What are the obligations of a buyer?

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 purchase price of the property is $750,000 or more and the vendor does not provide a Clearance Certificate, then 12.5% 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 if any withholding payments have been made at settlement.

If you are looking for a reliable Melbourne conveyancing company, contact Glenferrie Conveyancing at Northcote on 03 9815 2351 for more information.