without proper council approval. Errors in public records: Protecting against mistakes or omissions in government records related to the property. Outstanding rates and taxes: Covering unpaid property taxes or levies. Why It's Important Peace of mind Title insurance protects you against unforeseen risks of ownership. Financial protection It can cover legal costs and expenses associated with defending your ownership rights or resolving title defects. Cost-effective Whilst its premium is not a large expense, the potential costs associated with title defects can be substantial. Key Differences from Other Insurance Once-off premium Title insurance has a once-off premium that lasts for the duration of your ownership of the property. Focus on ownership It deals with legal and ownership-related risks, and not physical damage or loss. Long-term protection It continues to protect you from the initial purchase, unlike other insurance that may expire or require renewal. In... --- In Victoria, a sunset clause in an off-the-plan property contract allows a developer to terminate the contract if certain conditions, like the registration of a plan of subdivision or the issue of an occupancy permit, are not met by a specified date. Recent legislation aims to protect buyers from developers misusing sunset clauses to rescind contracts and resell properties at higher prices. Key Aspects of Sunset Clauses in Victoria Vendor's Obligations: If a developer wants to rescind a contract under a sunset clause, they must obtain the buyer's written consent or seek a court order. Court Oversight: The Supreme Court can allow a developer to terminate a contract under a sunset clause if it's considered just and equitable, taking into account factors like the developer's conduct and the impact on the buyer. Sunset Date: The sunset date is a significant deadline in the contract, allowing buyers to terminate the contract and recover their deposit if the project isn't completed by that date. Please don’t hesitate to contact Glenferrie Conveyancing on (03) 9815 2351 for more information about sunset clauses. --- A pre-settlement inspection, also known as a final inspection, is an important step before finalising a property purchase. It allows the buyer to ensure the property is in the same condition that it was on the Day of Sale (except for fair wear and tear) and that any agreed-upon repairs or other conditions have been met. This inspection may be done in the week leading up to settlement. Key Aspects to Check During a Final Inspection Property Condition: Verify the property is in the same condition as when the contract was signed, including checking for damage since the contract was exchanged. Agreed-Upon Repairs: Ensure any repairs or work agreed upon in the contract have been completed to the agreed standard. Fixtures and Chattels: Confirm that all included fixtures and chattels are present. Special Conditions: Check if any special conditions of the contract have been met, such as the removal of items or the completion of specific tasks. Keys: Confirm that all necessary keys are provided. Smoke Alarms: Ensure smoke alarms are installed and functioning. For more details about final inspection before settlement, please don’t hesitate to contact us on (03) 9815 2351 so we can assist you further. --- It is recommended to engage a conveyancer or solicitor before making an offer on a property. They can review the contract of sale, identify potential issues, and ensure your interests are protected before you commit to the purchase. Here's why early engagement with a conveyancer is beneficial: Contract Review A conveyancer can carefully review the contract of sale, highlighting any potential issues or clauses that may not be in your best interest. Due Diligence They can conduct necessary searches and inquiries to ensure the property has no hidden issues or encumbrances. Negotiation Support A conveyancer can advise you on potential negotiations and ensure any changes to the contract are properly drafted. Peace of Mind By having a professional review the contract before you make an offer, you can proceed with more confidence and avoid potential legal and financial pitfalls. Glenferrie Conveyancing experienced conveyancer can discuss and explain every detail about the contract before you make an offer, contact us on 03 9815 2351 so we can assist you better. --- A PEXA fee is a mandatory charge for using the Property Exchange Australia (PEXA) platform to facilitate electronic property settlements. It's essentially a transaction fee that covers the costs of using the platform's services, such as pre-populating land registry data, verifying documents, and distributing funds electronically. The specific fee varies depending on the type of transaction. A Breakdown of What a PEXA Fee Covers 1. Electronic Lodgment PEXA is the platform used for electronic lodgment of property transactions, and the fee covers the cost of using this system. 2. Data Pre-population PEXA pre-populates land registry data, reducing the need for manual re-keying and potential errors. 3. Verification Checks The fee covers lodgment verification checks to ensure documents are correctly prepared and can be lodged successfully. 4. Title Activity Monitoring PEXA monitors title activity up to the point of settlement. 5. Electronic Funds Disbursement The fee covers the secure and efficient electronic distribution of cleared funds to designated bank accounts. 6. Secure Digital Signatures PEXA uses secure digital signature technology for legally binding transactions. 7. Stamp Duty Verification PEXA verifies stamp duty payments with the relevant authorities. Important points about PEXA fees 1. Varying fees The amount of the PEXA fee can vary depending on the specific transaction type (e. g. , transfer of title, mortgage registration, discharge of mortgage). 2. GST is included The PEXA fees quoted typically include GST. 3. Paid by participants The PEXA fees are generally paid by the parties involved in the transaction, such as the... --- If your finance falls through after an auction, you face serious consequences as the property purchase is legally binding. You will likely lose your deposit (typically 5-10% of the purchase price) and could be liable for the seller's losses if they need to resell the property at a lower price. The seller may also pursue legal action to recover losses, impacting your credit rating and future borrowing ability. Here's a more detailed breakdown: 1. Loss of Deposit: In most cases, you will forfeit your deposit if you cannot complete the purchase due to finance issues. This can be a significant amount of money, especially in competitive markets. 2. Legal Action: The seller can sue you to recover any losses they incur due to your default that exceed the forfeited deposit. These could include the difference between your winning bid and the resale price, legal fees, holding costs, and auction costs. 3. Credit Impact: A court judgment against you for failing to complete the purchase could negatively affect your credit score, making it harder to obtain loans in the future. 4. Importance of Finance Approval: If you are bidding at auction, ensure you have a solid pre-approval from your lender and factor in potential valuation issues. Engage a conveyancer to review the contract and ensure you understand the terms and conditions before bidding. If you have questions or wanted to learn more about conveyancing, contact Glenferrie Conveyancing at 03 9815 2351 and we will gladly assist you with your concerns. --- If the property that you're considering buying is affected by an Owners Corporation that is not inactive, in accordance with subsection 32F(1)(a) of the Sale of Land Act 1962 ("the Act") the Vendor must either: (A) specify in the section 32 statement the information prescribed for the purposes of section 151(4)(a) of the Owners Corporations Act 2006 relating to the owners corporation ("specify Owners Corporation information"); or (B) attach to the section 32 statement a copy of the current owners corporation certificate issued in respect of the land under section 151 of the Owners Corporations Act 2006 ("attach a current Owners Corporation certificate"). The key word in option (B) is "current". This means that the information contained in the attached Owners Corporation certificate must pertain to a period (e. g. a quarter) that includes the date that the Vendor Statement was made (signed). If the Owners Corporation certificate pertains to a period that ends before the Vendor Statement was signed, the certificate can be deemed to be not current, and this would allow the purchaser to rescind the contract in accordance with subsections 32K(1)(b) and 32K(2) of the Act. In general, we advise clients not to buy property where the Owners Corporation certificate is not current. For more information about buying property affected by Owners Corporations and Owners Corporation certificates, please contact our experienced Melbourne conveyancer at 03 9815 2351. --- If you buy a newly constructed dwelling, some differences apply: You may be eligible for the First Home Owner Grant, if you are first home buyer and the price of the property is $750,000. 00 or less. This is a $10,000 cash grant, or $20,000 for purchases in regional Victoria, and is in addition to any stamp duty concessions that you may be eligible for. The builder's warranty applies for 2 years after the date of issue of the Occupancy Permit, and for 6 years for structural defects. Under their warranty, the builder is liable to remedy any building defects that are consequent to faulty workmanship or materials. You may have to reimburse the vendor for the cost of connecting the utilities (water, electricity and gas). For more information about buying newly built homes, please contact our experienced Melbourne conveyancer at 03 9815 2351. --- If you buy a dwelling off the plan in a strata subdivision on or after 21/10/2024 but before 21/10/2025, you will eligible for the off-the-plan stamp duty concession, even if you're not going to be an owner occupier. This concession is normally available only for owner occupiers, but it is now available for investors, provided that the Day of Sale of your contract is on or after 21/10/2024 but before 21/10/2025. For more information about stamp duty concessions for off-the-plan purchases, please contact our experienced Melbourne conveyancer at 03 9815 2351. --- If you want to secure your finances and protect your family’s future you might have thought about investing in properties and why not? Property investment is a great way to diversify your portfolio and if it’s done properly it can become the cornerstone of your financial success. You don’t need to be an expert investor to get into the property market. With the right advice Mums and Dads can grow their wealth on the property market too. One popular property investment strategy is land subdivision. This involves dividing property into smaller lots, allowing each of them to be sold separately. This can be a great strategy in the right circumstances, but how exactly does it work and what are the legal elements behind it? To help you understand land subdivision, here are the essential steps involved in the process. Preparing the Plan Before you can get started, your surveyor will prepare the proposed plan of subdivision and submit this to your council for certification. Council Certification When your proposal complies with Council’s planning scheme and the permit and any relevant alterations have been made, your plan will be certified by the Council. Supplying the Street Addresses for the Lots With your land divided into smaller parcels, a new street address for each lot is required and your surveyor will supply this. Surveyors Report A Surveyors Report and an Abstract of Field Records will be provided if a survey of your land has been performed. Owners Corporation An Owners Corporation manages... --- If you're buying a property, at settlement you are obligated to pay the seller the adjusted settlement price. If you have a lender There are two scenarios: 1. Your lender is only providing the loan funds. You will need to make up the shortfall by depositing your shortfall funds into our Trust Account. 