gifting

selling

Family Transfers and Deceased Estate Sales

Line art image of key representing family transfers service.

Family Transfer

If you are gifting or selling a property to a family member, you will need a Conveyancer to prepare and lodge the required legal paperwork with Land Services SA to transfer ownership.

We will also assist by advising you of your stamp duty obligations and prepare the paperwork for the agreement between family members.

Deceased Estate Sales

Once you have received a Grant of Probate or Letters of Administration, we can prepare and lodge the required legal paperwork with Land Services SA to transfer the title into the name of the beneficiary or beneficiaries.

FAQ

We've answered the most frequently asked questions below.

  • What is a Conveyancer?
    A conveyancer is a professional who specialises in the transfer of property ownership from one party to another. They play a crucial role in real estate transactions by handling the legal and administrative aspects of the property transfer process. Conveyancers ensure that all necessary documents are prepared, reviewed, and signed correctly, and they also conduct searches to identify any potential issues or restrictions on the property. Their expertise helps ensure a smooth and legally compliant transfer of property, providing peace of mind to buyers and sellers throughout the transaction.
  • What fees are involved for a sale of a property?

    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.
  • What fees are involved for a purchase of a property?

    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.
  • When should I engage a Conveyancer?

    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.

  • What is cooling off?
    Cooling-off is a legal right granted to purchasers in residential property transactions. It allows purchasers to reconsider their decision to purchase a property and provides them with an opportunity to withdraw from the contract without penalty within a specified time. In South Australia, the Cooling-off period is two clear business days. In some circumstances, you may wish to waive your cooling off right. We can assist by referring you for the appropriate advice.
  • What is a Form 1?
    Form 1 refers to a specific document used in real estate transactions. It is also known as the “Vendor’s Statement” or “Section 7 Statement” and is required under Section 7 of the Land and Business (Sale and Conveyancing) Act 1994 (SA). The Form 1 provides important information to potential buyers about the property they are considering purchasing. It typically includes information about the property’s title, zoning, any encumbrances or easements, planning and building approvals, and any known defects or potential risks. The Form 1 is typically prepared by the seller’s representative and must be provided to the buyer at least 10 days prior to settlement.
  • What is the difference between joint tenants and tenants in common?

    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.
  • Do I need to attend settlement?
    No, your Conveyancer will attend settlement on your behalf. You will only need to be available to pick up the keys from the Real Estate Agent once your Conveyancer advises settlement has been completed.
  • What is PEXA?

    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.

  • What is an Encumbrance?

    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.

  • How can I get a copy of my title?
    Since the introduction of electronic conveyancing in 2016, the original land title is stored electronically with Land Services SA. Copies are available for purchase online through SALIS.
  • What does Verification of Identification mean?

    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.

  • I have received a rates notice, should I pay this before settlement?
    If the rate notice is due for payment prior to settlement, yes it is best to pay the notice to avoid any penalty interest. If the notice is due for payment after the settlement date, the Conveyancer will pay the notice on your behalf at settlement.
  • Why do I need to apply for a clearance certificate?

    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.

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