Frequently Asked Questions
Welcome to the Property Conveyancing Group FAQ Page. Here, we've listed some of the most frequently asked questions and compiled them all into one place. Perhaps you may have the same question that was on somebody else’s mind - here you'l find what you are looking for. If you have any other questions, do not hesitate to contact us.
What is 'FIXED FEE' Conveyancing?
Simple... We complete Conveyancing of your property for an all inclusive fee*, which we agree upon from our
very first interaction.
Many companies can provide a quote to you for their service but forget to mention that this doesn't include disbursements or GST. At Property Conveyancing Group we make sure you know the exact cost of our services from the very beginning - which makes it easier to budget for your settlement!
Our fees remain the same, no matter how many times you call us or email and no matter how much your property is worth.
(*relates to our fees only and not any variable fees - eg. Stamp Duty, Land Registration etc).
Am I eligible for the First Home Owners Grant?
The First Home Owners Grant (or FHOG) is available to First Home Owners who are building a property as their principal residence. Currently, the State Revenue Office offers $10,000 to those who are building in a Metro area and $20,000 to those who are building in a Regional Area.
The First Home Owners Grant may also be paid to those first home owners who buy an established property that is under 5 years old and in cases where it is the first sale of the property since a Certificate of Occupancy was issued.
To check your eligibility for to receive the FHOG, Click Here
In most circumstances, your Banker/Broker will apply for the First Home Owners Grant on your behalf when completing your loan application. The Grant will then be used towards your settlement.
Am I entitled to any Stamp Duty Concessions or Exemptions?
The Victorian State Revenue Office have some Concessions and Exemptions available to assist you when buying a home. To check if you’re eligible for any concessions or exemptions, follow the relevant links below:
If you’re unsure as to what concession may be relevant to you, please contact our office so that we can assist you.
I have been given a Contract and a Section 32,
but I don't know what to look for can you help?
These documents are often confusing, overwhelming and difficult to decipher.
Property Conveyancing Group offers a complimentary review of these documents to ensure you feel confident in what you are signing. We can also suggest some conditions to add to the Contract to benefit you.
Email us these documents at firstname.lastname@example.org
What are Statement of Adjustments?
Statement of Adjustments are usually prepared by the Purchaser’s Conveyancer or Solicitor. The Adjustments set out the purchase price of the property, the deposit paid and a pro rata adjustment of any Council and Water Rates, Land Tax,
Owners Corporation fees and any other charges relevant to the property. Once these amounts have been taken into account, the total amount due to the Vendor at settlement can then be determined. Any outstanding rates for the property will be paid on the day of settlement.
I need a Section 32 Vendor's Statement. How long do you need to prepare it?
In most circumstances, we can provide a Section 32 within 24 hours of receiving all required documents from you. Just give us a call or send us an email and we will tell you the exact documents we need to get you started.
If you are selling at Auction or if your property is affected by an Owners Corporation, we suggest to allow an average of 10 (ten) business days for preparation of your Section 32.
I'm purchasing property, what are the fees or charges
I can expect to pay?
You have bought a house for a certain amount and expect to hand over a cheque, right? Unfortunately not.
In addition to the amount that you are paying for the house, there are various fees and charges you need to be aware of, the majority of which are paid the day of your settlement.
You will need to allow funds for Stamp Duty (unless you are eligible for an exemption), Land/Title Registration Fees, a portion of Council and Water Rates as well as a Settlement Fee.
Some of these charges are based on the value of your purchase. We will provide you with a breakdown of these figures, specific to your property, well in advance of your settlement.
If you haven't purchased just yet, contact us and we can give you an indication of these fees dependent
on your budget.
You will also need to pay your Stewart Title Insurance Policy, if you have chosen to obtain this.
Don't forget - your Mortgagee may also charge Loan Mortgage Insurance (LMI) or Loan Fees - your Banker/Mortgage Broker will be able to discuss these with you.
What is Verification of Identity (VOI)?
Land Use Victoria (Victorian Titles Office) requires all parties partaking in a property settlement to have their identity formally identified. Whether you’re buying, selling or transferring, this process is mandatory. This process was introduced to reduce the risks of identity fraud and fraudulent property transactions.
You can have your identity verified in a variety of ways. You can take your identity documents to Australia Post or you can attend our office. You may also wish to complete this process via WebVOI. We will send you details of these options during the conveyancing process.
What is a Duties Online Form?
During your conveyancing process, whether you’re buying or selling, you will be asked to digitally sign a Duties Online Form. This form is required by the State Revenue Office to correctly calculate the correct Stamp Duty payable on the land.
This form sets out the land identity, the details of the Seller and Buyer, the details of the sale as well as outlines any concessions or exemptions the Purchaser may be eligible for. Although the Seller is not required to pay Stamp Duty, they are required to sign to confirm the details set out are correct.
What is a Section 27 Release of Deposit Statement?
What is a Section 27 Release of Deposit Statement?
A Section 27 Release of Deposit Statement is prepared by the Vendor’s Conveyancer or Solicitor. It is a Statement which sets out details of the Vendor’s Mortgage (if any) and is provided to the Purchaser’s Conveyancer, in order to request the deposit to be released to the Vendor prior to settlement taking place.
Often, Sellers have their equity tied up in the property they are selling which can make it difficult to place a deposit on a new property. This process assists the Vendor by releasing some equity to enable them to purchase.
The Section 27 Statement must be served together with a supporting letter from the Vendor’s Mortgagee which will confirm the contents are true and correct.
The Vendor must satisfy certain requirements in order to have the deposit released. These requirements include that the Vendor must not owe more than 80% of the sale price on their Mortgage and that they are not in default on their Mortgage payments.
Once this information has been provided to the Purchaser’s Conveyancer, the Purchaser has up to 28 days in which to lodge an objection to the release of the deposit. The Purchaser may also wish to agree to the release immediately at which stage the deposit will be released to the Vendor.
It must be noted that the Real Estate Agent will more often than not, deduct their cost and commission from the deposit, prior to releasing the balance to the Vendor.
What is a final inspection?
A final inspection takes place within the 7 days prior to settlement and is organised through the Real Estate Agent. This is the Purchaser’s opportunity to inspect the property prior to settlement taking place.
The property must be presented at settlement in the same condition as when Contracts were signed, fair wear and tear excepted.
It is recommended that the Purchaser takes this chance to ensure all appliances are in working order and that the property is in an acceptable condition. In the event that any items need attention, advise our office immediately. We are unable to guarantee that any issues will be fixed by the Vendor following settlement.
Everyone's property journey is a personal and individual one and therefore, so are the answers to your questions.
If you have a question that hasn't been answered above or, would like an answer personalised to you, contact us for an obligation free chat!