2. You have a savings or offset account with your lender, and you have granted your lender authority to access these funds. In this case, the lender will provide all of the money that is required for settlement (i. e. the money being loaned plus your shortfall funds). If you are buying without a lender You will need to deposit the required funds into our Trust Account. What are adjustments? Most commonly, these are amounts that the buyer compensates the seller for the buyer's share of the periodic outgoings for the property that the seller has already paid or will pay at settlement. The buyer's share is calculated for each outgoing on the basis that the seller is only liable for the periodic outgoing up to and including the day of settlement. If a periodic outgoing (i. e. Council rate, Water rate, Land Tax, Owners Corporation fee) is unpaid before settlement, then it will be paid at settlement by the vendor. For more information, please contact Glenferrie Conveyancing. --- Glenferrie Conveyancing Pty Ltd was the first firm in Australia to be registered as a practitioner subscriber of the PEXA electronic settlement platform, and we conducted our first electronic settlement in August 2015. Apart from a few defined exceptions, electronic settlement and lodgement of common title dealings (transfer, mortgage, discharge of mortgage, caveat, withdrawal of caveat, priority notice) has been compulsory in Victoria since 1 October 2018. Recently, Glenferrie Conveyancing Pty Ltd conducted its 4000th electronic settlement, a significant milestone. If you are looking for a reliable Melbourne conveyancing company, contact Glenferrie Conveyancing at Northcote on 03 9815 2351 for more information. --- It has been a Registrar’s Requirement to lodge almost all Transfer dealings at Land Use Victoria using an electronic settlement system since 1 October 2018. That means virtually all settlements in Victoria are now conducted electronically. Exceptions to this requirement are relatively rare, examples are: The titles being transferred are partial interest. The transfer relates to only part of the land described on a title. Where one or more registered proprietors is/are not participating in the transfer. More than 20 folios being transferred. The Transfers in these exceptional cases are prepared on paper (i. e. the old way), scanned then lodged with Land Use Victoria as s104 dealings after their stamp duty (if any) has been assessed by the State Revenue Office. Contact our Northcote office for more information. --- Here's what happens to a property if the owner dies: Joint Ownership: If there's a surviving owner, they can apply for a survivorship transfer to become the sole owner. A death certificate of the deceased proprietor will be required. Multiple Surviving Owners: The property can be transferred to their joint ownership through a survivorship application. Sole Ownership: The executor or administrator of the deceased's estate must first have the property transmitted to their ownership, and then they can sell it or transfer it to a designated beneficiary. For a transmission application, the executors need to produce their probate certificate. A copy of the will is required for a subsequent transfer to a designated beneficiary. If you are looking for a meticulous conveyancing company, contact Glenferrie Conveyancing at Northcote on 03 9815 2351 for more information. --- At settlement the parties to the Contract (the buyer and seller) fulfill their obligations. The buyer and/or their lender (the Incoming Mortgagee) provides the balance of the purchase price (including the adjustments), and also pays the following amounts at electronic settlement: Stamp duty, if applicable Land Use Victoria fees: Fees for any seller's dealings, e. g. a Discharge of Mortgage or Withdrawal of Caveat Transfer fee Mortgage fee, if applicable Electronic settlement fee Conveyancer's fees The seller's conveyancer or the Mortgagee on Title provides the Certificate(s) of Title in electronic form, converting each pre-existing paper Certificate of Title to electronic form, and the seller's conveyancer also arranges for the interested parties to provide all of the electronic dealings that will remove the mortgages and caveats from the Title(s). In some cases the deposit (or that part of it not retained by the selling Agent to pay their invoice) is added to the settlement funds. The funds comprising the balance of the purchase price (including the adjustments) and the deposit if applicable are distributed between the vendor, the interested parties (the mortgagee and/or caveator) and the rating authorities (e. g. Council, Water, Owner Corporation and Land Tax) that need to be paid. All funds are transferred by EFT or BPay. The electronic dealings and the Title(s) are lodged with Land Use Victoria as part of the settlement, and the dealings are usually registered immediately. A new electronic Certificate or Certificates of Title showing the buyer as the registered proprietor is issued... --- If you've sold your property and your contract has become unconditional, the following things occur: Your conveyancer advises the purchaser's conveyancer if the sale is subject to GST withholding, this only applies if you are registered for GST and the property being sold is a new residence, or a residence that has been substantially renovated by you as a business activity. Your conveyancer will create the electronic settlement workspace, and invite the purchaser's conveyancer to join. You will be asked to sign a Client Authorisation, which authorises your conveyancer to digitally sign your electronic Transfer document (as the transferor). You will be asked to obtain your ATO Clearance Certificate(s). These show that you are resident taxpayers, and thus the Foreign Resident Capital Gains Withholding provisions will not apply. If there is a mortgage on the property, your conveyancer will assist you to complete and submit a Mortgage Discharge request to your lending Bank. This may also include a request to your lending Bank to issue its Section 27 certificate, which is a statement of particulars about your mortgage loan(s), which is needed if you want to ask the purchaser to release the deposit to you from trust before settlement. Your conveyancer will also invite the lending Bank to join the electronic settlement workspace. If there is not a mortgage on the property, you will have to deliver the Certificate of Title to your conveyancer. Your conveyancer will create the Duties Form for the assessment of stamp duty, and enter your... --- electronic settlement is now compulsory in Victoria for all settlements apart from a few relatively rare exceptions. What are the savings with electronic settlement, compared to a manual or paper-based settlement? Land Victoria fees: The registration of your transfer will be $10. 00 cheaper. The registration of your mortgage will be $9. 80 cheaper. A Register Search that costs $7. 80 and confirms that your Transfer has been registered by your lending Bank and you have become the legal owner of the property, is not required. Bank cheque fees: All payments in an electronic settlement are made by EFT or BPay at no cost. Bank cheques that cost $10. 00 to $15. 00 each are not required. Apart from these savings, the best attribute of electronic settlement is that it is more reliable than manual settlement. Once an electronic settlement is made ready by all of the parties, it is extremely unlikely that it will not proceed to completion. With a manual or paper-based settlement, however, if just one of the documents or cheques are incorrect or missing the settlement may fail and have to be re-scheduled, which is costly and frustrating. Contact Glenferrie Conveyancing Melbourne on (03) 9815 2351 for more information. --- The deposit paid by the purchaser under a contract will generally remain in trust until settlement, when it is then released to the vendor. However, sometimes a vendor wants the deposit released to them before settlement in accordance with Section 27 of the Sale of Land Act 1962 (Vic). This Section provides that a purchaser may authorise in writing release of the deposit from trust to the vendor before settlement if: The contract is not subject to any condition enuring for the benefit of the purchaser; and The purchaser has accepted title or may be deemed to have accepted title. Some contracts allow the purchaser to end it in certain circumstances, e. g. a contract may be subject to the purchaser obtaining a Loan Approval, or subject to a building inspection that does not reveal a major structural defect. Until these types of contractual conditions are satisfied, the deposit cannot be released from trust. A purchaser's authorisation to release the deposit is only effective if the vendor has given the purchaser a notice in writing (a Section 27 Deposit Statement) stating: If there is a mortgage over the land; and The particulars of any caveat lodged over the land. If there is a mortgage over the land, the vendor must also set out the following particulars in their Section 27 Deposit Statement: The amount secured by the mortgage. Whether the mortgage provides for further advances by the mortgagee. The rate of interest presently payable under the mortgage Subject to compliance... --- Section 32 of the Sale of Land Act 1962 (Vic) prescribes that a vendor must give a signed statement to the purchaser before the purchaser signs the contract. The Vendor Statement must disclose the following matters: How much it costs to own the property, i. e. rates, taxes, owners corporation fees or other similar outgoings. If the vendor has done building work on a residence as an owner-builder, particulars of the required insurance if the total cost of the building work exceeds $16,000. Description of any easement, covenant or similar restriction on land use. Disclosure if the land is in a bushfire prone area. Details of the planning scheme. Details of any notice, order, declaration, report or recommendation of a public authority or government department or any approved proposal directly and currently affecting the land. Particulars of any building permit issued in the last 7 years for building work on a residence. If the property is affected by an Owners Corporation that is not inactive, then either a current Owners Corporation certificate must be provided, or the vendor must separately disclose the information that must be provided in such a certificate. If applicable, Growth Area Infrastructure Contribution (GAIC) details must be disclosed. If any of electricity, gas, water, sewerage or telephone is not connected, this must be disclosed. A Register Search Statement showing the vendor's right to sell, and a copy of the plan. If a vendor fails to supply any or all of the information required or any of... --- Many people who own land without a mortgage hold their paper Certificate of Title. Particularly, the older parchment ones are quite beautiful. However, there is a problem with doing this - whenever you want to deal with a Title (e. g. mortgage the land or sell it), you have to produce the Title, and they can easily be lost or mislaid. Copies are of no value. An application for replacement of a lost title costs more than $400 to lodge, and the preparation of the application imposes fairly onerous preparation requirements on your conveyancer or lawyer, and so the fees charged for this task are not small. Glenferrie Conveyancing strongly recommends that you do not hold paper Certificates of Title, but have them all converted to electronic form. An electronic Certificate of Title is controlled for you by your conveyancer or lawyer, who remains responsible for it indefinitely, and it cannot be lost or mislaid. If you want to keep a parchment title after its conversion, it can be returned to you discreetly marked as "destroyed" and "of no legal value". If you are looking for a reliable property conveyancing company in Melbourne and Northcote area, contact Glenferrie Conveyancing on 03 9815 2351 for more information. --- If you've bought a new residential property since 1 July 2018, or one that that has been substantially renovated, then GST usually forms part of the selling price (unless the vendor is not registered for GST). As a purchaser in cases like this, you are now obligated to withhold at settlement the embedded GST payable and remit it directly to the Australian Taxation Office. The GST is either 1/11 of the selling price, or 7% if the margin scheme applies to the Contract. To do this, your conveyancer will need to prepare and submit the following two forms to the ATO on your behalf, this sets up the GST payment to the ATO in the electronic settlement workspace: The GST property settlement withholding notification, before settlement. The GST property settlement date confirmation, after settlement. More information is available at https://www. ato. gov. au/Business/GST/In-detail/Your-industry/Property/GST-property-settlement-online-forms-and-instructions/ If you are looking for a 5-star conveyancer in Melbourne, contact Glenferrie Conveyancing on 03 9815 2351 for more information. --- Why is electronic settlement such a good thing for buyers and sellers? 1. Once an electronic settlement has been made Ready by all of the parties involved, it is virtually certain that it will proceed to successful completion. This is quite unlike a manual (or paper) settlement, where if any document or cheque is found to be incorrect or missing at the settlement meeting, then the settlement can fail causing significant inconvenience, delay and costs. 