What is a Form 1 statement?
This is a statement provided by the vendor (the seller) setting out to the purchaser (the buyer) the interests of persons and government entities not a party to the contract for sale and purchase of land. These disclosures allow the purchaser to
make an informed decision to buy.
Do I need to attend settlement on the day?
No. Your conveyancer attends on your behalf and once settlement is completed you will be notified by receiving a phone call and/or email.
Am I entitled to any government concessions?
There are a few concessions dependent on the type of ownership and type of property conditions. It’s best to discuss your scenario for an informed decision to be made.
What is e-Conveyancing?
e-Conveyancing is Electronic Conveyancing. It is now mandatory to settle your property using an online system called PEXA. Enquire today for more information.
Do I need to have a contract of sale before talking to a Conveyancer?
No, not at all. The sooner the better! Assistance can be provided to you straight away, whether its advice or conditions that may need to be put into the contract to protect your interest in the property.
When do i need to pay my deposit?
A real estate agent will serve you with a Form 1 (cooling off rights) statement which discloses information about the property; you are required to pay your deposit 48 hours after receipt of the Form 1 statement.
What is a Form R3 Buyers Information Notice?
This is a general statement setting out information for a purchaser to consider when buying property.
Do i have the right to a final inspection at the property before settlement?
No, not unless it is written into the contract.
Do I need to use the conveyancer recommended by the real estate agent?
No. A conveyancer is always solely your choice. Choose wisely!
Make sure the conveyancer you choose is a member of the Australian institute of conveyancer (AIC) and holds a current Conveyancing Licence to practice conveyancing in South Australia.
By choosing someone who is a member of the AIC you are also protecting yourself; these conveyancers hold professional indemnity insurance cover of a minimum of $1, 500, 000.
This in itself is peace of mind!
I have just signed a contract of sale with a real estate agent, what is our next step?
Ask your real estate agent to forward a copy of your contract of sale through and we will happily look over for you. As soon as you received it, we can start working together for you to achieve a smooth and successful settlement.
What time should i schedule my removalist for on settlement day?
For a vendor (seller) you need to ensure that you have vacated and cleaned the premises by 11:00am.
For a purchaser (buyer) you need to advise your removalist that access to the property will be from 11am- 5 pm. Earlier access may be granted, subject to banks requirements on the day.
When do i need to take out insurance?
Immediately after the contract is signed, the property is at risk from the date you sign! Your bank will also want to sight a copy of your insurance papers before providing final funding at settlement.
What is VOI (Verification of Identity) ?
This is a formal process to identify you during the course of the settlement transaction. You will need to have your original Passport, Driver Licence, Birth Certificate and Marriage Certificate available to show your conveyancer. This is a legal requirement for settlement to be completed.
