Conveyancing & Settlement FAQs

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 Easy Link Conveyancing is to ensure that a title is conveyed with minimum complication and peace of mind to the client.

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

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.

The Section 32 is a document provided by the seller of real estate (vendor) to an intending purchaser. Its name comes from Section 32 of the Sale of Land Act, which requires a vendor to provide certain information to a purchaser BEFORE a contract of sale is signed.

Section 27 of the Act establishes the procedure to allow the release of deposit prior to settlement

A vendor cannot rely absolutely on the release of deposit because a purchaser can always object to its release. However if a purchaser is willing to release the deposit, the vendor may achieve this by providing particulars of monies owed to satisfy a purchaser that even if the deposit is released the vendor can dis-charge all loans and hand over clear title at settlement.

A Section 27 Deposit Release Statement, containing particulars of any mortgage and any caveat, can be prepared and then served on the purchaser.

If the purchaser provides a signed release the deposit may be released to the vendor. The purchaser will be deemed to be satisfied with the particulars provided if the purchaser does not object within 28 days.

Settlement is the official process conducted to transfer the ownership of a property to another person during a sale. It is facilitated by legal (conveyancer or solicitor) and financial representatives (banker/broker) for both the buyer and seller.

Settlement which has now transitioned into an online workspace – PEXA enables Conveyancing, Lawyers and financial institutions to transact together online. These transactions include –

• Electronic lodgement and preparation of electronic dealings and verification of lodgement acceptability
• Electronic settlement of real property transactions including payment of settlement monies, duties, taxes and any other disbursements, and
• Electronic lodgement of dealings to the appropriate Land Registry.

Your representative, your lender and the seller/purchaser’s representatives will all liaise to complete the required documentation within the workspace, to achieve Settlement by the allocated time slot. Once all documents are signed by all parties, they are electronically sent to the titles office to register you as the new owner of the property.

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