2. Cheques are not used, all payments are made by EFT. Buyers don't have to go the bank to obtain bank cheques, and sellers are able to draw on their proceeds within an hour of settlement, rather than waiting three days for funds to clear. Payments to authorities (Council, Water Authority, Owners Corporation) are also made by EFT, and so buyers can be more confident that their new property does not have inherited debt. 3. The buyer becomes the registered proprietor (legal owner) of the land at settlement, as the electronic documents (Discharge of Mortgage, Transfer, Mortgage) are lodged at and registered by Land Victoria during the electronic settlement process. 4. The provider of the electronic settlement platform (Property Exchange Australia) has an application called PEXA Key. If you have registered as a user of this app, you will be advised automatically when settlement is complete. For more information, please contact our professional and trusted conveyancer at (03) 9815 2351. --- Since November 2015, it's been a Land Victoria requirement that any person who's buying or selling property has to have their identity verified. This includes the directors of companies that are signing for their company, and attorneys acting for a person or persons who are unable to sign the conveyancing documents personally. Why is this important? There are two reasons: 1. There has been at least one recent case of fraud in Australia, where persons have sold a property by pretending to be the owners and then absconding with the proceeds (the real owners were overseas). 2. If your conveyance is being settled electronically, the electronic Transfer document will be signed digitally on your behalf by your conveyancer or legal practitioner. However, they can only sign this electronic document for you if they can certify that you have had your identity verified. Some clients note that Verification of Identity is a new burden that they haven't been subjected to before. That may be true, but it's now it's a mandatory requirement. How is your identity verified? There are two methods: 1. Glenferrie Conveyancing can do this for you if you bring your identity documents (drivers licence and passport) to your meeting with us. 2. You can attend a Verification of Identity agent. Glenferrie Conveyancing has engaged Australia Post to act as its Verification of Identity agent, and so you can attend any Australia Post office within Australia to have your identity and identity documents verified. What if you don't have... --- On 23 October 2016, every Victorian paper Certificate of Title that was first mortgaged on that day to one of the four major banks (i. e. ANZ, Commonwealth, National Australia Bank and Westpac) was converted by Land Victoria to an electronic Certificate of Title. 1. 7 million titles were converted. This means that property owners who had paid off their loan and who had received the paper Certificate of Title and the paper Discharge of Mortgage instrument from a major Bank but had not registered the Discharge of Mortgage at Land Victoria before 23 October 2016, will have had their paper Certificate of Title converted to an electronic Certificate of Title controlled by their Bank without them being explicitly informed. Furthermore, the paper Certificate of Title that they are holding became legally valueless at that time. If you are a property owner affected by this scenario, you will have to ask your Bank to: Discharge the mortgage again, removing the mortgage from your title. Transfer the electronic Certificate of Title to your legal representative , this will show that the land is now unencumbered. Contact Glenferrie Conveyancing Northcote office for more information. --- If you’ve been looking to buy your first home in Victoria you might be thinking that you’re facing an uphill battle. Between finding that first home and saving for a deposit, the dream of owning your own home can seem very challenging. Luckily, while you have a range of financial and legal responsibilities to consider before buying a new home, you can get help. Get a $10,000 Head Start when buying a new home! The First Home Owner Grant assists eligible homebuyers with their purchase of a newly built home that costs $750,000 or less. If you are eligible, you will receive $10,000 ($20,000 if the new hone is in regional Victoria). Also get First Home Buyer stamp duty reductions when buying either a new or an existing home. If your first home (either new or existing) has a dutiable value of $600,000 or less, you are eligible for a full exemption from stamp duty, one of your biggest costs. If the property has a dutiable value that is greater than $600,000 but less than $750,000, you will be eligible for a stamp duty concession. Am I eligible for the First Home Owner Grant and/or the First Home Buyer stamp duty exemption or concession? The four tests below apply to both you and your partner. You have not received the First Home Owners Grant before. You have not owned a residential property in Australia before 1 July 2000. You have not lived in a home, which either of you purchased... --- If you are a part owner of land that has been subdivided into two lots, you are able to "partition" the land so that after the partition each party owns one of the lots as a sole proprietor. If the lots have the same valuation and each owner has a half share, then this transaction would be free of stamp duty in accordance with section 27 of the Duties Act, as the beneficial interest of each owner would not change (i. e. the change for each party is from half-share ownership of two lots, to the sole ownership of one lot). For more information you may contact our Northcote professional and experienced conveyancers or call us at (03) 9815 2351. --- Section 12(d) of the Sale of Land Act 1962 has been amended with effect from 1 March 2020 so that a seller who knowingly conceals any material facts about the land in their Vendor Statement shall be guilty of an offence and liable to a penalty of not more than 120 penalty units or to imprisonment for a term of not more than twelve months. Examples of material facts about land which are known to the vendor or their agent but which may not be obvious to the potential purchaser include (but are not limited to) circumstances where: Prior tests or investigations have revealed (or the vendor or their agent otherwise knows of) a defect in the structure of the building, a termite infestation, combustible cladding, asbestos (including loose-fill asbestos insulation) or contamination through prior uses of the land There have been significant events at the property, including a flood, or a bushfire There is a history of pesticide use in the event the property had been used for horticulture or other agricultural purposes There are restrictions on vehicular access to a property that are not obvious during a property inspection Facts about the neighbourhood surrounding the property which may not be immediately apparent upon inspection (such as sinkholes, surface subsidence, development proposals) that would likely affect the use and enjoyment of the property to a greater extent than the usual disturbances and inconveniences of occupying land of the kind and in the local area of the land being sold... --- If you've bought a property, you (and your conveyancer) have the following obligations: Pay the deposit in full by its due date, usually to the selling Agent. Authorise your conveyancer to digitally sign the electronic Transfer document and do anything else necessary to complete the conveyance. This will involve having your identity verified. After your conveyancer completes your Duties Form, you will have to sign it. After the Form is also signed by the vendor, your conveyancer will then use it to assess the stamp duty that is payable. In the lead up to settlement, your conveyancer will prepare a proposed Statement of Adjustments, which apportions the periodic outgoings (e. g. Council and Water rates, Owner Corporation fees, Land Tax and rental if applicable) between you and the vendor. Provide the settlement funds, which are needed to pay for: Contract balance, adjusted. Stamp duty Land Use Victoria lodgement fees Electronic settlement fees Conveyancer's fees If the vendor does not provide a Clearance Certificate, then 15% of the sale proceeds must be remitted to the Australian Taxation Office at settlement in accordance with the Foreign Resident Capital Gains Withholding provisions. If the purchase price of a residential property includes GST, then this GST must also be remitted to the Australian Taxation Office at settlement in accordance with the GST Withholding provisions. After settlement, your conveyancer will send a Notice of Acquisition to Council, the Water Authority and the Owners Corporation manager (if applicable). Your conveyancer will notify the Australian Taxation Office... --- Not all of these issues apply to all types of sales. However, failure to disclose any of them if applicable in your Section 32 Vendor's Statement can allow the purchaser to avoid the contract, causing your sale to fall through. If a building permit has been issued for the property within the last 7 years, it must be disclosed. This includes the permit(s) for newer buildings that are less than 7 years old. The Certificate of Final Inspection or the Occupancy Certificate must also be disclosed. If you've done building work yourself as an owner-builder, then you must also obtain an owner-builder inspection report. This will include obtaining insurance if the total value of the building work exceeds $16,000. What are the items of portable property that you are selling with the house (the chattels)? Typical items include carpets, light fittings and curtains and blinds. Is there a dishwasher? Does the land that you are selling correspond with the title plan? In particular, have you been occupying any adjacent land that is not on your title (adverse possession)? If so, you may have to execute a Deed of Possessory Rights that sets out the history of the adverse possession. Is there a caveat on your title? A third party can lodge a caveat if they have a claim over your land. The caveator's interest must be satisfied on or before settlement. Have you received any notices from authorities (e. g. Council) or neighbours that affect your property? Examples would be... --- Not all of these warnings apply to all types of purchases: The proposed Contract contains Special Conditions that are oppressive to your interests. Special Conditions add to or overwrite the 28 General Conditions of the Contract that were historically set down by Parliament. The Vendor adds Special Conditions to a Contract to “improve” it from their point of view, and so their merit needs to be carefully considered to ensure that they don't mean that you lose and the Vendor wins. We recommend that we review your proposed Contract before you sign it. The building has defects or a pest infestation. A qualified building and pest inspector should be engaged to inspect the property before you make an offer. Illegal building work has been performed, i. e. some structural building work has been done on the property without obtaining a Council building permit and inspection. This risk can be managed by taking out a Title Insurance policy, this insurance also protects you from the consequences of other unforeseen title defects, such as part of your building encroaching onto a neighbour's land. The Owners Corporation is proposing significant maintenance work that will result in a special levy being raised. Examples would include major roof repairs, or the removal of flammable cladding. Also, the Owners Corporation may be proposing to increase its ongoing fees to maintain solvency. The property may be subject to a planning overlay, such as Heritage or Bushfire Management, which may constrain what you may do with the property.... --- If you have been appointed as the Attorney for another person or a company ("the appointor"), and you wish to execute a dealing on the title for a piece of land (i. e. buy, sell or mortgage it) on behalf of the appointor, then you will have to provide a certified copy of your Power of Attorney document. Who can certify that a copy of your Power of Attorney document is a true and complete copy of the original instrument? In accordance with sections 16 and 82 of the Powers of Attorney Act 2014 (Vic), the following persons are authorised to certify copies of a Power of Attorney document: An Australian legal practitioner. A Justice of the Peace. A Person authorised to administer an oath in accordance with sections 123C and 124 of the Evidence (Miscellaneous Provisions) Act 1958 (Vic), including: A police officer of or above the rank of sergeant or for the time being in charge of a police station. A fellow of the Institute of Legal Executives (Victoria). An Australian consular officer. Each page of the copy of the Power of Attorney document must be certified as a true and complete copy of the corresponding page of the original instrument, except for the last page which must be certified to the effect that the copy of the Power of Attorney is a true and complete copy of the original instrument. Please note that