What does a Conveyancer do?
The short answer, a Registered Conveyancer prepares all the necessary documentation to transfer ownership of a property from the Vendor (seller) to the Purchaser (buyer).
Do I need to attend settlement?
No. SA Wide Conveyancing will attend to lodgement and completion of the transfer through the online settlement platform PEXA. Our office will phone you to confirm once settlement has been completed.
What is PEXA?
PEXA or Property Exchange Australia is the digital platform in which settlement occurs. The PEXA platform replaced the traditional paper and bank cheque settlements (with a few exceptions) when it was mandated on 3 August 2020 following the closure of the Land Titles Office settlement room due to COVID-19.
VENDORS
When will I receive my settlement money?
Most Settlements are completed through the Electronic Platform called PEXA which means your settlement money should be cleared in your account within a few hours of settlement completion.
What do I do with the keys?
The Real Estate Agent will hold on to the keys. Once settlement has been completed, SA Wide Conveyancing will notify the Agent and authorise them to release the keys to the Purchaser.
Should I pay my Council Rates/Water bill before settlement?
If the bill is due before settlement, then pay the bill on time to avoid late payment fees and let SA Wide Conveyancing know so that we can adjust the settlement figures accordingly. If the bill is due after settlement, then we can pay it on your behalf at settlement.
When do I need to vacate my property?
The Contract of Sale states that the Vendor must provide “vacant possession” on settlement. The property should be left in the same state of cleanliness as evident at the time the Contract was signed. You must remove all furniture, unwanted items, building materials and garden waste from the property, sheds and garages prior to settlement.
Do I need to disconnect my utilities?
Yes, you will need to arrange for disconnection of Electricity, Gas and Internet/Phone. SA Wide Conveyancing will notify the Council, SA Water, Revenue SA and Strata/Community Corporation Managers (if applicable) of the change in ownership.
PURCHASERS
What happens to the Deposit I pay to the Real Estate Agent?
SA Wide Conveyancing will add a credit to your Settlement Statement for the deposit amount you paid to the Real Estate Agent. This will ensure it is taken into account when finalising figures for settlement.
Where do I collect the keys?
Once SA Wide Conveyancing has confirmed settlement completion, you can arrange to collect the keys from the Real Estate Agent.
How is Stamp Duty calculated?
Stamp Duty and Land Services Registrations fees are based on the purchase price. SA Wide Conveyancing will advise you of the fees once we have a copy of the Contract.
When do I need to take out insurance on the property?
As soon as the Contract is signed. A copy of the insurance policy should be sent to your mortgage broker/bank prior to settlement.
What is the “cooling-off” period?
Cooling off is a term used to describe the right of a Purchaser to cancel the Contract and walk away from the purchase on a “no questions asked” basis within a specified period of time. In South Australia the Purchaser has 2 clear business days from the date they receive the Form 1 (provided the Contract has been signed). It is important to provide a copy of the Form 1 to SA Wide Conveyancing during your cooling off period for review.
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