Ultra Conveyancing Services
Conveyancing information

Selling a property? Here is some common terminology for your reference:

Contract of Sale
A Contract of Sale is the legally binding document which is executed by you as the Vendor and the Purchaser and contains all the relevant and required information pertaining to the terms of the sale. Details for the sale are entered into the Contract by the selling agent or yourself if you have no agent representative involved.

Unless specified otherwise in the Contract of Sale, all chattels such as dishwasher, electric fitting, curtains run with the sale of the property and cannot be removed at the of vacating. If you do intend to keep any item at the property, it must be specifically written in the terms of the Contract of Sale.

Vendor Section 32 Statement
The Vendor Section 32 Statement is a disclosure prepared by the Conveyancer on behalf of you the Vendor. The document discloses title search, authority certificates such as Council Rate and Water Information statements and so forth. If the property being sold is less than 7 yrs old, documentation pertaining to the building and insurance is also to be provided in the Section 32 Statement.

The Vendor Section 32 Statement must be provided to any prospective purchaser prior to them signing the Contract of Sale.

Owners Corporation
Are you selling a unit or apartment? If so, Owners Corporation applies to the common property. An Owners Corporation Certificate disclosing information pertaining to fees, annual meetings and rules is required to be provided in the Setion 32 disclosure statement. At the time of sale, a valid certificate must be available to the Purchaser.

You may have received notification from an authority, person or anyone of the like about an issue/proposal which may affect your property. For example a Permit Notice from your neighbor. All notices must be disclosed in the Vendor Section 32 Statement.

Section 27- Release of deposit prior to settlement
You have sold your property and want access to the deposit paid as soon as possible! We understand but note however that certain requirements need to be met first. We will endeavour to have all required documents signed prior to the sale of your property. By doing so, once the property has sold we are able to action the request for early release as soon as possible. Release of deposit prior to settlement cannot be guaranteed.

Buying a property? Here are some common terminology for your reference:

Contract of Sale
Is the legally binding document that contains all the negotiated information pertaining to the purchase of the property. You must ensure that you ead the document prior to signing and ensure all your requirements have been noted in the document. I.e: Purchase price, deposit amount, settlement date, special conditions.

Vendor Section 32 Statement
The vendor Section 32 Statement is a disclosure statement which contains all the title search and particulars, relevant authority certificates and notices or matters of importance pertaining to the property. We highly recommend that you have the document perused by a Licenced Conveyancer prior to signing. By doing so, you will ensure that any matter of concern is made aware of prior to signing.

Cooling off period
You have signed a Contract of Sale and have changed your mind. A three business day cooling off period may apply to the Contract of Sale. If applicable, the cooling off period allows the buyer time to consider the offer. To cool off, the buyer must provide written notification to their representative or selling agent and reimbursement of deposit will be attended to. Sum part of the deposit will be forfeited. 
Be aware Cooling off does not apply in:
*If you purchased at Auction or within 3 clear business days prior to or after an Auction;
*Independent advice was given to the buyer before signing;
*property is more than 20 hectares in size and is mainly used for farming purpose;
*Purchaser has previously signed a contract for the same property;
*Purchaser is an Estate Agent or Corporate Body.

A Caveat is a document that is registered on title at the Land Titles Office and protects the interest of a Purchaser. The purpose of the Caveat is to prevent any other encumbrances being registered on the title. Purchaser Caveats automatically lapse on registration of the transfer of land.

Final Inspection
The Purchaser has a right to inspect the property prior to settlement to ensure that the property is in the exact same condition as at the time of purchase. We recommend that the inspection is carried out 2-3 days prior to settlement allowing sufficient time to have matters attended to should they be required.

Settlement Date
Is the date that has been mutually agreed to by the Purchaser and the Vendor. It is generally 30, 60 or 90 days. In some cases it may be 28 or 45 days. The designated settlement date is the date on which documents will be exchanged and purchaser may collect the keys.
To bring settlement forward, a request can be made to the other party for their approval. This can only be a request and the other party is not obliged to bring settlement date forward.
To extend the settlement, a request for the extension must be made to the Vendor. The Vendor may approve the extension with or without penalties.

Settlement itself is the exchange process of the conveyance. Settlement occurs when all parties meet at an agreed time on the settlement date. Settlements occur between 10am-3.00pm Monday to Fridays. Settlements do not occur on weekends.