this list does not include the following persons (who may witness statutory declarations): A... --- A full or part interest in a property can be transferred between related parties. Examples of related parties include spouses, domestic partners, family members, friends, business associates or separating couples. A transfer between related parties is unlike a standard purchase or sale in several respects: It is possible for us to act for both parties in the transaction, but only if both parties remain in consensus throughout the process. A contract is not used. Contracts are used to enforce parties' rights and provide remedies and sanctions if a party breaches the contract. If one of the parties in a related party transfer does not fulfill one of its obligations, then the transfer simply does not proceed. Except for breakdown of relationship or "love and affection" transfers, the property being transferred needs to be valued by a licensed real estate agent or certified practising valuer. The valuation is required for the assessment of stamp duty. Please note that a transferee in a related party transfer can only receive stamp duty concessions or exemptions (such as those available to first home buyers) if the property is sold to them at valuation (i. e. at arm's length), and evidence of the funds transfer between the parties' bank accounts at settlement is produced. For more information about transfers between related parties, please contact our experienced Melbourne conveyancer at 03 9815 2351. --- In general, vendors won't permit buyers to purchase a property subject to a satisfactory building inspection. This is because a purchaser's satisfaction standard is subjective. Instead, vendors will usually impose objective outcomes on the inspection, such as the presence of a major building defect or an active pest infestation. The problem with these inspection outcomes is that they are too high a bar for purchasers, particularly if their inspection reveals no major defects but many minor ones. In this case, the purchaser is compelled to continue with the contract on its current terms, despite the (many) minor defects that might be present. Consequently, we always recommend to purchaser clients that they get their building inspection done before they sign the contract (i. e. before they make a formal offer for the property). Having the building inspection report before making a formal offer gives purchasers essential information as to what the property is really worth. You wouldn't buy a used car without taking it for a test drive, and it's no different when buying land with improvements (i. e. a dwelling built on it). For more information about building inspections, please contact Glenferrie Conveyancing in Northcote at 03 9815 2351. --- From 1 January 2025 the Foreign Resident Capital Gains (FRCG) withholding regime will now apply to all sales of real estate in Australia, previously this only applied for sales of real estate of $750,000 or more. If you're a seller whose contract was executed on or after the 1 January 2025, regardless of whether you're an Australian resident taxpayer or not, you'll need to obtain a Clearance Certificate from the Australia Taxation Office at https://www. ato. gov. au/FRWT_Certificate. aspx If you don't, the purchaser is obligated to withhold 15. 0% of your sale proceeds at settlement and the amount withheld will be credited to your income tax account. This could be inconvenient. For more information about FRCG withholding, please contact Glenferrie Conveyancing in Northcote at 03 9815 2351. --- A purchaser can object to a request for early release of the deposit from trust on three different grounds: If there is a mortgage over the property, subsection 27(3) of the Sale of Land Act 1962 ("the Act") requires the vendor to set out the particulars of the mortgage in accordance with Schedule 1 of the Act. In accordance with subsection 27(4)(a) of the Act, you need to be satisfied that the particulars of the mortgage set out are accurate. Failure by the vendor to provide a certificate from their mortgagee confirming these particulars would be grounds for an objection. In accordance with subsection 27(4)(b) of the Act, you need to be satisfied that the purchase price is sufficient to discharge all mortgages over the property. In accordance with subsection 27(10) of the Act, this includes any charge or lien on the land, and so in addition to any mortgage loan it includes any amounts payable by the vendor for rates or land tax owing, or for foreign resident capital gains or GST withholding. Subsection 27(2) of the Act prevents release of the deposit where the contract is subject to any condition inuring for the benefit of the purchaser. Such a condition must be an essential term of the contract, i. e. one that if it is not met, the purchaser can end the contract. Examples would be a purchaser buying subject to: finance or a building and pest inspection unconditional sale of the purchaser's own property vacant possession being... --- Glenferrie Conveyancing works closely with a range of trusted small business partners. We can refer our clients to the following professionals: A building and pest inspector, who can diligently inspect your proposed purchase before you buy. A buyer's advocate, who can negotiate the best terms and price with the vendor and their agent. A mortgage broker, who can find you the best loan to suit your needs. A general insurance agent, who can arrange home building and/or necessary public liability insurance. A personal insurance agent, who can arrange life insurance for you, this would be important if you're borrowing money. A property maintenance provider, who can deal with the whole range of building maintenance issues including plumbing and painting. An electrician, who can carry out both new installations and repairs. A property manager, if you're an investor. A real estate agent, if you want to sell. A financial planner, who can assist you managing your sale proceeds. We can also obtain quotes for title insurance, noting that we receive a disclosable commission if you accept the quote. For more information about our referral partners, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- If you buy a commercial or industrial property on or after 1 July 2024, it will be an entry transaction affected by the new commercial and industrial property tax ("CIPT") reform. This means two things: Ten years after the entry transaction, CIPT will begin to apply to the property at a flat rate of 1% of the property’s site (or unimproved) value each year provided the property continues to have a qualifying use, i. e. it remains land used for commercial, industrial, extractive industries or infrastructure and utilities purposes. This includes commercial residential premises used solely or primarily for tertiary student accommodation. If the land is subsequently sold, the buyer will not pay stamp duty, but they will continue to be liable to pay the annual CIPT. For more information about the CIPT, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- The settlement date is usually agreed between the buyer and the seller, and this is written into the contract as an essential term. Buyers need to be conscious of how much time their lending bank needs to approve the loan and get ready for settlement, typically they should allow at 45 days from the day of sale. If you're purchasing without a bank, settlement could comfortably be 30 days from the day of sale. Sellers can also have obligations that affect when settlement can occur: The property may be tenanted, and vacant possession needs to be provided. The property may be mortgaged, and so the mortgagee must be instructed and ready to discharge their mortgage at settlement. For properties that are not mortgaged, the Certificate of Title needs to be located and produced (if in paper form). In the case of the "off the plan" settlements, settlement is typically held 14 days after the purchaser has been notified that Plan of Subdivision has been registered, or the Occupancy Permit has been issued, whichever occurs later. For more information about settlement dates, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- From 3 August 2024, all new certificates of titles in Victoria will be mandatorily issued in electronic form. Up until that date, the conveyancer, legal practitioner or bank lodging the dealing has had the ability to select the format that the new certificate or title is to be issued in (i. e. a choice of the electronic or paper form). Glenferrie Conveyancing has always selected electronic certificates of title for its clients, as electronic titles cannot be misplaced or lost. Each electronic title has its controlling party (recorded on it), which can either be a conveyancer, a legal practitioner or a bank. Control of a specific electronic certificate of title can be easily transferred from a conveyancer, legal practitioner or bank to another conveyancer, legal practitioner or bank. For more information about electronic certificates of title, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- A fixture can be defined as anything that cannot be removed without leaving a defect. On the other hand, goods sold with the land or chattels are items that are not fixtures, i. e. they are items that could easily be removed without leaving a defect. Typical goods could be carpets, light fittings, curtains and blinds, dishwasher, refrigerator, microwave or washing machine. These items should be explicitly listed in the contract to give the purchaser comfort that these items are part of the sale, and that they will be left at the property for the purchaser at settlement. In the description of the Land in the standard form of contract of sale of real estate (that was prescribed by the Estate Agents (Contracts) Regulations 2008 prior to their revocation on 11/8/2018), it includes the words “the land includes all improvements and fixtures”. This is a legal way of stating that the house or other building that is located on the land is included in the sale. For more information about goods and chattels being sold with land, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- A Licence Agreement is a supplement to the sale of land contract that allows one of two things: The purchaser(s) to occupy the property for a period before settlement. The vendor(s) to occupy the property for a defined period after settlement. In addition to having to pay the licensor an agreed licence fee, the Licence Agreement usually requires the occupying party (the licensee) to pay the rates for the property accrued during their period of occupation, and keep it properly insured. The licensee is also obligated to keep the property in the same condition and state of repair that it was when the occupancy commenced, they cannot make additions or alterations to the property without written permission from the licensor and they are responsible for any damage caused during their period of occupation. In other words, the licensee is expected to behave as if they were a tenant, but without the usual protections of tenancy legislation. The licensor (the property owner) is entitled to inspect the property at any reasonable time. In the case of a vendor occupation, the Licence Agreement may require a security bond to be withheld from the sale proceeds at settlement for the period of occupation, this would be refunded to the vendor when the occupation is ended, less any amounts payable by the vendor for a breach of the Agreement. For more information about licence agreements, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- Effective from 1 January 2024, the Sale of Land Act 1962 has been amended to prohibit the apportionment of land tax between the purchaser and the vendor at settlement, unless the property has been sold for the threshold amount or more ($10,000,000 in 2024, indexed by the CPI in subsequent years). This is good news for purchasers, especially those buying from investors or developers, if they intend to live at the property and would avoid land tax themselves under the principal place of residence exemption. Any land tax owed by the vendor will be paid off at settlement out of the sale proceeds, i. e. using the vendor's money. The prohibition applies to all contracts signed on or after 1 January 2024. For more information about the apportionment of land tax between the vendor and the purchaser, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- Although trusts and superannuation funds are legal entities that pay tax, they cannot own property themselves directly. If a trust or superannuation fund wants to buy a property, it is purchased by its trustee(s). This means: The legal owner of the land is the trustee, whilst the beneficial owner(s) are the beneficiaries of the trust or superannuation fund. Only the trustee's name is shown on the Certificate of Title, there is no reference to the relevant trust or superannuation fund. On the contract, the trustee is shown as the