Frequently Asked Questions

What is Conveyancing?

Conveyancing is simply the transfer of property from one person or entity to another. Whenever someone sells, buys or transfers property, conveyancing work needs to be undertaken. There are a number of steps in the conveyancing process which all must be completed properly in order to successfully transfer ownership of the property and to adequately protect the interests of buyer and seller.

What are the costs involved in conveyancing?

There are two components: you will be charged a professional fee for the conveyancing plus you will incur the cost of any disbursements (see below) that are incurred in completing the conveyancing. What is most important is that you know exactly how much it will cost you in total. Ultimate Property Transfers provides you with what we call our “total fixed fee” for undertaking the conveyancing for you. It is fixed and it is all you will pay for the conveyancing, including disbursements so you know where you stand from day one. We do not charge extra for photocopying, couriers, stationery etc as some do for conveyancing.

What are Disbursements?

Disbursements are monies paid out by Ultimate Property Transfers to obtain information about the property from local and state authorities. Disbursements are included in our total fixed cost.

Disbursements that may be incurred when undertaking conveyancing are:
 
Title Search;
Building Certificate;
Land Information Certificate;
Water/Encumbrance Certificate;
Planning Certificate;
Roads Certificate;
Land Tax Certificate;
Owners Corporation Certificate;
Settlement Agent’s fee.

What are the government charges incurred when purchasing property?

Stamp duty

Stamp duty is a tax imposed by the Victorian State Government on the purchase of property in Victoria. Under the standard contract of sale, stamp duty is payable by the buyer. It is determined by the purchase price of the property together with any concession you may be entitled to. Click on the following link to view the current stamp duty rates and the various concessions that are available.

Registration Fees

You will also pay a fee to the Land Titles Office for registering the property in your name. Clink on the following link to view the current registration fees.

What is the First Home Owners Grant and how does it work?

There are various grants available to first home buyers which are offered by the State Government and the Commonwealth Government. The total grants available depend upon certain criteria (such as increased grants if you purchase a “regional” property) and the date that you sign your contract to purchase a property as some of the grants are being reduced or phased out over a period of time. For a very useful guide to the first home owners grant clink on the link below.

What happens if legal problems arise during the conveyancing?

Ultimate Property Transfers have experienced solicitors who are able to provide advice and guidance in situations that require a high level of expertise. We have experience in dealing with unusual and difficult situations. When the going gets tough, Ultimate Property Transfers will be there to guide you.

Do I need to come into the Ultimate Property Transfers’ office before or during the conveyancing process?

Not at all. We have created systems through which we communicate with you and obtain all relevant information from you.  Of course you are most welcome to come in and visit us if you want to, but most conveyances can be completed via phone, fax, email and post.

What occurs at Settlement?

Settlement is the process where all parties to a conveyancing transaction come together to complete the transaction. The parties that attend settlement are the seller's and purchaser's representatives, the bank that is providing the buyer’s loan and the bank whose mortgage is being discharged .

At settlement documents and cheques are exchanged between all parties, once good title has been established and all parties are satisfied, settlement is deemed to have been effected. 

Do I need to attend settlement?

No, there is no need for you to attend settlement.  Ultimate Property Transfers will attend to this on your behalf and will telephone you personally once settlement has been completed.