FREQUENTLY ASKED QUESTIONS

Below are some of the common questions people ask when seeking the services of a Conveyancer. They are offered as a brief overview only. Should you need further information, or have other questions, please contact us by phone or email.

What is Conveyancer?
What is a Search?
What are Adjustments?
What time does settlement take place?
What is a Conveyancers role in a Purchase of Property?
What is a Conveyancers role in a Sale of Property?
What is the difference between joint tenants and tenants in Common?

What is Conveyancer?
Your conveyancer (or landbroker as they were known as up until 1994) is engaged to ensure the property you are buying or selling is legally transferred from the vendor to the purchaser. McKay Business Services provides a personalised service with staff who make sure this most important transaction is completed for you with the minimum of fuss.

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What is a Search?
A Search is a term used for the information obtained from the relevant statutory bodies about the property that you are selling or buying. These are provided to the conveyancer from the SA Government, local Council, Strata Corporation and other bodies to ensure that the information included in the Contract for Sale and Purchase is correct at the time of the Contract preparation.

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What are Adjustments?
Rates and taxes and levies are adjusted as at the settlement date. In most cases the vendor has prepaid these rates to a date beyond settlement date and is entitled to an adjustment. This is done through your Settlement Statement provided to you prior to settlement.

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What time does settlement take place?
Settlements usually occur between 11am and 12.00. However on a Friday or at the end of the month there may be delays and the settlement process may not be completed until later.

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What is a Conveyancers role in a Purchase of Property?
Check Contract & Form 1 and advise you in relation to any easements or encumbrances or other charges

Conduct statutory searches

Prepare a settlement statement calculating the adjustment of rates and taxes and the amount that you will be required to pay at settlement

Discuss any stamp duty concessions that may be available

Prepare all legal documentation required to Transfer the property

Advise you about ownership as either “Joint Tenants” or “Tenants in Common”

Liaise with your financial institution in regard to the mortgage

Coordinate the transaction and attend the Lands Titles Office

Notify all government authorities of the change of ownership

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What is a Conveyancers role in a Sale of Property?
Check Contract, Form 1 and searches

Check with your agent the amount of their commission and any other fees

Prepare a settlement statement calculating the adjustment of rates and taxes and the amount that you will receive at settlement

Prepare all legal documentation required to Transfer the property

Advise you about ownership as either “Joint Tenants” or “Tenants in Common”

Liaise with your financial institution in regard to the discharge of mortgage

Coordinate the transaction and attend the Lands Titles Office

Deposit any proceeds from the sale into your bank account

Notify all government authorities of the change of ownership

 

For more details click here.

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What is the difference between joint tenants and tenants in Common?
When two or more people purchase land, they can be registered on the Title as either “joint tenant” or “tenantsincommon”.

JOINT TENANTS
Where two or more parties register as Joint Tenants each registered owner does not have a specific share of the property - all owners have an undefined share in the whole of the land. The right of 'survivorship' applies when a joint tenant dies, as the ownership automatically vests in the surviving joint tenant/s.

TENANTS IN COMMON
Each registered owner has a separately defined share of the property which can be one undivided moiety or one third, or one quarter, depending on the number of registered proprietors as to the percentage holding.

In this instance, when a tenant in common dies, ‘survivorship' does not apply, and the deceased's share is transferred according to the terms of the will.

For more information click here.

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