purchaser AS TRUSTEE FOR its trust or superannuation fund. If a superannuation fund wants to buy a property using borrowed money, the transferee must be a custodial or bare trustee acting in trust for the superannuation fund's trustee (in accordance with the terms of the custodial trust deed and the no-recourse borrowing agreement). If the custodial or bare trustee does not purchase the property itself, then it must be nominated by the contract purchaser as the substituted purchaser before settlement. After settlement, a Notice of Trust Acquisition must be submitted to the State Revenue Office, this ensures that the trustee itself is not assessed for Land Tax as it is not the beneficial owner. Instead, the Land Tax assessment is issued to the relevant trust or superannuation fund. For more information about trusts and superannuation funds buying property, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- The Adjustments general condition of a contract of sale of real estate reads as follows: The periodic outgoings and rent and other income is apportioned on the basis that the vendor is liable for the periodic outgoings and entitled to the rent and other income up to and including the day of settlement. Council and water rates, land tax (that has been assessed on a single holding basis) and owners corporation fees are periodic outgoings, all of these charges are apportioned between the vendor and purchaser in the Statement of Adjustments. Once-off council levies (e. g. road construction fees) and owner corporation special levies are not periodic outgoings. These charges are not apportionable, they are payable in full by the purchaser if they were struck on or after the Day of Sale and by the vendor otherwise. Utilities such as gas, electricity and internet are private contracts with the occupier, these are not charges on the land or periodic outgoings, and they are not apportioned between the vendor and purchaser. For more information about adjustment of rates, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- Are you asking yourself when you need a property valuation? First, let's talk about stamp duty. Stamp duty is calculated on the dutiable value of the property. This is the greater of: The consideration (if any) that was paid for the property. This includes any GST, if this is part of or is added to the price of the property. The market value of the property. If the seller and the purchaser are associated or related persons, then you must provide evidence of the market value of the property: A letter of appraisal signed by a licensed real estate agent. A valuation by a certified practising valuer who is a member of the Australian Property Institute or by a member of the Real Estate Institute of Victoria who holds sworn valuer accreditation. Evidence of market value is thus needed whenever a property is being transferred between associated or related persons, except when the transfer itself is exempt from stamp duty, e. g. a breakdown of a relationship, a transfer in accordance with the provisions of a will, or a transfer to or from a trust where the beneficial interest is unchanged. For more information about transferring property between related parties and valuations, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- If you've not an Australian or New Zealand citizen, and you don't hold a permanent visa allowing you to be in Australia, then you are regarded by the Duties Act as a "foreign natural person". When foreign natural persons, foreign corporations or foreign trusts buy land in Victoria, they must pay an additional 8% penalty stamp duty on their property purchase (in addition to the normally assessable stamp duty). Importantly, when New Zealand citizens are out of Australia (even temporarily), they revert to become foreign natural persons until they re-enter Australia. Thus, to avoid becoming liable for the additional 8% penalty stamp duty, New Zealand citizens should make sure that they are in Australia on the date of their property settlement. If you are a foreign natural person but also the spouse or domestic partner of someone who is not a foreign natural person (i. e. they are an Australian or New Zealand citizen, or they hold a permanent visa allowing them to be in Australia), then provided that you (and your spouse or domestic partner) buy property jointly and you occupy this property as your principal place of residence for at least 12 months, commencing within 12 months of the date of settlement, then section 69AJ of the Duties Act exempts you from the additional 8% penalty stamp duty. For more information about buying property as a foreign purchaser, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- If you've bought a property and a registered proprietor has died, then either: There is a surviving joint proprietor or proprietors, who can lodge a survivorship application to become the owner(s) of the property, effectively removing the name of the deceased person from the title. The deceased person has either an executor or executors (appointed in their will) or an administrator or administrators (appointed by the Supreme Court if intestate). When the executor(s) are granted probate or the administrator(s) are granted representation by the Court, they can then lodge a transmission application to change the ownership of the property to them in their capacity as executor(s) or administrator(s) of the deceased person's estate. In either case, the conveyance can then proceed with the new proprietor or proprietors as vendor(s). The process of obtaining probate or a grant of representation does take time, and can delay a settlement, particularly if a vendor dies between sale and settlement. For more information about buying property when a registered proprietor has died, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- If you buy a property in rural or regional Victoria, you may see a few differences from buying a home in Melbourne. The property: May not have a residence on it. May not have some of services that are normally connected to city properties, e. g. water, sewerage, gas, telephone. May not have a street address assigned to it by Council, and instead be referred to only by its lot number. May be located in a bushfire prone area. May be being sold with associated water rights, or a riparian lease. Water rights are associated with many parcels of agricultural land, where the landowner has the right to take specified amounts of water from adjacent creeks, rivers, irrigation channels or groundwater. The value of water rights are not dutiable. A riparian lease allows the landowner to use the riverbank adjacent to their land, usually for grazing animals, but with the responsibility to manage and conserve that local environment. May be sold together with agricultural machinery or equipment, the value of which is not dutiable. For more information about buying a property in rural or regional Victoria, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- If you buy a property subject to a lease, then at settlement you become the landlord and are bound by the terms and conditions of the existing lease. If you've bought a residential property with the intention of living there yourself, this means that you'll have to wait until your tenant's lease has been legally ended, in accordance with the Residential Tenancies legislation and regulations. If you've bought a commercial property subject to lease, the vendor (if registered for GST) may mark the contract as a "going concern". This means that if you (as the purchaser) are also registered for GST, then GST will not be added to the contract price, and a tax invoice will not be issued. As a landlord, you may want the property and the tenant professionally managed by a property manager. If the vendor has a property manager already engaged, you have the option of continuing with the existing property manager (i. e. engaging them yourself), or alternatively engaging a new property manager. If you decide to manage a residential property and the tenant yourself, you will have to receive a transfer of the bond that is held by the Residential Tenancies Bond Authority, so that you become the landlord recorded in relation to that bond. For more information about buying a property subject to a lease, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- Cooling off is the purchaser's right to end a contract for the sale of real estate within 3 clear business days of the day that they sign the contract (please note that this is not necessarily the date that the vendor signed the contract, which is not relevant here). To cool off, you or your legal representative must either give the vendor or the vendor's agent written notice that you are ending the contract or leave the notice at the address of the vendor or the vendor's agent to end this contract within the 3 clear business days. If you cool off, you are entitled to a refund of all the money you have paid except for $100. 00 or 0. 2% of the purchase price (whichever is the greater). The 3-day cooling-off period does not apply if: you bought the property at or within 3 clear business days before or after a publicly advertised auction; or the property is used primarily for industrial or commercial purposes; or the property is more than 20 hectares in size and is used primarily for farming; or you and the vendor have previously signed a contract for the sale of the same land in substantially the same terms; or you are an estate agent or a corporate body. For more information about cooling off, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- If a property has more than one owner, and they own the property as tenants in common, typically A and B are shown as tenants in common proprietors on a single title. However, it is possible to have individual titles issued for each owner's respective interest. For example, if A and B own a property as tenants in common, there could be two (partial interest) titles issued: one title showing A owning a part share of the property, and another title showing B owning a part share of the same property. This arrangement would enable A and B to independently offer their part shares in the property as security to different lenders. Partial interest titles cannot be transferred using electronic conveyancing, and so a paper Transfer of Land document needs to be prepared and lodged. If A transfers their share in the property to B, and thus B becomes the sole owner, then Land Use Victoria can be asked to consolidate the two partial interest titles into a single full interest title, wholly owned by B. For more information about partial interest titles, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- Contracts drafted by vendors occasionally include special conditions that require the purchaser to pay the vendor's legal costs. However, subsection 42(3) of the Property Law Act 1958 (Vic), states “No contract of sale relating to land shall contain a clause or condition stipulating for the payment by the purchaser to the vendor or to the legal practitioner or conveyancer of the vendor of any costs and expenses”. The subsection then proceeds to make three exceptions to this general prohibition. In other words, unless a special condition that requires the purchaser to pay the vendor's legal costs relates to one of these three exceptions, it is illegal and thus unenforceable. The three exceptions to subsection 42(3) are: Subsection 42(3)(a) - costs and expenses incurred by the vendor consequent to a purchaser's default. Subsection 42(3)(b) - if the land being sold is not subject to the operation of the Transfer of Land Act 1958, i. e. it is General Law land that doesn't have a Certificate of Title. Subsection 42(3)(c) - part of the land that is being sold requires a preliminary conveyance transfer or other assurance to enable the vendor to comply with the contract. Examples of special conditions that are prohibited by subsection 42(3) include those that impose fees on the purchaser to: Alter the settlement date, in cases other than when the purchaser has failed to settle on the contracted date. Amend other terms of the contract. Nominate an additional or substitute purchaser. Prepare a Licence Agreement. For more... --- Individual trustees are people, and they can die. This is why there are usually at least two individual trustees of a trust, and they own the trust's property as joint proprietors. If an individual trustee dies, firstly the surviving trustee is made the owner of the trust's property after a Survivorship Application is lodged at Land Use Victoria. After a deed of appointment of a new trustee to replace the trustee who has died has been executed, a transfer of part ownership of the trust's property from the surviving proprietor to the new trustee is lodged. This Transfer makes the trustees joint proprietors of the trust's property again, and it is exempt from stamp duty in accordance with section 33 of the Duties Act 2000. To avoid these difficulties, many trusts have