ZZIM Conveyancing provide comprehensive services whether buying or selling property.

So, what is conveyancing?

Conveyancing is the area of property law that deals with the transfer of real estate between sellers and buyers.

Although it seems quite straightforward, property law can be quite complex and conveyancing has to consider issues such as contract terms and conditions, mortgages, covenants, easements, caveats, the type of property title, the type of tenancy, local council regulations and zoning to name just a few.

What are the steps in the conveyancing process?

The process begins with the drawing up of a Contract for Sale.
The Contract will include things such as:

  • The length of time between signing and completion of the contract
  • What’s included or specifically excluded from the sale
  • Special conditions specific to this particular property
  • The street address and legal property title details

On the day of settlement everything has to be in place. The purchaser or the incoming mortgagee has to show up with the funds, and the seller or outgoing mortgagee has to turn up with the property title and the document/s needed to release the mortgage. Everything is handed over including the keys and the property is considered settled.

Before settlement, adjustments to the purchase price are agreed upon between the parties to cover council rates as well as other costs which may be allowed for in the contract.

There is a set length of time between the contract becoming binding and the contract being settled or completed. In this time the purchaser of the property has a lot to do including conducting various checks on the property, organising insurance and getting any loan arrangements in order, and the seller of the property should be making arrangements with their bank to have any mortgage discharged as well as making plans to move.

The contract is signed by both parties, and may be immediately binding, depending on the circumstances of the sale. You may however, have a cooling off period available, or be able to withdraw from the contract under certain conditions, so it’s important that you know the exact terms and conditions written into the contract

After settlement the new owner needs to be registered as the owner on the title, and various government bodies need to be informed of the change in ownership.

buying property

When purchasing a property, there are certain factors you need to be aware of.

The law in relation to contracts adopts the “buyers beware” stance and therefore, you need to make sure that you do all investigations and searches you require to ensure that you are fully aware of the state and condition of the property.

It is best if you can do these before signing a contract, however, the reality of this is generally unachievable as there could be multiple offers on a property and you need to sign a contract.

If this is the case, you must ensure that your contract contains the necessary conditions to protect you.

Government and Statutory Costs

You can expect to incur the following government and statutory costs and charges which will be payable in addition to our professional fees. Stamp duty is payable based on your purchase price and there is a link below to allow you to view the amount payable.

  • Government stamp duty on Transfer: TBA based on purchase price
  • Government filing fee on Transfer: $216.15
  • Fee on Local Government Certificate (Section 132): $49.50
  • Fee on Local Government Certificate (Section 337): $218.62
  • Fee on Land Information Certificate (Section 56ZQ – water & sewerage): $41.25
  • Administration fee on LIST search requests (inc. GST) (per search): $2.35
  • Land tax search: $12.37
  • Aus property search (inc. GST), if applicable: $68.20
  • Bankruptcy Search (per Vendor) (inc. GST): $34.65
  • Title search (per search): $33.00
  • Copy Schedule of Easements (if applicable) (per search): $33.00
  • Fee on search of the Tasmanian Heritage Register, if applicable: $48.95
  • Priority Notice: $24.91
stamp duty calculator

selling property

When selling a property, there are certain government and statutory charges payable in addition to our professional fees.

Government and Statutory Costs

  • Government filing fee on Discharge of Mortgage (if applicable): $174.90
  • Local Government certificate: $49.50
  • Administration fee on LIST search requests (inc. GST): $2.35
  • Land tax search: $12.37
  • Title search: $33.00

One of the issues between vendors and purchasers is whether there are any illegal works, incomplete works or outstanding certificates of completion (or similar) in respect of the property.

If you are concerned that there are works on your property that may fall into these categories, check with your local Council to avoid any prolonged contract negotiations or delayed settlement.