Purchasing

When you purchase a property, you will be asked to sign a:

  • Contract of Sale that outlines the particulars of the sale
  • Section 32 Vendor’s Statement that contains all the information about the property that the seller must provide to the buyer that is required by law

Your conveyancer or lawyer who specialises in conveyancing ensures that these documents are in order and accurate.

Whilst on the surface these documents may appear straightforward, there are some very important terms and conditions that need to be carefully reviewed for accuracy and completeness. Failure to ensure your Contract of Sale and Section 32 Vendor’s Statement are correct and complete can result in very costly and delayed settlements, or the sale can even be cancelled.

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Goodman Group Lawyers can assist you with our experienced conveyancing services in three primary ways.

  1. FREE* review of the Contract of Sale & Section 32 Vendor Statement for any potential property you are considering buying.

    The benefit of this FREE service is threefold.

    1. It verbally confirms that the documents are in order.
    2. It verbally identifies any concerns that you should follow up with the vendor and agency representing the vendor.
    3. Ultimately, the free review protects your interests by providing an overview of what the documents contain so you can make informed decisions as you go through the purchasing process.
  2. You benefit from the knowledge and expertise of our experienced staff as they take care of your biggest investment. Our conveyancing lawyers specialise in property law, so you can rest assured that the transaction is in safe hands.
  3. Conveyancing lawyers ensure that the property purchasing process is stress-free from start to finish. We keep the transaction on track while protecting your interests the entire time.

You can confidently navigate the intricate processes involved in property purchases, simply contact Goodman Group Lawyers and engage one of our conveyancing specialists.

Professional conveyancers are invaluable

Conveyancing requires thorough knowledge of the property sales and purchasing process within your state or territory. Regulations can vary greatly from state to state, for example, in Victoria the cooling off period is different to those in other states.

Conveyancing requires legal knowledge of every aspect of property transactions, especially relating to documents, checks, inspections, and deadlines.

Minor mistakes, including missing a deadline and misunderstanding a step or two, could cost you the sale. You could miss out on a great investment property, or owning the house of your dreams.

Why choose a conveyancing lawyer over a conveyancer?

Conveyancing lawyers offer a more comprehensive service than conveyancers. There are three primary benefits to hiring a conveyancing lawyer rather than a conveyancer.

  1. Conveyancing lawyers, like some conveyancers, have a thorough understanding of the legalities of real estate contracts, including the applicable Acts and consumer law.
  2. However, should a dispute arise:
    • A conveyancing lawyer can provide legal advice, while a conveyancer is not suitably qualified to provide legal advice.
    • A conveyancing lawyer is ideally placed to represent your interests in court. A conveyancer, on the other hand, must engage a legal professional to represent your interests. This adds to the cost of your settlement.
  3. Importantly, a conveyancing lawyer can help you avoid these disputes in the first place.

Conveyancing lawyers provide peace of mind so you can rest easy, comfortable in the knowledge that your best interests are protected.

Choose Goodman Group Lawyers

We provide fixed price services. This means you don’t pay for every minute of every phone call, for every letter written, copy printed or email read. Instead, we give you a fixed price agreement based on our assessment during the initial consultation. There are no hidden or unexpected fees or costs.

The fixed price gives you peace of mind that at least one aspect of the purchasing transaction is financially certain. Do you have a question? Call us or get additional information without worrying about an escalating budget.

The fixed price also allows us to focus on your specific goals as set out in the agreement.

So, contact us for your FREE* review and add to that the expertise of our conveyancing lawyers at a fixed price.

The stages of property purchasing

A conveyancing lawyer can take you through the main stages of purchasing a property. These being: pre-contract; pre-completion; post-completion. Furthermore, a conveyancing lawyer takes you through all of the subsections under each stage.

Let’s take a quick look at some of the subsections.

Pre-contract

Advice that covers more than just the legalities of property transactions, including estate taxation, hiring a surveyor to check that the dimensions of the property match the Plan of Subdivision, and identifying caveats on the title, for example, another party has an interest in the property which trumps yours.

Pre-completion

Legal advice regarding the purchaser’s right to end a contract based on inaccuracies in the information statement or the absence of information that contravenes section 32 Vendor’s Statement.

Scrutinising the contract of sale or contract note, advising the purchaser of their rights during the cooling off period, and ensuring that the termination of contract is submitted within the cooling off period. In Victoria the cooling off period is only three days, so lawyers and purchasers don’t have a lot of time to decide on an action.

