Transferring property is often a more complex process than many expect. Whether you’re buying or selling a property, a conveyancer is often needed to help navigate the legal complexities throughout the entire process.
When the settlement date comes, it’s tempting to breathe a sigh of relief and consider the job done. However, there are still important tasks to carry out including lodging and stamping documents.
After settlement, the vendor’s conveyancer is required to advise the council and water authority that the property has changed hands. This is completed via a Notice of Disposition. The purchaser’s conveyancer will also notify the relevant authorities of the purchaser’s acquisition with a Notice of Acquisition.
Other relevant authorities then have to be informed, such as a property manager or owner’s corporation, that there is a new property owner. This will also be handled by your conveyancer.
The buyer’s conveyancer is the one responsible for stamping and lodging documents. This involves ensuring the purchaser is registered as the new proprietor of the property and that the property does not have any unexpected or unwanted encumbrances.
The conveyancer will register documents with the Land Titles Office to formally change property ownership. The Transfer of Land is then delivered to the State Revenue Office, where stamp duty is paid. The Transfer of Land then gets stamped with a register imprint to verify to the Land Titles Office that stamp duty has been paid.
If the buyer is taking out a mortgage, it is common for the lender to take custody of all the registrable documents and stamp and lodge them on the buyer’s behalf. This includes the Transfer of Land, Discharge of Mortgage, Withdrawal of Caveat and more. This ensures the mortgage is registered on title at the same time as the buyer is registered as the new proprietor.
For services relating to lodging and stamping documents and all other conveyancing services in Melbourne or elsewhere in Victoria, get in touch with Just Conveyancing today. We can guide you through every step. Call us today on (03) 8580 2276 or contact us online.