Frequently Asked Questions about Conveyancing
1. What is Conveyancing ?
Conveyancing is the process to transfer the legal title or ownership of land from one owner to another.
2. Why do I need a Conveyancer?
Whilst the definition of Conveyancing may appear simple the complexities involved through a conveyancing transaction can leave the inexperienced or amateur in a load unexpected trouble.
3. What is a Statement of Adjustments?
A Statement of Adjustments is prepared by the Purchaser’s representative to calculate the amounts owing for Council rates, Water rates, Owners Corporation fees (where applicable) amongst other things.
Adjustments are calculated so that each party bears their share. (Vendor is liable for everything up to the date of settlement and the Purchaser is liable for everything post settlement)
4. What is Title insurance ?
Title insurance provides protection to home buyers in the event of Title or Mortgage fraud. There has been a number or recent television current affairs programmes outlining the increasing title fraud. Title insurance can also cover, but not limited to; Unapproved Building Works, Planning and Title Defects and Boundary and Survey Issues.
We recommend: Stewart Title.
5. Do I need to attend settlement ?
No you will not be required at settlement. We attend your settlement electronically via the platform PEXA; where we monitor the exchange of relevant documents, Land Title Registry and financial settlement.
6. What is Stamp Duty ?
Stamp Duty is a tax imposed by the Victorian Government on the transfer of a property, whether its by way of contract or some proprietorship transfers will incur stamp duty.
7. Does Ideal Conveyancing retain the services of a Backing Solicitor?
As a member of the AIC, Vic Division; we retain Michael Benjamin as our Backing Solicitor.
8. Do you hold Insurance?
In compliance with the Conveyancers Act 2006 we hold Professional Indemnity Insurance for $2,000.000.00