Faid Warringal Conveyancing FAQ’s

What is conveyancing?

Conveyancing is the transferring of property ownership, which can be required for many and varied reasons. Most frequently this occurs when purchasing or selling a property. However, this can also occur when transferring property between spouses, defactor relationships or beneficiaries of a will.

What is a Section 32 Statement?

A Section 32 Statement or Vendor’s Statement is a disclosure document provided by a vendor to a prospective purchaser with certain relevant details about the property being sold. This can include: a title description, zoning details, rates and water information and any relevant building permits.

What are disbursements?

Disbursements are the costs which we will pay to third parties on your behalf. These include the costs of obtaining title details, property certificates and settlement agent if required. Our quote includes all costs and disbursements and confirmation is forwarded to you in our initial correspondence.

What is Stamp Duty?

Stamp duty is a Victorian Government tax based on the purchase price of the property, subject to various Government concessions (if applicable). Further information regarding stamp duty concessions and the First Home Owners Grant can be obtained from the State Revenue Office website.

If a bank is assisting you with the purchase of your property, they will arrange for payment of stamp duty on your behalf. However, if you have no bank involved in your transaction, we will organise the payment of stamp duty on your behalf after settlement has occurred.

How do I get my deposit released before settlement when I am selling a property?

An early release of deposit can be obtained in certain circumstances. We will forward a Section 27 Statement to you for completion with our initial letter. Once your property has been sold and we have received the signed contract of sale from your real estate agent, we will forward this document to the purchaser’s conveyancer. This initiates the process, but there are still a number of factors to be completed satisfactorily before the deposit can be released. We will use our best endeavours to obtain an early release of deposit for you whenever possible.

Can my property be outside the metropolitan area?

We can help you with any transaction dealing with property within Victoria, whether in the city, suburban or rural areas.

What are adjustments?

Adjustments of rates, water and any other applicable amounts will be calculated to ensure that the vendor pays all outstanding charges for the property up to the settlement date and the purchaser does not acquire any of the vendor’s debts over the property. All mortgages and caveats will be discharged and withdrawn at settlement and allowance for the Titles Office fees will also be allowed in the adjustments.