We recommended you consult a conveyancer before you sell your property.
It is a good idea to consult a conveyancer before you sell a property. A conveyancer can inform you of your legal obligations when selling a property, the terms and conditions of the contract, the buyer’s ‘cooling-off’ rights and any rights you have as the seller or the buyer may have to withdraw from the sale.
The conveyancer can also prepare the Form 1 – Vendor’s Statement (section 7), which is a prescribed disclosure statement that must be provided by a seller to a buyer or real property pursuant to section 7 of the Land and Business (Sale and Conveyancing) Act 1994. The Vendor’s Statement contains information from various statutory authorities, the local council and the seller’s knowledge of the property.
Conveyancers must verify your authority to transact the property as well as your identity. An authorisation must also be obtained by the conveyancer from you to act, to certify the necessary legal instruments, complete financial settlement and do anything else necessary to complete the conveyancing transaction.
If there is a mortgage over the property, the conveyancer will, on your behalf, arrange for the discharge of that mortgage and pay the outstanding loan amount, if any, from the sale proceeds to the mortgagee at settlement.
A conveyancer will prepare a settlement statement adjust and reconcile between you and the buyer the rates, taxes and levies, any other outgoings, and any income. At settlement, the conveyancer will pay from the sale proceeds to the relevant statutory authorities any outstanding rates, taxes, and levies to the end of their respective rating periods.
A special meter reading is also applied for by the conveyancer to SA Water for water consumption. On receipt of the meter reading from SA Water, the conveyancer will calculate the water consumption up to the date of settlement and pay any outstanding amount for water use to SA Water.
Most importantly, your conveyancer is there to protect your interests, be your advocate, ensure you meet your contractual obligations and keep you informed at every stage of the transaction.
If you’re in the process of looking for a conveyancer, click here to use our Find a Conveyancer tool.
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