Property Law

Why do you need your conveyancing to be done the right way?

Why do you need your conveyancing to be done the right way?

Buying or selling a property can be a tedious journey, and getting things done right the first time is essential. You are in the process of buying or selling property, and you have come across multiple checklists advising you own conveyancing, but you haven’t figured out why it is essential. Conveyancing is the process of transferring ownership of land from one person to another, under the terms of a contract for the sale of that land. Before making the next step in, there are contracts to review, real estate and bank payments to be completed and funds to transfer.

Conveyancing is an involved process, and different states and territories have their various laws, documentation systems and processes. Why is it necessary to use a Lawyer for your conveyancing needs? Firstly, the field is ever-changing, and information that was relevant a year ago may not necessarily be applicable in your process in this year. In States such as Queensland conveyancing is more rigorous with over 20 sectors of State and Federal Legislation, the right lawyers will ensure a seamless transaction where your interests are legally protected.

Electronic conveyancing or ‘eConveyancing’ is a new digital way of managing a settlement and completing the lodgement process of conveyance. Technology has changed the process of many industries, and 2020 has further encouraged more online transactions. Next Property eConveyancing services are ready and registered with PEXA, and we can complete settlements electronically.

What is a Section 27 statement?

A Section 27 statement is also referred to as an Early Release of Deposit Authority in Victoria. This procedure allows an eligible vendor to gain access to their deposit before settlement has been finalised. It is not an automatic guarantee ad the process involves filing paperwork.

Conditions of the release include:

A written notice in accordance with section 27(3) of the Sale of Land Act 1962 is drafted on and served to the purchaser as a notice in writing. The section 27 application should contain a supporting statement that confirms details of the mortgage (i.e. required amount to be discharged)

Factors included are if there is any mortgage on the property, details on any default on loan, and whether there is a caveat over the property.

For more information and to find out if you are eligible, please contact our experienced lawyers.

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