1. I am selling my home, and have signed a contract. What happens next?
  2. I have just signed a Contract to buy my first home. I am in the ‘cooling off’ period. What should I do now?
  3. I wish to sell/buy a business. What now?

I am selling my home, and have signed a contract. What happens next?
As your conveyancer, we will:

  • Check the Contract Note and the Form 1 (‘cooling off’ papers) and ensure that they are in order.
  • Arrange for the discharge of your mortgage, if applicable
  • Liaise as necessary with the conveyancer acting for the purchaser, and with the selling agent
  • Apply for a special SA Water meter reading and adjust the water consumption as at the date of settlement
  • Undertake all necessary searches of statutory and government offices. This will allow us to adjust Council Rates, SA
  • Water Rates, Emergency Services Levy, Land Tax (if applicable) and Strata Management/Insurance Levies (if applicable) as at the date of Settlement
  • Attend Settlement at the Lands Titles Office, Adelaide on your behalf and ensure that it is completed in accordance with the terms and conditions of the Contract
  • Advise you when settlement has been completed, and will deposit proceeds due to you into your bank account if required
  • Advise Council, SA Water and the Strata/Community Corporation (if applicable), and the selling agent that Settlement has occurred.

You will need to:

  • Contact electricity, gas and telephone to arrange final readings/transfer of services/ a few days before settlement
  • Arrange the handover of all keys to the property with the selling agent.

I have just signed a Contract to buy my first home. I am in the ‘cooling off’ period. What should I do now?
If you provide us with a copy of the Contract and Form 1 (‘cooling off’ papers) we will:

  • Advise you of your obligations as regards the terms and conditions set out in the papers before the ‘cooling off ‘ period expires
  • Check the Certificate of Title and other relevant documents to ensure that these are in order
  • Discuss with you the implications of ownership as Joint Tenants as opposed to Tenants in Common
  • Discuss and advise as regards trusteeships
  • Prepare a Memorandum of Transfer and provide a copy of this, and any other relevant papers, to your lender to assist in the preparation of the mortgage documents
  • Undertake all necessary searches to ensure that you receive a clear and unencumbered title at settlement, and also to ensure that all rates and taxes are adjusted as at the date of Settlement
  • Prepare the Settlement Statement that will clearly set out all costs for stamp duty, Lands Titles Office registration fees, costs of searches, our professional fees and adjustment of rates and taxes. This will be given to you before
  • Settlement, together with clear instruction as to payment of settlement funds
  • Liaise with your lender and with the vendor’s conveyancer to ensure that Settlement is completed in accordance with the terms and conditions of the Contract Note
  • Attend Settlement at the Lands Titles Office, Adelaide and advise you, the selling agent, Council, SA Water and the Strata/ Community Corporation (if applicable) that Settlement has been completed.

    You will need to:
  • Once ‘cooling off’ has expired, you will be required to pay the deposit to the trust account of the selling agent
  • You will need to contact electricity, gas and telephone to arrange final readings/transfer of services/ a few days before Settlement. You will need to arrange the handover of all keys to the property with the selling agent.

I wish to sell/buy a business. What now?
Each business is unique and it is best to make contact with us as soon as possible to discuss the specific situation.
Points to consider include:

  • Is the business name registered?
  • Has the accountant prepared an up to date Form 2?
  • Does the business lease premises? Will the Landlord agree to the transfer of the lease?
  • Is it best for the purchaser to enter into a new Lease? (In most cases, the answer is ‘Yes’).
  • What special conditions need to be in the Contract as regards the lease, staff and their entitlements, WorkCover, etc.?
  • What are the GST implications?

To learn more Contact Us