FAQ

Frequently Asked Questions

What is a VOI and why do I need it?

Verification of Identity (VOI) is a process used to confirm the identity of individuals involved in various transactions, particularly in legal and financial matters. It is a precautionary measure implemented to prevent identity theft, fraud, and other unlawful activities.

VOI procedures vary depending on the jurisdiction and the specific requirements of the transaction, but they typically involve the collection and verification of certain personal information and supporting documents. The goal is to establish a reliable link between the individual's identity and the transaction they are undertaking.
Verification of Identity is commonly required in various transactions, including property sales and purchases, mortgage applications, opening bank accounts, executing legal documents, and any other transaction where a person's identity needs to be reliably established. The specific requirements and standards for VOI may differ based on local regulations, industry practices, and the nature of the transaction.

It is important to consult the relevant authorities, legal advisors, or professionals in your jurisdiction to understand the specific requirements and procedures for Verification of Identity in your particular context.

What is the difference between a Contract of Sale and Form 1?

A Contract of Sale and Form 1 are both legal documents used in real estate transactions, but they serve different purposes and contain different information. Here's an overview of the differences between the two:

Contract of Sale
A Contract of Sale, also known as a purchase agreement or sales agreement, is a legally binding document that outlines the terms and conditions of the sale of a property between a buyer and a seller. It serves as evidence of the agreement and sets out the rights and obligations of both parties. The contract typically includes details such as the property's description, purchase price, payment terms, deposit amount, contingencies or conditions, and the agreed-upon closing date.

The Contract of Sale is typically prepared by the seller's real estate agent or attorney, although in some cases, the buyer's representative may draft it. Both parties negotiate and agree upon the terms before signing the contract. Once signed, it becomes a legally binding agreement, and any breaches of the contract can result in legal consequences.

Form 1
Form 1 is specific to South Australia and is a legal disclosure statement that the seller must provide to the buyer before a contract is signed. It is governed by the Land and Business (Sale and Conveyancing) Act 1994. Form 1 contains essential information about the property and its title, allowing the buyer to make an informed decision about the purchase. It includes details such as:

  • Full property description and address
  • Encumbrances, easements, and any other restrictions on the title
  • Zoning and planning information
  • Rates and taxes payable
  • Building approvals and notices
  • Any other relevant information affecting the property

Form 1 is prepared by the seller or the seller's conveyancer, and it must be provided to the buyer at least ten business days before the contract is signed. This allows the buyer to review the information and seek professional advice if needed. If the seller fails to provide a Form 1 or provides an inaccurate or incomplete form, the buyer may have the right to terminate the contract within two years of becoming aware of the issue.
It's important to note that the terminology and specific requirements may vary between different jurisdictions. It is recommended to consult with a real estate professional or legal advisor familiar with the laws and regulations in your specific area for accurate and up-to-date information.

What is PEXA

PEXA is an electronic settlement platform used in Australia for property transactions. It enables secure and efficient electronic conveyancing by allowing parties involved in a transaction to collaborate online. PEXA facilitates the transfer of property ownership, registration of mortgages, lodgment of documents, and secure financial transactions. It prioritizes security, compliance, and integration with government agencies, making the settlement process faster and more streamlined.

Do I need to come to your office?

The need to meet your conveyancer in person depends on your specific transaction and their practices. Many conveyancers offer remote services, but there may be situations where an in-person meeting is necessary. Contact your conveyancer for guidance.

What is a client authorisation form?

A conveyancing client authorisation form is a specific type of Client Authorisation Form used in the context of property conveyancing. It grants authority to a conveyancer or solicitor to act on behalf of a client in property-related matters. This form establishes a formal relationship between the client and the conveyancer, outlining the scope of the conveyancer's authority and responsibilities.

What is a Settlement Statement?

A conveyancing settlement statement, also known as a settlement statement or a settlement statement of adjustments, is a document used in property conveyancing to outline the financial details and adjustments between the buyer and the seller at the time of settlement. It provides a summary of the agreed-upon financial arrangements and ensures that both parties are aware of their financial obligations and entitlements.

Key points about a conveyancing settlement statement include:

  1. Financial breakdown: The settlement statement itemizes the financial aspects of the property transaction. It includes details such as the purchase price, deposit paid, adjustments for rates and taxes, apportionment of expenses, and any other costs or credits applicable to the transaction.
  2. Adjustments: The settlement statement reflects the adjustments made between the buyer and the seller for ongoing expenses related to the property, such as council rates, water rates, strata levies, and other outgoings. These adjustments ensure that the financial responsibilities associated with the property are fairly apportioned between the parties based on the settlement date.
  3. Legal requirements: The preparation of a settlement statement is often a legal requirement in property transactions. It ensures transparency and fairness in the financial dealings between the buyer and the seller and helps facilitate a smooth settlement process.​​​​​​​
  4. Preparation and review: The settlement statement is typically prepared by the seller's conveyancer or solicitor and provided to the buyer's representative for review. Both parties have the opportunity to verify the accuracy of the financial calculations and raise any concerns or discrepancies before the settlement date.​​​​​​​
  5. Settlement process: The settlement statement plays a crucial role during the settlement process. It provides a reference point for the financial transactions that occur at settlement, ensuring that the correct funds are disbursed to the appropriate parties based on the agreed-upon terms.

It is important to consult with a qualified conveyancer or solicitor who specializes in property transactions to prepare or review the conveyancing settlement statement. They will ensure that all relevant financial aspects are accurately documented and that the statement complies with the applicable laws and regulations in your jurisdiction.

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What are your conveyancing fees?

The cost of conveyancing can vary depending on several factors, including the complexity of the transaction, the value of the property, the conveyancer or solicitor you choose, and any additional services required. Conveyancing fees typically include professional fees for the conveyancer's services, as well as disbursements or out-of-pocket expenses incurred during the conveyancing process.

It's important to note that the following information is based on general estimates and may not reflect the current market rates. It is recommended to obtain specific quotes from conveyancers or solicitors in South Australia to get accurate pricing for your particular transaction.

Here are some approximate cost ranges for conveyancing in South Australia:

  1. Professional fees: The conveyancer's professional fees can range from around AUD 850 in SA to $1,100.00 in VIC to AUD 2,500 or more, depending on various factors. This range includes the basic conveyancing services, such as property searches, document preparation, settlement coordination, and legal advice.
  2. Disbursements: Disbursements are additional costs incurred during the conveyancing process. They can include expenses such as property searches, title searches, registration fees, government charges, and settlement agent fees. Disbursement costs can vary widely depending on the specific requirements of the transaction, but they generally range from around AUD 200 to AUD 800. It's important to discuss the breakdown of fees and disbursements with your chosen conveyancer to understand the services included and any additional costs that may apply.

It is advisable to obtain quotes from multiple conveyancers or solicitors and compare their services and fees to ensure you are getting a competitive and comprehensive package. It's also essential to consider the expertise, reputation, and quality of service offered by the conveyancer in addition to the cost.

What other fees are involved?

Your conveyancer will assess your property transaction and calculate any applicable stamp duty, government charges, and PEXA fees that you may need to pay. These fees are specific to your transaction and will be determined prior to the settlement date.