All Topics / General Property / Section 32 / Conveyancer resposibilities / titles search etc etc

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  • Profile photo of gavsamgavsam
    Member
    @gavsam
    Join Date: 2010
    Post Count: 16

    Hi

    Just wondering what the general responsibilities of a conveyancer are

    At the time of 'sale' – does the conveyancer normally do the title search to check about any restrictions / notices / encumbrances / debts against the property  & if something untoward is found – does this enable an easy break cancellation of the contract ???
    What time frame ??? would this have to be ascertained prior to putting down the 10% deposit??
    Should the title list the dimensions / boundaries / size of the property???
    Should the section 32 come with a surveyors report – or is the onus on the purchaser to do this??
    & how many days grace are normally given in the 'subject to finance / building inspection' before putting down the 10% deposit??

    Cheers
    Gav

    Profile photo of MarJacMarJac
    Member
    @marjac
    Join Date: 2010
    Post Count: 71

    I assume your looking at buying a property in Victoria as a Section 32 relates to Victoria

    Normal process is that the Vendors Conveyancer/Solicitor prepares the Sec 32 'Vendors Statement' this is a standard form and should include:
    Services that are connected or available ie: Gas, Water, Power etc
    Amount of Annual Rates and/or Body Corportate Fees – note some Conveyancers/Solicitors provide 'estimates'
    Wether the property is mortgaged and to whom
    Copy of the Title, which may include land measurements and maybe (should) a copy of the Plan of Subdivision or Strat Plan which will have property measurements 

    A Section 32 will not normaly inlude a surveyors report as these can cost around $1,500-$2,000 for a typical suburban block. If you have any doubts as to the location and/or fencing you should arrange for your own surveyors report to be conducted

    If you are not familiar with a Section 32 statement you should make a specific request that your conveyancer/solicitor vett this statement, they should be doing this anyway but often will just assume that your okay with it.

    You may wish to make the Contract subject to: Satisfactory Building inspection, Pest Inspection, Surveyors report and/or Finance, the reports will be at the purchases cost.
    The normal time limit, in Victoria, for these is 14 days from date of Contract, and at the expiration of the 2 weeks the Contract may become unconditional if nothing to the contrary, as a result of the above conditions, is reported to the vendors agent and/or their conveyancer

    The deposit, usually 10%, however may negotiate to 5%, is paid at the signing of the Contract as this will 'Hold' the property until satisfactory Inspection/reports/Finance is obtained.
    If you don't sign a Contract & pay a deposit there is nothing to stop the vendor selling the property to someone else while you are incurring costs of Building/Pest Inspections and/or surveyors reports

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