Author: Ewan O’Reilly
The Conveyancing procedure followed by the Transferring Attorneys.
Offer to Purchaser and Deed of Sale:
- The purchaser/s sign the offer to purchaser (also known as the OTP), followed by the Seller/s accepting and signing the offer to purchaser, thereafter it becomes a Deed of Sale.
- The Deed of Sale is then sent to the transferring attorneys nominated by the Seller in the Offer to Purchase and it becomes a new Instruction for the transferring attorneys to attend to.
Process – Transferring Attorneys:
- The FICA (Financial Intelligence Centre Act) requires the transfer attorneys to obtain certain documentation and these documents are requested from the Seller/s and Purchaser/s. These documents include: Identity documents, proof of address (not older than 3 months), proof of bank account (not older than 3 months) Marriage certificate (if applicable), Ante nuptial contract (if applicable) and income tax numbers.
- If the property is bonded the bond cancellation figures as well as the Title Deed are requested from the current bondholder. The bondholder will also be responsible for instructing the Bond Cancellation attorneys to attend to the cancellation of the bond on their behalf)
- The Guarantee requirements as well as the draft deed are sent to the bond attorneys This applies to instances where the purchaser/s has taken out a bond to cover the purchase price either wholly or partially.
- The bond attorneys subsequently provide the transferring attorneys with Guarantees.
- The transferring attorneys send the Guarantees to the Bond Cancellation Attorneys.
- Transfer documentation is drafted for the Seller/s as well as the Purchaser/s to sign. Transfer fees and Transfer duty are discussed with the purchaser/s.
- Rates clearance figures are requested from the relevant Municipal Council, these figures are normally payable two months in advance but can differ depending on the Municipality involved. Levy figures are requested from the relevant Body Corporate or Managing Agent. The Seller is informed of the final rates clearance amount to be paid to Council and or levy figures to be paid to Body Corporate or Managing Agent.
- Should a Home Owners Association be registered over the property being sold, the relevant Consent to transfer needs to be issued by the association. This consent is requested by the transferring attorneys.
- After receiving payment of the Final Rates Clearance figures form the Seller/s and the Transfer duty amount from the Purchaser/s, City Council and the Receive or Revenue are paid respectively. Thereafter a Rates Clearance Certificate is issued by City Council and a Transfer Duty Receipt is issued by the Receiver of Revenue
- Ensuring that the relevant Certificates of Compliance have been received from the Seller. (Which includes but are not limited to the electrical, beetle, plumbing and gas certificates).
The transferring attorneys are now ready to Lodge and the Deeds Office. After the relevant documentation has been lodged, the Deeds office process takes effect and is tracked by the transferring attorneys until registration takes place.