Hi
Just wondering what the general responsibilities of a conveyancer are
At the time of 'sale' – does the conveyancer normally do the title search to check about any restrictions / notices / encumbrances / debts against the property & if something untoward is found – does this enable an easy break cancellation of the contract ???
What time frame ??? would this have to be ascertained prior to putting down the 10% deposit??
Should the title list the dimensions / boundaries / size of the property???
Should the section 32 come with a surveyors report – or is the onus on the purchaser to do this??
& how many days grace are normally given in the 'subject to finance / building inspection' before putting down the 10% deposit??Cheers
GavI assume your looking at buying a property in Victoria as a Section 32 relates to Victoria
Normal process is that the Vendors Conveyancer/Solicitor prepares the Sec 32 'Vendors Statement' this is a standard form and should include:
Services that are connected or available ie: Gas, Water, Power etc
Amount of Annual Rates and/or Body Corportate Fees – note some Conveyancers/Solicitors provide 'estimates'
Wether the property is mortgaged and to whom
Copy of the Title, which may include land measurements and maybe (should) a copy of the Plan of Subdivision or Strat Plan which will have property measurementsA Section 32 will not normaly inlude a surveyors report as these can cost around $1,500-$2,000 for a typical suburban block. If you have any doubts as to the location and/or fencing you should arrange for your own surveyors report to be conducted
If you are not familiar with a Section 32 statement you should make a specific request that your conveyancer/solicitor vett this statement, they should be doing this anyway but often will just assume that your okay with it.
You may wish to make the Contract subject to: Satisfactory Building inspection, Pest Inspection, Surveyors report and/or Finance, the reports will be at the purchases cost.
The normal time limit, in Victoria, for these is 14 days from date of Contract, and at the expiration of the 2 weeks the Contract may become unconditional if nothing to the contrary, as a result of the above conditions, is reported to the vendors agent and/or their conveyancerThe deposit, usually 10%, however may negotiate to 5%, is paid at the signing of the Contract as this will 'Hold' the property until satisfactory Inspection/reports/Finance is obtained.
If you don't sign a Contract & pay a deposit there is nothing to stop the vendor selling the property to someone else while you are incurring costs of Building/Pest Inspections and/or surveyors reports
You must be logged in to reply to this topic. If you don't have an account, you can register here.