a corporate trustee (which does not die). For more information about trusts, trustees and property ownership, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- Unless it is released to the vendor by the purchaser before settlement (section 27), the deposit paid by the purchaser under a contract for the sale of land will remain in the Agent's trust account until settlement, after which the balance of the deposit (after the Agent has deducted their commission and expenses) is released directly to the vendor. However, on some occasions a vendor needs the deposit to be available to them at settlement. Reasons for this include: Part or all of deposit is required together with the settlement proceeds to pay off the mortgagee and/or caveator. The vendor is an executor and wishes to allocate the aggregate of the settlement proceeds and the balance of the deposit to the beneficiaries of the will. In such cases, a transfer of the balance of the deposit (i. e. that part of the deposit that will not be retained by the Agent to pay their commission and expenses) can take place from the Agent's trust account to the conveyancer's or legal practitioner's trust account in accordance with subsection 24(2) of the Sale of Land Act 1962 (Vic). This transferred amount ("the Section 24 transfer") is then "injected" into the settlement, as Source funds. For more information about Section 24 transfers, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- Yes, you may be able to move into a vacant property before settlement with the vendor's permission. This typically involves a Licence Agreement, in which the vendor (as licensor) grants you (the licensee) a licence to occupy the property before settlement. The Agreement will usually contain the following terms: A date of occupation, when the occupation commences. A licence fee for each day of occupation (charged per day, per week or per month) and usually payable as an adjustment at settlement. A requirement for you to hold home building insurance from the date of occupation. If your property is affected by an Owner Corporation (body corporate), the Owners Corporation may already hold the required insurance. A licence agreement preparation fee may be charged by the vendor's conveyancer, this is also typically payable as an adjustment at settlement. Periodic outgoings are apportioned from the date of occupation, rather than the date of settlement. In other words, you (as the licensee) are responsible for the rates and other periodic outgoings during your period of occupation. For more information about occupation licences, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- Consolidation is when the land contained in two or more adjacent titles is consolidated into a single lot and a new child title is issued to replace the parent titles. It can be thought of as the opposite to a subdivision. What are some examples of when consolidations are done? If a land owner has acquired a parcel of abutting land from Council, e. g. a discontinued laneway or road, it is a common requirement of the acquisition that the two lots are consolidated. The enables Council to rate the consolidated land in a single assessment, rather than have two separate assessments - one large and one small. If a land owner owns a vacant parcel of land abutting their principal place of residence (i. e. next door) that they no longer wish to pay Land Tax on, then consolidation of the two titles will create a larger single lot (and principal place of residence) that will be entirely exempt from Land Tax. If a land owner owns a vacant parcel of land abutting their principal place of residence (i. e. next door) and they wish to extend their existing house onto their neighbouring land, then consolidation will enable this. A Plan of Consolidation is first prepared by a surveyor or town planner, approved by Council, and then released for lodgement by a conveyancer or legal practitioner. Both (or all) of the titles to be consolidated must have the same ownership, and if any or all of the titles are... --- A caveat is an ex-parte (single party) dealing registered on a title or group of titles that shows the valid interest of that party (the caveator) in the land. The word "caveat" means warning. The practical effect of a caveat is to indefinitely prevent subsequent dealings on the title either without the permission of the caveator or at all. Common examples of caveats are: Purchaser's caveat. On this caveat the transferee(s) claim their interest as the future proprietor(s) of the property. This caveat will automatically lapse when the transferee(s) Transfer is subsequently registered. Chargee's caveat. If the proprietor(s) of the land have borrowed money from a lender, and the terms of the loan agreement include granting the lender a charge over the land, then the lender can caveat the land as a chargee. The caveat enables the lender to ensure that their loan is repaid at settlement if the land is sold or transferred to another party. This caveat is explicitly withdrawn at settlement. Mortgagee's caveat. If the proprietor(s) of the land have borrowed money from a lender and executed a mortgage agreement, then the mortgagee can caveat the land as an alternative or a precursor to registering their mortgage. Unlike a registered mortgage, a mortgagee's caveat does not enable the mortgagee to possess the land (and sell it) if the borrower defaults on their loan, but only ensures that the loan is repaid at settlement if the land is sold or transferred to another party, similar to a chargee's... --- Glenferrie Conveyancing Pty Ltd was the first firm in Australia to be registered as a practitioner subscriber of the PEXA electronic settlement platform, and we conducted our first electronic settlement in August 2015. Apart from a few defined exceptions, electronic settlement and lodgement of common title dealings (transfer, mortgage, discharge of mortgage, caveat, withdrawal of caveat, priority notice) has been compulsory in Victoria since 1 October 2018. All other (paper based) dealings must now be scanned and also submitted electronically to Land Use Victoria. Recently, Glenferrie Conveyancing Pty Ltd conducted its 2,000th electronic settlement, another milestone. This total includes 1,000 electronic settlements conducted in the last 2 years. If you are looking for a reliable Melbourne conveyancing company, contact Glenferrie Conveyancing at Northcote on 03 9815 2351 for more information. --- If you are buying, selling or transferring the ownership of property, you will be a party shown on an electronic document called a Transfer, either as the Transferor (the seller) or the Transferee (the buyer). In either case, your conveyancer has to sign this Transfer document on your behalf using their digital signature, and you as a client are unable to do this. There are many other cases where an electronic conveyancing document has to be signed by your conveyancer. For example, you may be: the applicant for a Subdivision withdrawing a Caveat applying to transmit the ownership of property belonging to deceased person a surviving joint proprietor or applying for the replacement of a paper certificate of title that has been lost or destroyed. Before the signing of any these electronic conveyancing documents can occur, your conveyancer is required (in accordance with the Rules set down by the Registrar of Titles) to obtain your authorisation in writing to do so. Your conveyancer has two duties: To verify the authority of their client to participate in the conveyancing transaction. This is fairly straightforward in personal transactions, but more complex if the client is a company, a trustee or is being represented by an Attorney. To take reasonable steps to ensure that the Client Authorisation is signed by the client. This is why clients or their agents have to identify themselves, typically with a current driver licence and passport. If you are unable to attend our offices to sign your Client... --- If the property you are buying going to be your principal place of residence, you may become eligible for several concessions and exemptions: A stamp duty concession if the property costs no more than $550,000. A stamp duty exemption if you are a first home buyer and the property costs no more than $600,000, or a stamp duty concession if you are a first home buyer and the property costs less than $750,000. Furthermore, you may receive the First Home Owner Grant of $10,000 (or $20,000 for a regional property) if the property is a newly built house or you have bought residential land and will build a dwelling on it within 12 months of settlement. A stamp duty concession if you are a pensioner and the property costs less than $750,000 The construction costs exemption if you are buying off the plan, and the contract was signed on or after 1 July 2017. An ongoing exemption from land tax. If you are buying a property, your conveyancer should ask, "Is the property you are buying going to be your principal place of residence? ". If you are an investor, including trust and superannuation fund purchases, the answer is no. For more information about principal place of residence and stamp duty concessions, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- If you're not buying at auction, it is possible to purchase a property subject to getting a loan approval within a specified time. This is done by using the Loan paragraph in the Particulars of Sale. This has three elements: Lender: The name of the financial institution from which a Loan Approval is being sought. Loan Amount: The minimum amount of loan funds sought, i. e. if the financial institution offered you a loan for less than this amount, you would not have enough to complete the contract. Approval date: The last date that you can end the contract without penalty if your loan application has been declined. In essence, using the Loan paragraph makes the contract conditional and grants you as the purchaser the option to end the contract if you do not obtain your Loan Approval. By its very nature, vendors dislike offers made subject to finance because they don't know if the property has actually been sold until the purchaser has received their Loan Approval, and whilst waiting for this advice they are unable to offer the property to an alternative purchaser. After the Loan Approval date has passed, the contract becomes unconditional unless it has been ended by the purchaser, and the purchaser must do this within 2 working days of the Approval date. If your financial institution has neither granted your Loan Approval or issued a Loan Declined letter by the Approval date, you can ask the vendor to extend the Loan approval date to... --- Step 1: The vendor signs their Vendor Statement (Section 32), a signed statement of matters affecting the land as specified in section 32 of the Sale of Land Act 1962 (Vic). A contract for the sale of land is not enforceable unless the vendor has given the purchaser a copy of their signed Vendor Statement before the purchaser signs the contract. Step 2: The purchaser makes their (formal) offer by: (a) acknowledging that they have received a copy of the signed Vendor Statement. (b) completing the Particulars of Sale and signing and dating the contract. The Particulars of Sale include the price, the deposit, when the deposit must be paid by, the settlement date, if vacant possession is to be provided at settlement, and if the purchase is subject to a loan being approved (subject to finance). Step 3: The vendor accepts the offer by countersigning and dating the contract before the purchaser's offer has lapsed. If this occurs, the property has been sold, and both parties are bound by the terms of the contract. The Day of Sale is the date by which both parties have signed the contract. For more information about contracts, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- No. Instead, the trustee or the trustees of the trust own the land on behalf of the trust and its beneficiaries. This is why only the trustee's name is shown on the title. As soon as a trust property is acquired, we send a Notice of Trust Acquisition to the Land Tax office that advises of the non-beneficial ownership of the land by the trustee. This will ensure that the trustee is not personally assessed for applicable Land Tax, instead the trust (or superannuation fund) will be assessed as a separate entity. For more information about Trust property and acquisition, you may contact Glenferrie Conveyancing in Northcote on 03 9815 2351. --- An easement is the right of a party to use land that does not belong to them. There are two parties to an easement: The Dominant party. This is the easement holder who has the right to use the land. Common examples are neighbours having the right to traverse the land along the easement, or local authorities such as the water authority or council that have underground assets running across the land such as sewers or drains. As these easement holders may need to access their underground asset from time to time, you would generally need their permission if you want to build over the easement. The Servient party. This is the land owner whose land is affected by the easement. Easements are registered if they are shown on the plan, together with their ownership. Sewerage easements are sometimes not shown on title plans, and are thus unregistered. An unused registered easement can be removed from a title by the servient party applying to the Registrar of Titles. Alternatively, a dominant party can agree to their easement being removed from the servient party's title as the result of an agreement between the parties, which may involve consideration. Should you have concerns and questions about Easement and other property conveyancing in Melbourne, contact Glenferrie Conveyancing in Northcote on 03 9815 2351 for more information. --- Fees for lodging conveyancing documents have increased from 1 July 2021. Examples of the most common fees are: The fee for lodging a transfer without consideration (i. e. a gift) at Land Use Victoria rises from $89. 