Family Transfers and Deceased Estate Sales

Each property is unique and will incur separate costs to the Conveyancing fee. The Conveyancer will be able to advise the estimated costs upon review of the Contract and Form 1 document. Here are some common fees to consider for Sellers:

• Real Estate Agent’s Commission: If you choose to work with a real estate agent to sell your property, they will typically charge a commission based on a percentage of the final sale price.
• Marketing and Advertising Costs: Depending on your agreement with the real estate agent, you may be responsible for covering the costs associated with marketing and advertising your property to attract potential buyers.
• Conveyancing Fee: You will need to pay a fee to the conveyancer who will handle the legal aspects of the property sale, including preparing necessary documents and facilitating the transfer of ownership. It is a good idea to enquire if your Conveyancer has a fixed fee or if they add on any extra charges to avoid any surprises at settlement.
• Form 1 Preparation Fee: You will need a Conveyancer to prepare the Form 1 as required under Section 7 of the Land and Business (Sale and Conveyancing) Act 1994 (SA). This is a separate service to Conveyancing and will incur a separate fee.
• Government Searches: The Form 1 is prepared based on Statutory Government Searches ordered on your behalf from the relevant departments and charged at cost.
• Discharge of Mortgage Fee: If you have an existing mortgage on the property, there may be a fee charged by your lender to discharge the mortgage once the property is sold.
• Land Services SA: If you have an existing mortgage on the property there will be a charge to have the mortgage discharged from the title.
• PEXA Electronic Settlement Fee: Unless special circumstances apply, your settlement will be completed by your Conveyancer on PEXA. The Platform charges a fee per document that is being lodged.
• Encumbrance Fees: If the property has any Encumbrances registered on the title, this may incur additional fees.

Each property is unique and will incur separate costs to the Conveyancing fee. The Conveyancer will be able to advise the estimated costs upon review of the Contract and Form 1 document. Here are some common fees to consider for Purchasers:

• Conveyancing Fees: Just like sellers, buyers need to engage a conveyancer to handle the legal aspects of the property purchase, which includes conducting searches, reviewing contracts, and ensuring a smooth transfer of ownership. It is a good idea to enquire if your Conveyancer has a fixed fee or if they add on any extra charges to avoid any surprises at settlement.
• Stamp Duty: This is a tax imposed by the government on property transactions and is calculated based on the purchase price of the property. The amount of stamp duty can vary depending on the use of the land and the value of the property.
• Government Transfer Registration Fee: The amount is calculated on the value of the property.
• Building and Pest Inspection: It is common for buyers to arrange a building and pest inspection to assess the condition of the property.
• Mortgage Application and Lender Fees: If you require a mortgage to finance your property purchase, the lender may charge application fees or other administrative costs related to the loan.
• Land Services SA: If you require a mortgage to finance the property there will be a charge to have the mortgage registered on the title.
• PEXA Electronic Settlement Fee: Unless special circumstances apply, your settlement will be completed by your Conveyancer on PEXA. The Platform charges a fee per document that is being lodged.
• Encumbrance Fees: If the property has any Encumbrances on the land, this may incur additional fees.

It is advisable to engage a conveyancer as early as possible in the property transaction process. Ideally, you should contact a conveyancer as soon as you have made the decision to buy or sell a property.

By engaging a conveyancer early on, you can benefit from their expertise and assistance in reviewing contracts, identifying any potential issues or concerns, and advising you on the necessary steps to be taken. This proactive approach helps mitigate risks and ensures a smoother and more efficient property transaction. Property transactions involve complex legal matters, so having a professional conveyancer on your side from the beginning can save you time, money, and unnecessary stress.

When two or more people are purchasing a property, there are two different types of ownership that can be registered on the Certificate of Title. The main difference being, what would happen if one of the proprietors were to pass away.

• Joint Tenants: Each owner will have an equal share in the whole of the property. In the event of the death of an owner, the surviving owner is automatically entitled to be registered as the owner of the deceased person’s interest in the property. An Application to Register Death by Survivor will need to be prepared and lodged at the Lands Titles Office.
• Tenants in Common: Each owner can have a defined share in the whole of the property. Unlike Joint Tenants, in the event of the death of an owner, the surviving owner is not entitled to become the owner of the deceased person’s interest in the property. The intertest is dealt with pursuant to the owner’s Will, meaning they can transfer the interest to a third party.

PEXA (Property Exchange Australia) is a secure encrypted online platform that facilitates property transactions in Australia. The platform allows various parties involved in a property transaction, such as conveyancers and financial institutions to collaborate and complete property settlements electronically.

Due to the mandating of electronic settlements in South Australia in August 2020, unless special circumstances apply, your settlement will be completed by your Conveyancer on PEXA.

An Encumbrance is essentially a set of building and development guidelines and typically applies to newly developed land.

An Encumbrance will be registered on the certificate of title if it applies to your property. The terms of the Encumbrance will be set out in the Encumbrance document itself. Each Encumbrance is unique and should be reviewed carefully to determine the impact they have on your future plans for the property.

Under the Registrar-General’s Verification of Identification requirements, Conveyancers are responsible for verifying the identity of their clients.

The purpose of carrying out verification of identity is to reduce the risk of identity fraud and the registration of fraudulent land transactions.

Foreign Resident Capital Gains Withholding applies to vendors disposing of certain taxable property under contracts entered into from 1 July 2016.

When the sale price is over $750,000 each Vendor must apply for a clearance certificate and provide it to the Purchaser to show they are not a foreign resident and that withholding tax is not applicable.