What is Conveyancing?
Conveyancing is described as the transfer of the legal ownership of a property from one person to another.
What is a Section 32 – Vendors Statement?
You cannot sell your property without this document. A Section 32 Vendors Statement discloses to prospective purchasers details of the property such as relevant title particulars and details of any mortgages, caveats or covenants that may affect the title, planning details, council rates and other outgoings, details of any owners corporations, details of any building approvals and insurances, details of any notices or orders affecting the property, whether or not services are available and/or connected to the property and any other relevant details. A Contract of Sale is not enforceable unless a Section 32 Vendors Statement has been provided to the purchaser.
What is a Section 27 Statement?
Section 27 of the Sale of Land Act states that the deposit paid by a purchaser can in certain circumstances be released to the vendor prior to settlement. Please note that by delivering a Section 27 Statement you are not guaranteed an early release of your deposit. A Section 27 Statement can only be prepared after information regarding your Mortgage is provided. Under Section 27 of the Sale of Land Act, the Purchaser then has 28 days from the date of service of the statement in which to either lodge an objection or release the deposit. The deposit cannot be released before the 28 days has expired, unless the Purchaser is agreeable.
What is settlement?
Settlement date is the date set out in the Contract of Sale, where the balance of purchase price is paid to the vendor and the purchaser then takes possession of the property.
What are adjustments?
Statement of adjustments are prepared by the purchaser’s conveyancer to calculate the adjustable items (these may include council rates, water rates, body corporate fees (if any), rent (if any), etc.) that are owed upon the property. Adjustments are calculated so that the vendor is obliged to pay for all rates/fees up to and including the date of settlement and the purchaser is obliged to pay for all rates/fees from the settlement until the end of the current rating period. Adjustments are generally calculated on a paid basis and cheques to cover any outstanding rates/fees are deducted from funds due to the vendor at settlement and forwarded to the relevant authorities in payment following settlement.
What is PEXA?
Every time a house is bought, sold or refinanced in Australia your lawyer, conveyancer and lender will most likely use a digital platform to settle your property, this is where PEXA comes in. PEXA’s world-first digital settlement platform has revolutionised the way we exchange property in Australia. By providing quicker access to the proceeds of a sale and near real-time tracking on property settlements, our network of financial institutions and legal and conveyancing conveyancing customers helps over 20,000 families a week safely settle their homes.
Today, PEXA connects people, businesses and governments across the property community. Delivering secure digital infrastructure, integrated solutions and actionable insights. We’re also bringing our proven financial settlement model and expertise to the United Kingdom, with our digital remortgaging solution now live. We continue to work in collaboration with the UK housing industry to digitise the house purchase and sale process.