50 to $90. 80. The maximum fee for lodging a transfer (with considerations equal to or greater than $1,500,000) rises from $3,600 to $3,601. The fee for lodging a mortgage or a discharge of mortgage rises from $110. 80 to $112. 40. The fee for a lodging a two-lot subdivision rises from $620. 20 to $629. 40. PEXA fees for a single title transfer rise from $116. 60 to $117. 92, and for a multiple title transfer rise from $133. 54 to $134. 97. The total fee for lodging a caveat on a single title using PEXA rises from $56. 49 to $57. 31, and for multiple titles rises from $68. 70 to $69. 63. If you are looking for a reliable Melbourne conveyancing company, contact Glenferrie Conveyancing in Northcote on 03 9815 2351 for more information. --- In almost all contracts for the sale of land, the periodic outgoings imposed on the land are apportioned between the buyer and the seller. Periodic outgoings include Council and Water rates (but not water or sewerage usage charges), Land Tax (if applicable and typically only that amount of land tax that would be assessed if the land was the vendor's only land holding) and Owners Corporation fees (if applicable). The vendor is responsible for the periodic outgoings up to and including the day of settlement. The purchaser is responsible for the periodic outgoings from the day after settlement. The Statement of Adjustments is generally prepared on the basis that the vendor has paid (or will pay at settlement) the periodic outgoings up to the end of the relevant financial period, and therefore the purchaser will have to compensate the vendor for their apportioned share of each outgoing: Council rates are paid up until 30 June. Water rates are paid up until the end of the quarter, or 30 June, or the day of settlement, depending on the Water Authority involved. Land Tax is paid up until 31 December. Owners Corporation fees are paid up until the end of the quarter, half-year or year, depending on the particular circumstances for that Owners Corporation. All of this means that the contracted settlement price for the purchaser will be increased by the amount of compensation payable to the vendor, but at the same time the purchaser does not inherit any of the property's... --- This is an occasional question from clients who are buying a principal residence from an investor. Land tax is assessed each January 1 for that calendar year. If the property being sold is not the vendor's principal residence (or vendor is a company), then the vendor has often received a land tax assessment for the property for the current year. As this land tax assessment is a periodic outgoing, in accordance with the General Conditions of the contract, the assessed land tax is apportionable between the vendor and the purchaser. Typically, only that component of the land tax assessment that would be payable by the vendor if the land was their only holding is apportionable. All of this means that the purchaser must compensate the vendor for the purchaser's apportioned share of the vendor's current year land tax assessment at settlement, even if the property will be the purchaser's principal residence. This is a once-off payment. The purchaser will not have a land tax assessment for the property in subsequent years, if it remains their principal residence. This issue becomes more significant if the purchase is being settled early in each calendar year (i. e. in January, February or March), when the purchaser's apportioned share of the land tax assessment is larger than later in the calendar year. If you are looking for a reliable Melbourne conveyancing company, contact Glenferrie Conveyancing in Northcote on 03 9815 2351 for more information. --- The difference between joint proprietors vs tenants in common is: For joint proprietors, if one dies, the surviving owner automatically owns the property. All joint proprietors must agree to sell. This is common for married couples or domestic partners. For tenants in common, each owner has shares, which can be equal or unequal. If one dies, their share becomes part of their estate. Owners can deal with their share independently. Let's look at each term more closely: As joint proprietors. This is the most common manner of holding for people who are married or in a genuine domestic partnership. When one of the joint proprietors dies, the surviving proprietor can apply to have the property transferred to their sole ownership. Similarly, if there are three or more joint proprietors, the surviving proprietors can apply to have the property transferred to their ownership as joint proprietors. The property does not enter the estate of the deceased proprietor, and therefore that person doesn't need to make a provision in their will for it. Furthermore, the property can only be sold with the consent of all of the joint proprietors. As tenants in common. Tenants in common proprietors effectively own shares in the property. These can be equal or unequal shares. If a tenant in common proprietor dies, their share in the property becomes part of their estate and it is dealt with in accordance with the provisions of their will. Interestingly, a tenant in common can deal with their share of the... --- Here are some of the most common stamp duty exemptions and concessions that transferees (buyers) may be eligible for: A waiver of 25% off for existing residential property or vacant residential land and 50% off for new residential property, provided that its dutiable value does not exceed $1,000,000 and it was purchased (Day of Sale) between 25/11/2020 and 30/6/2021. Principal Place of Residence concession for residential land where the dutiable value does not exceed $550,000, and at least one of the transferees will live at the property. First Home Buyer exemption for residential land where the dutiable value does not exceed $600,000, and a concession if the dutiable value does not exceed $750,000, and it will be your principal residence. A once-only Pensioner exemption for residential land where the dutiable value of the pensioner's share does not exceed $330,000, and a concession if the dutiable value of the pensioner's share does not exceed $750,000, and it will be your principal residence. An Off-the-Plan concession for residential land where the construction or refurbishment costs incurred after the Day of Sale are not dutiable. To receive this concession when the Day of Sale is on or after 1/7/2017, you must also be eligible for the Principal Place of Residence concession or the First Home Buyer exemption or concession. Foreign purchaser exemption from additional duty for residential land where the property is purchased jointly with a spouse or domestic partner who is an Australian citizen or permanent resident, and it will be the... --- A prospective client recently called us wanting to "add a name to a title", and wanting to know if there's a form that needs to be completed to achieve this. Adding a name to a property title in Victoria involves transferring a share of the property to the new owner. It's not as simple as filling out a form. Here are the key steps: 1. Prepare and lodge a Transfer document. 2. Verify the identities of both parties. 3. Assess stamp duty. If it's not exempt from stamp duty, a valuation/appraisal of the property by a licensed real estate agent will also be needed. 4. Obtain mortgagee consent (if applicable). 5. Produce title (if property is unencumbered). 6. Notify Council, Water Authority, and Owners Corporation advising them of the change of ownership (if applicable). If you are looking for a reliable Melbourne conveyancing company, contact Glenferrie Conveyancing at Northcote area on 03 9815 2351 for more information. --- Have you considered the question "Should I purchase a property subject to a building and pest inspection? " Our advice when buying a residence that is not new is no. Instead, we recommend that you have your building and pest inspection performed before you make any offer to purchase a property. You will then have all of the information to decide whether or not your offered price needs to be reduced to cover the cost of any necessary remediation. It's a bit like buying a used car but not taking it for a test drive. The standard clauses in sale contracts that relate to building and pest inspections only allow a purchaser to end the contract if the building inspection reveals a major structural defect or the pest inspection finds a significant active pest infestation. The problem is that many inspections reveal multiple minor building defects or perhaps evidence of past pest infestations, neither of these relatively common findings will allow you as a purchaser to end or renegotiate your contract. We hope that this post will encourage you to have your building and pest inspection performed before submitting your offer for a property. If you need property conveyancing services, contact Glenferrie Conveyancing at Northcote area on 03 9815 2351 for more information. --- For a property being auctioned, you should write to the Agent before the auction asking if their client/s would accept bids from you at the auction on the basis that your requested changes to the contract are made if you are the successful bidders. If the Agent agrees, that’s good. If they don’t, you’ll have to decide whether or not you are willing to bid with the contract unchanged. If the Agent ignores your email, you should take a copy of it to the auction and if you are the successful bidder, you can insist that your requested changes are made to the contract on the basis that the auctioneer accepted bids from you. If the property is passed in to you as the highest bidder, then you can immediately ask that your requested changes to the contract are made, i. e. everything’s negotiable after the auction has failed. If you are looking for a reliable Melbourne conveyancing company, contact Glenferrie Conveyancing at Northcote area on 03 9815 2351 for more information. --- After the contract for the purchase of your home has been settled: Your conveyancer will send a Notice of Acquisition to the authorities whose charges are imposed on whoever is the current owner of the land: Council, the Water Authority and the Owners Corporation manager (if applicable). The Land Tax department of the State Revenue Office also receives a copy of this Notice. This means that you don't have to worry about informing these authorities that you are the new owner, and these authorities will automatically send you their next invoice. On the other hand, if you've sold your home, and you receive any further notices or invoices from any of these authorities, you should immediately pass them on to your conveyancer. They will: Forward the notice or invoice to the purchaser's lawyer or conveyancer, advising them that the purchaser/new owner is responsible for the debt. Send a Notice of Disposition to the relevant authority. However, please note that as the buyer or seller, you will have to separately arrange for the connection or disconnection of utility services that are personal contracts with the provider of your choice, such as: Electricity Gas Telephone and/or internet You should arrange the connection or disconnection of these services with each relevant provider about 5 days prior to settlement, to occur on the day of settlement. If you need a professional conveyancer in Melbourne, contact Glenferrie Conveyancing at Northcote area on 03 9815 2351 for more information. --- Sellers don't have to pay Stamp Duty when they sell land, but they do have to declare information about the land that they're selling on their Land Transfer Duty Form. This includes: What is the property type - e. g. residential, commercial, industrial or farm. Are you related or associated to the buyer(s)? Is the land being transferred consequent to a sale contract? What was the sale price, and the deposit, if applicable? Did the price include GST? If not, why? Is there a sale of business or a sale