Conveyancing, Property Development, Easements & Subdivisions FAQs

What is Conveyancing?

The Conveyancing process is an essential step in the process of transferring the legal ownership of a property from one owner to another. Our role is to gather information concerning the property and prepare the necessary documentation to ensure the property is legally transferred from the seller’s name into the buyer’s name.

Why do I need a Lawyer?

Our solicitors provide you with comprehensive legal advice if and when required. We advise on your legal rights and obligations prior to signing a Contract and throughout the Conveyancing process.

Many conveyancing matters proceed smoothly, however, in the event that any issues arise throughout the process, we help to ensure your transaction has the best outcome for you.

Why do I need to obtain advice before signing a Contract?

Whether you are buying or selling your property, you should always consult with your solicitor prior to signing a Contract, whether or not the Contract has been prepared by other solicitors or by a Real Estate Agent.

We will ensure the Contract protects your best interests and will advise if any amendments should be made to the Contract prior to signing to avoid any future disputes.

How much does it cost?

Please phone us on +61 03 6226 1200 to obtain a direct quote from one of our commercial solicitors or our Conveyancing clerks.

What happens with rates and land tax at settlement?

Whether you are buying or selling, Council rates and land tax (and body corporate fees if the property is a unit) are apportioned at settlement.

This means that the seller will pay all Council rates and land tax assessed on the property up until the date of settlement, and the purchaser will pay the Council rates and land tax from the date of settlement until the end of the current financial year.

What happens with water and sewerage charges?

After settlement, we complete a ‘change of ownership form’ on your behalf and provide it to the relevant water authority (ie: Southern Water). The water authority has responsibility for apportioning the water and sewerage charges between the buyer and seller after settlement.

Do I have to pay stamp duty?

Duty (previously known as stamp duty) is a tax imposed by the Tasmanian State Government when a person or entity buys property in Tasmania. Almost all buyers have to pay duty, which is calculated by the purchase price of the property together with any concessions that may apply (ie: First Home Owner’s Concessions). Click on the following link for more information: www.sro.tas.gov.au

Am I eligible for the First Home Owner’s Grant?

You may be eligible for the First Home Owner’s Grant if:

You or your spouse (or partner) have not previously owned real estate in Australia; and
You intend to live in the property you are buying for a continuous period of at least 6 months within the first 12 months following settlement.

If you are borrowing funds from a bank or other financial institution, they will usually make the First Home Owner’s Application on your behalf. However, we are always happy to assist with this process and apply on your behalf if required.

How do I arrange to pay for the property?

If you are borrowing funds from a bank or other financial institution, your Contract should be conditional upon you receiving formal approval for finance. Once you receive formal approval, we liaise directly with your bank to arrange for the funds to be provided to us on your behalf at settlement.

If we require some or all of the funds from you to pay for the property, we will provide you with an exact figure prior to settlement, which will include any duty, fees, rates, land tax and other expenses that may be payable by you.

What happens with insurance?

If you are selling your property, we advise that you should keep your insurance current on your property until settlement has occurred.

If you are buying a property, the property is at your risk from the date the Contract is signed. We advise our buyers to take out an insurance policy on the property immediately after the Contract has been signed.

If I am selling, how do I pay off my mortgage?

We contact your bank or financial institution on your behalf and arrange for the mortgage to be paid out and discharged at settlement.

We may require you to sign a discharge authority to authorise your bank to arrange the necessary documentation, if so, we forward this to you for your signature.

If I am buying, should I inspect the property again before settlement?

Yes. We advise our buyers that they should inspect the property they are buying as close to the settlement date as possible. You should ensure the property is in the same condition as it was when you signed the Contract, ensure that none of the items included in the Contract have been removed, and that no rubbish remains on the property.

What happens at settlement?

When we attend settlement on your behalf we exchange all of the necessary documentation and funds to complete the transaction on your behalf.

Settlement is usually attended by both the buyer’s and the seller’s solicitors or conveyancers, as well as any banks that are involved in the transaction.

Do I need to attend settlement?

There is no need for you to attend settlement. We attend the settlement in Hobart on your behalf, and contact you as soon as settlement has taken place.

If you are buying, you can usually then collect the keys from the Real Estate Agent or us following settlement.

If you are selling, we distribute any balance proceeds in accordance with your instructions.

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Conveyancing, Property Development, Easements & Subdivisions FAQs

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