Question 1

What is Conveyancing?

Accepted Answer

The Australian Institute of Conveyancers (SA Division) defines Conveyancing as the term for the legal and statutory processes required to effect the transfer of ownership of real estate from one person or entity to another. The preparation, execution, verification and lodgement of numerous legal documents are important elements of conveyancing.Your conveyancer will explain clearly the meaning and importance of each document. We endeavor to use plain English, not complicated legal terms, to help you understand exactly what you are signing. Drawing upon your instructions, we will also assist you to meet your legal obligations and protect your rights and interests. Investigating the title of the property is one of the most important elements of conveyancing.
Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. We are able to conduct the appropriate searches and inquiries on your behalf.
We also handle other important property related matters such as land divisions and leases and preparation of sale Contracts and disclosure (Form 1) statements.

Question 2

What should we look for in a Conveyancer?

Accepted Answer

• Honesty
 • High level of communication 
 • Their experience in the industry
 • Thoroughness 
 • A firm that charges no hidden fees
 • Good reputation
 • Member of the Australian Institute of Conveyancers
 • Undertake regular professional development

Question 3

Are you insured?

Accepted Answer

Houtermans Horner Conveyancing hold professional indemnity insurance through Marsh up to a limit of $3,000,000. This will protect your interests in the unlikely event of an error occurring.

Question 4

Is it necessary to use a Conveyancer?

Accepted Answer

Although it is legal to do undertake your own conveyancing it is not recommended, due to the complexities of the transaction. Many issues arise in the conveyancing process, including stamp duty implications, methods of ownership, zoning queries, encumbrances and easements, which require the advice of an expert. There is also a lot of time and effort involved in the conveyancing process to ensure all title details are accurate and registered correctly. A property is likely to be one of the biggest purchases you make in your lifetime and it’s worth putting the transaction in the hands of a professional.

Question 5

Do we have to use the Conveyancer my agent recommended?

Accepted Answer

It is your right to choose your own conveyancer, and an agent (or finance broker) cannot force you to use their nominated conveyancer. Most agents and brokers have conveyancers they refer work to, and this is allowed under the Land and Business (Sale and Conveyancing) Act if their recommendation is based on the expertise and professionalism of the conveyancer. Their suggestions can be helpful if you do not know of a conveyancer, however the final decision rests in your hands. We encourage you to choose someone you are comfortable with and trust. You are allowed to use the same conveyancer as the other party to the transaction, however should a conflict of interest arise, the conveyancer must cease to act. This means that while you may save some money sharing the same conveyancer, there may be further costs and delays incurred in the event a conflict arises.

Question 6

What’s a Form 1 document?

Accepted Answer

Under the Land and Business (Sale and Conveyancing) Act 1994, a vendor must provide a document called a Form 1 to the purchaser when selling land. This document is a disclosure statement that outlines details relating to the property being sold, such a mortgages,  charges and encumbrances affecting the property. Should this Form 1 be served on the purchaser after the Contract has been signed, it will signal the commencement of the 2 business day cooling-off period. The Form 1 needs to be served on the purchaser at least 10 clear business days prior to settlement.

Question 7

Are you able to look over my Contract and Form 1 documentation during the cooling-off period?

Accepted Answer

We certainly can. This is offered as part of our service and at no extra cost.

Question 8

What’s the VOI (Verification of Identity)?

Accepted Answer

The identity of all parties involved in a conveyancing transaction must be verified prior to registration of the documentation with the Land Titles Office. This can be completed either with one of our staff members, at a participating Australia Post outlet or through a phone application known as Livesign. If you are located overseas, you will need to make an appointment with an Australian Consulate or Embassy. The accepted documentation combinations can be found at the following link to the AICSA website – https://www.aicsa.com.au/documents/item/467

Question 9

Do I have to pay Stamp Duty on my purchase?

Accepted Answer

In the majority of cases, yes. This is based on a sliding scale and a calculator can be found on the Revenue SA website using the link at the end of this paragraph. Commercial properties falling under the category of qualifying land can be purchased without payment of Stamp Duty, and transfers of a principal place of residence between current or former spouses / domestic partners can be put through as an exemption, provided they meet certain criteria.  https://www.revenuesa.sa.gov.au/taxes-and-duties/stamp-duties/calculators/stamp-duty-on-conveyances-calculator-new

Question 10

When should I book a removalist if I’m settling on a property?

Accepted Answer

It’s best to book your removalists around 4–6 weeks before your expected settlement date. This gives you a better chance of securing your preferred time and provider, especially during busy periods. Research companies known for high standards and strong local knowledge, look for movers with a number of positive customer reviews, attentive customer support and flexibility to meet your specific needs. Start by getting quotes from a few Adelaide removalists (https://www.upmove.com.au/removalists/adelaide)for you to compare before booking.

Question 11

What’s the difference between a paper settlement and a PEXA (Electronic Conveyancing) settlement?

Accepted Answer

Paper settlements are conducted in the Land Titles Office (LTO) in Adelaide at 11.30am every weekday. It involves preparing and signing transfer documentation and settling using Bank Cheques. Settlement proceeds can take up to 2 days to clear and registration of the transfer can take weeks to be completed at the LTO. With an electronic settlement, settlement can be completed any time between 9am and 4pm from Monday to Friday. It involves securely preparing and signing electronic documentation and lodging via an electronic platform. Funds are transferred as cleared funds within minutes, and registration at the LTO can occur in real time. Should issues arise on the morning of settlement, there is ample time to correct and settle on PEXA, whereas with a paper settlement there are difficulties in arranging a settlement after the 11.30am cut off. We are a big supporter of the electronic settlement process.

Question 12

Do I have to provide an ATO Clearance Certificate?

Accepted Answer

Yes. On all properties sold, the vendor must provide the purchaser with an ATO capital gains withholding certificate. This certificate states that the vendor is not required to withhold an amount for foreign resident capital gains purposes from the sale of a taxable asset (the property). Should this not be provided by settlement, the purchaser must withhold 12.5% of the purchase price and remit to the ATO. The online application can be found on the ATO website.

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