of goods related to the property sale? Is there a sale of water rights? . Is there another transfer of land which forms substantially one arrangement with this sale, and thus the transfers should be aggregated in accordance with section 24 of the Duties Act 2000? Is the sale subject to an off-the-plan concession, in which the construction costs incurred since the Day of Sale are not dutiable? If you have any property conveyancing concerns, contact Glenferrie Conveyancing on 03 9815 2351 for more information. --- We continue to deal with the challenges of the coronavirus pandemic: We have been working from home since 2012, and are continuing to do so. Our substantial experience with electronic conveyancing enables us to reassure all of our clients that their settlements will be completed without incident. We are able to assist all of our clients remotely, via telephone and email. Clients can attend their local Australia Post office for their Verification of Identity, if required. Our trainee conveyancer, Parna Mukherjee, is working from home in Doncaster East. If you are looking for a reliable Melbourne conveyancing company, contact Glenferrie Conveyancing on 03 9815 2351 for more information. --- The Duties Act regards you as a first home buyer if: You have never owned a residential property in Australia, or you have purchased a residential property in Australia on or after 1 July 2000 but have not lived in it for a continuous period of 6 months or more. You don't have a spouse or domestic partner, or if you do, they also satisfy criteria 1 above. Either you or your spouse or domestic partner are an Australian citizen or permanent resident. First home buyers are exempt from stamp duty for purchases of residential property with a dutiable value of up to $600,000, and receive a stamp duty concession for purchases with a dutiable value in the range $600,001 to $750,000, provided that in either case the property will be used as their principal place of residence for a period of 12 months commencing within 12 months of settlement. Please note that construction costs incurred after the Day of Sale are not dutiable for a principal residence, so that it is possible to buy a residence (usually off the plan) for more than $600,000 whose construction is either not commenced or complete, and its lower dutiable value enables a first home buyer to receive the stamp duty exemption or concession. If the home that you are buying is new, to be constructed or off the plan, and its total cost is $750,000 or less, you would also be eligible for the First Home Owner Grant of $10,000 ($20,000 for... --- If you buy a house, apartment, unit or vacant block of land off a Plan of Subdivision that has not been registered, then you are buying a lot "off the plan". A Certificate of Title for your lot will not be issued until the Plan of Subdivision has been registered by Land Use Victoria, sometimes described as "titling", and settlement of your purchase cannot take place until this has occurred. Typically, settlements of off the plan contracts are held 14 days after Plan registration. In the Vendor Statement attached to an off the plan contract, the proposed Plan of Subdivision will be shown, together with the Certificate of Title for the parent land (the land that is to be subdivided by the Plan). A Plan of Subdivision cannot be lodged for registration by the vendor's conveyancer until the local Council both certifies the Plan and issues it with its Statement of Compliance. This means that off the plan purchasers have to wait patiently for these milestones to be achieved, often much longer than the vendor has predicted. If the delay to registration passes the contracted sunset date, then purchasers can end the contract without penalty and receive their deposit back (usually with interest earned). However, there are stamp duty benefits available if you buy a property off a plan that is being built and the property will be your principal place of residence, in that the cost of construction that occurs after the Day of Sale is not dutiable. For... --- A mortgage occurs when a property is offered by its owner to a lender (usually a bank) as security for a loan. The owners of the property offering the security are called mortgagors and the lender accepting the security is called the mortgagee. The mortgagee registers its mortgage on the title, this gives the lender as mortgagee the right to take possession of the property (and even sell it) if the borrower defaults on their loan. Borrowers often refer to their loan as their "mortgage", but a mortgage is not a loan - a mortgage secures a loan. When you sell a property subject to a mortgage, the mortgage must generally be discharged at settlement so that the purchaser can receive an unencumbered title. The mortgagee (the lending bank) will discharge its mortgage if either the loan or loans secured by the mortgage are paid off at settlement, or alternatively if another security is offered to the lender in substitution for the property being released. Contact Glenferrie Conveyancing Northcote by sending an email at andrew@glenferrieconveyancing. com. au for more information. --- If you've sold a property on or after 1 July 2017 for $750,000 or more, you will be liable to have 12. 5% of your sale proceeds withheld at settlement by the purchaser and remitted to the Australian Taxation Office unless you provide an ATO Clearance Certificate to the purchaser before settlement. This Clearance Certificate if issued will state that you are not a foreign resident, and are thus exempt from this withholding tax. To obtain a Clearance Certificate, go to https://www. ato. gov. au/FRWT_Certificate. aspx Contact Glenferrie Conveyancing Northcote or call us on (03) 9815 2351 for more information. --- In order to settle the sale of your property, you or your mortgagee must provide the original Certificate of Title for the property at settlement. Your Certificate of Title is also required for other Land Victoria dealings such as mortgage, discharge of mortgage, subdivision or consolidation. If the paper Certificate of Title has been lost or misplaced and cannot be found, it needs to be replaced before your transaction can proceed. What's needed to replace a paper Certificate of Title? 1. Issue Search. When the Certificate of Title was issued (or last amended), the details of the party to whom the Certificate was issued is recorded by Land Victoria. Issue Search information is the starting point for your efforts to locate a missing Certificate of Title. Typically, a Certificate of Title is issued to a conveyancer, a legal practitioner or a mortgagee. 2. Statutory Declarations from each party that has had possession of the Certificate of Title since it was issued, starting with the party that it was issued to, followed by each party for which evidence exists that they have possessed it, together with the Statutory Declaration by the person or persons applying for the New Certificate of Title (this is usually the registered proprietor or proprietors of the property, but it could also be an executor or executors who are making a concurrent Application by Legal Personal Representative). 3. Evidence of the property's value. A copy of a recent Council rates notice for the property is required. If... --- If you’re ready to sell your family home, your investment property or even a holiday house, there are a range of things you have to consider. You might think you’ve done all the hard work once you’ve packed up your possessions and figured out where you’re going next, but there are important responsibilities in selling property too. When people think of property contracts their minds usually turn to the buyer, but as a seller you’re on the other side of that contract. What are the things you need to make sure you do? Well your search for an answer is over because we have compiled a list of your contractual obligations when selling property in Victoria. Do You Have the Right to Sell? Just like you can’t take someone’s car and sell it as your own, you need to have the right to sell the land before you can sell it. This means that you must either already be registered proprietor of the property, or prove that you will be able to become the registered proprietor by settlement. Discharge the Mortgage While you can include chattels such as furniture or a dishwasher when you’re selling your home, you can’t sell the mortgage too! You need to ensure that your mortgage is discharged either prior to or at settlement. Own All the Extras Speaking of selling the furniture, any improvements, fixtures and goods sold with your land need to be owned by you without encumbrance. An encumbrance is an interest of... --- View full size View full size Transcript: Before You Buy. If you would like Glenferrie Conveyancing Pty Ltd to review your proposed Contract and Vendor’s Statement before you make an offer, e-mail us with your name, current address and the address of the property. We will send you a Costs Disclosure letter, for you to sign and return. When you’ve paid for your review, we will e-mail it to you, and answer any questions that you may have. Make an offer to buy the property, or bid for it at auction. If you are successful in buying the property, go to You Have A Signed Contract. Have You Bought Already? E-mail Glenferrie Conveyancing Pty Ltd with your name, current address and the address of the property that you have bought. We will send you a Costs Disclosure letter, for you to sign and return. Ask the Agent to send us a copy of the signed Contract You Have a Signed Contract. Is Your Contract is Subject to Finance? Obtain your loan approval. If your Bank needs additional time to approve your loan, instruct Glenferrie Conveyancing Pty Ltd to ask the Vendor to extend the Loan Approval date. If your loan application is declined, obtain a Loan Declined letter from your Bank and instruct us to end the Contract and arrange for your deposit to be refunded to you. Complete the Necessary Paperwork If your name has been misspelt or incorrectly shown in the Contract, Glenferrie Conveyancing Pty Ltd will prepare... --- There are plenty of costs involved in buying a property but there are also plenty of good reasons to take the plunge. Buying property can mean getting the keys to your dream home or securing an investment that will diversify your portfolio. One of the costs involved in buying land in Victoria is stamp duty, which is essentially a tax on land transfer. The amount you will have to pay for stamp duty will be based on its market value, which usually will be the purchase price of your property. To make things even more complicated new rules have been introduced for additional stamp duty for foreign buyers. If you’re looking to invest in property in Victoria and want to know what this means for you as a foreign buyer, please read on. New Rules Mean Higher Stamp Duty Residential purchases made on or after 1 July 2015 by foreign buyers are subject to an extra 8% of stamp duty. This applies to all residential Victorian properties – from apartments and high-rise buildings to vacant land that has been zoned for residential use. So how do you know if these rules apply to you? Am I a Foreign Buyer? If you’re buying as an individual it’s relatively easy to determine if you’re a foreign buyer. You are a foreign buyer if: You are not an Australian citizen and You do not hold a permanent resident visa and You are not New Zealand citizen who holds a special category visa (Subclass... --- When it comes to making the right purchase, modern day consumers are savvy. We don’t just look at a car’s shiny paint job or its great interior, we take the time to look under the hood. But do the same rules apply when we’re buying a property, and how do we know what to look for? The way to ‘look under the hood’ of a property purchase is to examine the contract of sale. In particular, we’re going to explore the “Special Conditions”, and how they can impact your property purchase. What Are Special Conditions in a Contract? Vendors generally prepare contracts for the sale of land in Victoria, and they (or their conveyancers or lawyers) often add Special Conditions to their contract. Special Conditions add to or overwrite the General Conditions of the contract that have been set down by Parliament. Many of these Special Conditions “improve” a contract, but only from the vendor’s point of view. Let’s take a look at some unreasonable and oppressive conditions that you shouldn’t accept in a contract. Penalty Interest Rate Increase Some vendors will seek to raise the rate of penalty interest above the prescribed rate (currently 12. 0%). This rate is more than high enough, and there’s no justification for it being increased. Reasonably foreseeable losses Another Special Condition that is sometimes added by vendors relates is an attempt to predefine their “reasonably foreseeable losses” in the event that you breach the contract. This special condition should be deleted, as there’s... --- ---