Managing various financial aspects that need to be dealt with before completion of the sale. These include Section 27 Deposit Release in the Sale of Land Act and ensuring that the mortgage, should there be one, is withdrawn prior to settlement or that a Discharge of Mortgage is submitted, guaranteeing that the existing mortgage is discharged after settlement. It also covers transfer duty (stamp duty) and GST, should it apply.

Post-completion

The conveyancing service doesn’t end when the transaction is completed. Further action is required. This includes:

  • Lodge transfer documents with the Land Titles Office. This ensures that the change of ownership is recorded.
  • Assist purchasers to register the change of ownership with utilities providers.
  • Register change of ownership with the Body Corporate should it be relevant to the property purchased.

Searches are another post-completion example of where conveyancing lawyers prove their value. There are a number of searches that need to be carried out to guarantee the transaction. Your conveyancer will conduct the searches applicable to your situation. Searches required include:

  • Title search: the property actually belongs to the seller as claimed; and, whether there are outstanding debts.
  • Local authority checks: there could be plans to develop the land, including construction of luxury apartments.
  • Risk of natural disasters, including bush fires, floods, and landslides.

Your conveyancer or lawyer ensures that the relevant searches are completed and the relevant documents are correct. They also ensure that the documents meet the requirements of your particular state or territory, and are delivered on time.

Choosing a conveyancer that is right for you

Your conveyancer will help you successfully complete the most important investment of your life. It’s essential that you trust their integrity and their competence. You can ask friends and family for recommendations and you can pop onto various social media platforms to see what people have to say. It’s ok to shop around until you find the right fit. You can find the right fit by asking a lot of questions, including:

  • Do you belong to any professional associations, including the Australian Institute of Conveyancers?
  • As a lawyer, what are your qualifications regarding conveyancing?
  • What are your fees?
  • How are your fees structured; for example, are they fixed?
  • Do you have professional indemnity insurance and fidelity insurance?
  • What lines of communication do you use and how accessible are you?
  • Do you have any testimonials from previous clients; can I ask clients for testimonials? (It should raise red flags if they try to dodge this question.)

You should also find out if they use the e-Conveyancing platform PEXA (Property Exchange Australia). PEXA comes to the Australian property market via the Council of Australian Governments (COAG). Its role is to reduce errors, eliminate delays, and improve collaboration and information sharing between financial institutions and land registries in Australia’s states and territories.

Goodman Group Lawyers ticks all the boxes for property buyers. Our conveyancing specialists are knowledgeable, fully qualified, and highly experienced. You can trust us to safeguard your rights and see you safely through your property transaction from pre-contract to post-completion. You don’t have to worry about the finer details and deadlines because we have you covered.

Case Study – Failed Purchase

Property purchases can fail for a lot of reasons. Here are the top five.

1) Incomplete, inaccurate, or late paperwork.

Property transactions take a lot of paperwork; they have strict requirements and strict deadlines. Miss a deadline and your purchase could fall over. Not signing in the right place, not using your legal name, or forgetting to sign or initial relevant pages can also change a successful transaction to a failed one.

2) No property inspections

It’s up to buyers to ensure that important inspections are carried out so that problems with the property are brought to light, especially with regard to structural integrity. These could affect the purchase price and, potentially, legal liability. Failure to arrange timely inspections won’t stop the purchase, but the additional expense to the buyer could be catastrophic.

3) Not securing financial pre-approval

Pre-approval doesn’t guarantee complete financial backing, but getting pre-approval is a good indication of spending power. Not getting pre-approval might suggest to vendors that a potential buyer is too great a risk.

Pre-approval can potentially help you secure a mortgage, but you have to get your timing right. Trying to get finance too late in the day can put off a seller and cost you your dream home.

4) Being an eager-beaver

Sometimes you can be so keen to secure your dream home that you rush to agree to everything just so you don’t lose to another buyer. Rushing can make it difficult to arrange financing in time.

Rushing also usually means that you don’t consult a conveyancer or conveyancing lawyer, so you can make mistakes that put you at a disadvantage legally – and financially. Not only could the transaction fail, but it could still cost you a fortune in penalties.

5) Forgetting about insurance

You might not realise it, but you need insurance as soon as you sign the agreement and pay the deposit. It might feel like the process is in a state of limbo at this point, but if something big goes wrong, like having the entire house burn down because of an accidental fire, you are liable. Effectively you pay twice for the house, which you can’t move into straightaway.

These days, most banks won’t approve finance unless insurance is in place. A cover note from your insurer stating that the structure is covered will help you get approval.

All of these mistakes can be avoided if you hire a conveyancing lawyer. Your conveyancing lawyer takes charge of the whole process so that every stage of the purchase transaction is successfully completed.

Contact Goodman Group Lawyers for your FREE* review and avoid disappointment.

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