WHAT WE DO
FOR YOU, THE VENDOR
Australian Institute of Conveyancers SA Division
Undertaking a conveyance (attending to the transfer
of a property) may seem a simple process that
takes little time. Nothing is further from the truth!
Conveyancing is a complex series of tasks that
require knowledge and skill - which is the reason
that conveyancers must hold special qualifications
and be licensed.
Below is a list of tasks required to fulfil a
conveyancer's legal obligations to you where a
mortgage is to be discharged. Because this task list
reflects the commonly-accepted legal requirements
for a conveyance, all fee estimates must be
benchmarked against this list.
Occasionally a transaction involves more work than
usual. Time may also be required to advise a
vendor (e.g. in relation to the documentation, rights
or liaising with your lender) or a transaction may
involve extra tasks (e.g. liaising with a GST expert
or dealing with an encumbrance or contractual
breach). In such cases, your conveyancer is
entitled to charge an additional fee unless the work
has been allowed for in any fee estimate.
Basic Conveyancing Tasks
- Take initial instructions from client (including return
of cancelled duplicate Certificate of Title)
- Send letter of engagement to client for signature
and return
- Open matter and set up file
- Carefully peruse the contract, Form 1 and any
ancillary documents
- Obtain appropriate statutory searches. Check
contract and Form 1 against searches. Get
instructions if appropriate
- Check search Certificate of Title for any
unregistered documents
- Diarise Date conditions due and settlement date
- Check/ensure deposit is paid
- Consider if client needs GST or other tax, legal or
professional advice and obtain instructions
- Send letter to Agent requesting balance of deposit
- repare and arrange for Vendor to sign discharge
authority
- Send signed discharge authority to Lender
requesting loan payout figure and preparation of
Discharge of Mortgage
- Conf1rm conditions of contract are fulfilled by
parties by the due dates
- Deal appropriately with any encumbrance on the
title
- Prepare any required documents (eg Application to
Note Death, Transmission Application)
- Obtain appropriate documents from client ( eg
death certificate, probate)
- Receive Transfer from Purchaser's Conveyancer,
check and arrange for Vendor to sign
- Return signed Transfer to Purchaser's Conveyancer
in escrow for stamping
- Receive balance deposit from Agent and bank into
trust account
- Confirm outstanding amounts with rating
authorities for payment
- Advise Vendor to arrange final readings in respect of utilities and telephone
- Order SA Water special meter reading certificate
- Adjust rates and taxes and any community or strata
levy
- Prepare Purchaser's adjustment statement and
send to Purchaser's Conveyancer
- Receive loan payout figure from Lender
- Prepare Vendor's settlement statement and send to
Vendor with payment authority
- Do trust account reconciliation calculations and
chase outstanding deposit
- lculate cheques required for settlement
- dvise cheque details to Purchaser's Conveyancer
- Book settlement with Purchaser's Conveyancer and
Lender
- Draw bank cheques from trust account (if required)
for settlement
- Check search Certificate of Title immediately before
settlement
- Attend and complete settlement at Lands Titles
Office
- Advise Vendor by telephone of completion of
settlement
- Send settlement confirmation letters to client and
Agent
- Send change of ownership letters to rating
authorities and any community or strata
corporation
- Pay any rates and taxes outstanding at settlement
- Calculate usage from special meter reading, pay
appropriate amount to SA Water to put Purchaser
into credit and advise Purchaser's Conveyancer
- Do trust account journal entries and reconcile
- Prepare final account for fees & trust account
statement and send to Vendor
- Check search Certificate of Title to confirm
registration of Transfer