Conveyancing and Form 1 Preparation
“They’re Legal Documents After All”
Selling or Buying a home normally consists of 3 steps:
Pre-contract – preparation of form 1 and searches
Pre-completion – preparation of the contract of sale
Post-completion – conveyancing
If acting for a buyer the solicitor will:
Clarify, draft and lodge all relevant legal documents including the memorandum of transfer and the contract of sale.
Research the title of the property and see if there any issues such as easements which the buyer should know about.
Transfer money into the trust account.
Calculate all taxed and rates.
Act on your behalf when settling the property.
Contact your bank to confirm final payments are being made.
Represent your interests when you deal with the vendor and/or agent to ensure your rights as the vendor are protected if a sale does not reach settlement.
If acting for the seller the solicitor will:
Clarify, draft and lodge all relevant legal documents including the memorandum of transfer and the contract of sale.
Complete all legal document.
Prepare disclosure documents.
Represent you in dealings with the buyer.
Arrange discharge of mortgages.
Protect deposit to ensure sale proceeds.
Using a solicitor will give you peace of mind thus allowing your agent do what they do best; getting you the best price for your home:
Cost: For a solicitor to undertake the Form 1, conveyancing will be a fixed fee.
Protection: Solicitors will be able to assist you if the sale goes wrong and protect your interest as you are our client.
Legislation: Property laws are constantly changing. We have an in depth knowledge of the property laws.
Qualifications and Experience: The contract that will be used is the Law Society contract. We recommend that the Law Society contract is used as the contracts are updates yearly to ensure it meets the highest quality and standards of legal principles adopted by the Law Society. The contact is only available to authorised members of the profession.
Specialist advice: There is frequently a lot of variation across property sales. Solicitors can help you with the particular needs you have in the transaction.
Do you need advice on Capital Gains Tax? Do you need to change your Will? Will the sale have family law implications?
It’s the Law!
Sections 7 and 9 of the Land and Business (Sale and Conveyancing) Act 1994, require the Seller and the agent to provide certain information to a Buyer of land/property.
This is called the Form 1 and will provide the basis of the information provided to the Buyer and therefore must be completed accurately.
What’s required:
A mandatory Property Interest Report (PIR) obtained from approved Government Departments.
A formal information search undertaken by the Council within which the land/property is situated.
Information concerning the use and development of the land/property usually supplied by the Seller’s themselves, this might incudes things such as;
Are you aware of any manufacturing activities, the keeping of dangerous substances or disposal of chemicals or fuels occurring on the land before you acquired an interest in the property or since you acquired the property?
Are you aware of any fences not on the true boundaries or any encroachment of any structure over the boundaries or over any easement or right of way?
Have all improvements on the property (including pergolas, verandahs, extensions, fences, sheds etc) been erected in accordance with the plans and specifications approved by the local Council?
What if I get it wrong?
If incorrect or incomplete, this may invalidate the contract – even after settlement occurs.
Significant penalties may apply and Court action usually occurs.
Solicitors have a comprehensive and nuanced understanding of the Law. As a homebuyer, you are potentially engaged in a complex sale with a high number of issues and risks. Using a solicitor affords you the experience and knowledge to tackle any hurdles decisively and with confidence.
As a Seller you will need the protection and comfort of knowing that someone experienced in the law has assisted – the are legal documents after all!
Welden & Coluccio Lawyers are experienced in all facets of this process and are able to assist you enabling you to get on with the joys of home ownership rather than the stresses.
