Given our many years of experience with property conveyancing we have compiled some ‘must know facts about settlement of property. Our clients are never left with the onerous duty of reading lengthy and complicated contracts and the associated fees that might be hidden.
What is settlement
When you sign a Contract of Sale as the property buyer or the seller, a property settlement date is chosen which confirms when the official transfer of property will occur. This is generally 30, 60 or 90 days long, and can be a complex legal process involving multiple parties before the house settling can occur.
Steps In Property Settlement Process
Here are the steps for a property or house settlement process:
- On settlement day, documents are exchanged between buyer and seller to transfer the property title. For this to occur, the seller must sign a Transfer of Land form for land settlement which allows the title to be legally transferred. This is completed by the seller once the full balance of the purchase price is received.
- Several forms must be completed on settlement day to inform the State Revenue Office regarding Stamp Duty and GST
- Once the land settlement process has been completed, the title is transferred into the buyer’s name at the Land Titles Office. To do this, stamp duty must be paid at the State Revenue Office with the receipt presented to the Land Titles Office. This is processed and the transfer takes place as per the details on the Transfer of Land form.
- Fees to be paid include a Land Transfer Fee of $94.60 and a fee to register a mortgage taken out on the property. We assist in calculating fees beforehand for our clients.
What Just Conveyancing does at Settlement
Victorian property settlements is our core specialty with over 50,000 transactions over 50 years!
- We offer the best advice on the current property market, with expert knowledge of statues and regulations.
- We have a personalised service so you always feel in control and at ease when buying or selling your property.
- We have pride ourselves on a true ‘low cost’ service that is Victorian based with dedicated account management and service. This all allows for real peace of mind for our clients.
- We offer extended contact hours so you can access us any time you need us.
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