FAQ

What is Conveyancing?

Conveyancing is the transfer of ownership of any property or real estate from one person to another. Conveyancing not only applies to those purchasing or selling properties, but can also be the result of a gift or a devise by Will. The role of Right Choice Conveyancing is to ensure that a clear title is conveyed with minimum complication and peace of mind to the client.

Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.

What are Disbursements?

Disbursements are monies paid out by Right Choice Conveyancing for information, Title Search, and Property Enquiry Certificates prior to settlement. The amount of Disbursements will vary depending on whether or not you are purchasing or selling a property. For example, a certificate obtained from the local municipal council (Land Information Certificate) incurs a fee of approximately $40.00. Right Choice will advise you immediately upon receipt of instructions from you, of approximately how much you will incur by way of Disbursements.

Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.

Calculate Your Stamp Duty

Online Stamp Duty Calculator.
 
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Please Note: These figures are intended as approximations only. Contact 'Right Choice' for confirmation of your Stamp Duty Obligation.

When do I pay the Stamp Duty and Registration fees?

If you are purchasing a property and are borrowing funds from a bank or similar lending institution, the bank will usually retain the Stamp Duty and Registration Fees, together with any application fee etc. from the sum borrowed and advance the net amount at settlement. If you are paying cash for the property, Right Choice Conveyancing must attend to the Stamping and Lodging of your security documents within 30 days of the date of settlement.

Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.

Do I qualify for Stamp Duty Benefits?

A good question and one all purchasers should look into. Generally speaking whether or not you qualify for either Stamp Duty benefits or total exemption depends on the circumstances of your Purchase. Depending on the value of the property, benefits can be available to Home Buyers with Concession Cards and First Home Buyers with Families. To check whether or not you qualify for these benefits, you should contact this office, or the State Revenue Office.

Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.

I need to organize removalists - Can you tell me what time settlement is?

Right Choice Conveyancing can in most cases, give a time for settlement at least one week prior to the due date. If removalists need to be booked by you well in advance to settlement, you can advise our office as to what time you have arranged with the removalists and we will endeavor to book settlement as close to that time as possible.

Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.

What is Title Insurance?

Purchasing a home is possibly the most important investment that any of us will ever make – an investment that should be protected.

Protecting the ownership of your home is just as important as protecting your home and its contents from physical loss or damage. This is because your ownership, which evidenced by a Certificate of Title that establishes rights to occupy and use the property, is exposed to many risks that can limit those rights.

In order to identify any risks or problems, and to ensure that you have good title to the property that you are buying, your solicitor or conveyancer will conduct a number of searches and enquiries. Good title is important because it ensures that you really own the property, that it is correctly described in public records, and that no one else has a claim to it that you don’t know about. Good title is also essential to be able to sell your home in the future.

Unfortunately your title or ownership in the property is not guaranteed absolutely, as there are still risks that the most diligent professional cannot protect against. For instance, there may be an absence of important information from searches and records which are assumed to be correct.

Title insurance does not replace the need to retain a solicitor or conveyancer. However the combination of title insurance with your solicitor’s or conveyancer’s advice, will provide the most comprehensive cover available to protect your legal ownership in your home.

When you obtain title insurance cover for your property, you can relax knowing that you will be protected against actual loss suffered due to defects covered by our policies and you will be covered for legal defence costs and expenses.

While other types of insurance that protect your home focus on possible future events, title insurance is a unique kind of insurance that protects your legal ownership of a property against losses incurred as a result of unknown or undetected risks that already existed prior to the date of settlement of your purchase.

At Right Choice we recommend Stewart Title for title Insurance.

Stewart Title is also different from other forms of insurance because:

  • One time premium provides protection forever
  • No excess payable on claims
  • No fault claims process means you don’t have to prove fault or negligence – you only need to prove that you have suffered actual loss based on cover that the policy provides
  • No cap on cover apart from the policy amount

Stewart Title offers the following products to purchasers and existing owners of real estate:

Residential Purchaser Policy
Residential Strata Purchaser Policy
Commercial Purchaser Policy

For further information about the above products, click on the above links or download one of our brochures.

For full details on premiums, refer to a Premium Schedule.

What Are Adjustments?

Prior to Settlement, Right Choice Conveyancing will undertake an adjustment of rates and outgoings to the property from the date of settlement.

(PURCHASERS PLEASE NOTE in the cases of some land settlements, the adjustment will be required to be undertaken as at the day of sale).

The adjustment of rates will ensure that the Vendors pay all rates and taxes due on the property up until settlement date, and Purchaser pays from the settlement date. Most Councils will require all rates for the current rating year to be paid at settlement even though they may not be due until a later date.

This will be reflected in the adjustments. The adjustments will also allow the vendor to pay any arrears and/or outstanding interest on the rates and charges together with fees pertaining to the discharge of any mortgage or caveat.

Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.

I haven't got my finance yet, can the Vendor withdraw from the Contract?

In most cases, the vendor will be just as keen to continue with the sale as you are to purchase. So long as you comply with the conditions of the Finance Approval Section of the Contract, you can request an extension. If the Vendor will not grant this extension, it is the Purchaser who has the option to withdraw from the Contract. If the Purchaser does not wish to withdraw, then the Contract of Sale will fall unconditional and the purchase will proceed to settlement.

Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.

I haven't received loan approval yet and have been granted an extension, do I still have to pay my deposit?

The short answer to this question is YES unless you have also requested and been granted an extension to the date for payment of deposit. Some Vendors will charge interest on any outstanding deposit monies so it is important to pay them by the due date.

Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.

My property has just settled, when do I get my money?

If the settlement is occurring within the Melbourne CBD or locally, you will receive a Bank Cheque (for the balance of funds after discharging of mortgage and other fees etc.) on the same day as settlement. If the settlement is to take place interstate or in an area where an agent is to be instructed, we can either have the Bank Cheques forwarded to this office (this is usually received within 2 clear business days after settlement) or the balance of funds can be directly deposited into an account for you.

Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.

My property has settled but the Bank Cheque takes three days to clear, why can't I get my money?

This is a bank’s policy not ours. Speak to them. If you create enough fuss about it, miracles have been known to happen.

Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.

Professional Indemnity Insurance

Pursuant to Section 330(1) of the Legal Practice Act 1996. This firm holds Professional Indemnity Insurance against civil liablity in connection with all conveyancing work performed in the course of this business. Further details including a copy of the Insurance Policy Schedule, Amount of Cover and any relevant exclusions on the cover may be obtained upon request.

Disclaimer: The information provided on the Right Choice Conveyancing web site is not intended to be legal advice. Many factors unknown to us may affect the applicability of any statement or comment that we make on the Right Choice Conveyancing web site to your particular circumstances.