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Property Conveyancing

Searches

A search is a term used for the information obtained from the relevant statutory authorities (Lands Titles Office, Council, SA Water, Land Tax, Emergency Services, Strata Management etc) about the property that you are selling or buying. These are provided to the conveyancer to ensure that the information contained in the property purchase and sale contract is correct at the time of the contract preparation.

Adjustments

Rates, taxes and levies are adjusted as at the settlement date to ensure that the charges are paid by the correct party. In most cases, the vendor has prepaid these charges to a date beyond the settlement date and is entitled to a refund adjustment. This is done through your settlement statement that the conveyancer provides to you prior to settlement.

Settlement

Settlement is the physical process whereby the vendor’s conveyancer, the purchaser’s conveyancer, the vendor’s (outgoing) mortgagee and the purchaser’s (incoming) mortgagee meet face to face to exchange documents and bank cheques (consideration).

Settlements usually occur between 11.am and 12.00 noon Monday to Friday at the Lands Titles Office in Grenfell Street Adelaide.

At the conclusion of the settlement, the conveyancers contact (by phone) the real estate agent, the vendor and the purchaser to inform them that the settlement has been successfully completed.