2022 / 06 / 21
| RECEIVE OFFER TO PURCHASE (“OTP”) (1-2 DAYS)The Property Transfer Attorney (“TA”) will: Receive the OTP and deposit if applicable. Request the Title Deed from the Seller or bank request the bond cancellation figures from the bank, FICA documents from the Seller and Purchaser, and Levy clearance figures from the Body Corporate or HOA or Managing agent. 2.1 CASH SALE (1-7 DAYS) The Property Transfer Attorney will request the purchase price to be paid and clearance figures. Once cancellation figures, Title Deed, and FICA documents are received documents will be drafted. OR 2.2. BOND GRANT (1-30 DAYS) The TA will wait to receive the bond grant. During this time the TA will receive the cancellation figures, Title Deed, and FICA documents. Once the bond is granted the TA will draft documents and request clearance figures. 2. DRAW DOCUMENTS Once documents are drawn the TA will provide the bond attorney with the draft deed and guarantee requirements. 3. DRAW AND SIGNATURE OF DOCUMENTS (1-3 DAYS) Seller and Purchaser are requested to sign transfer documents. The Purchaser is advised of transfer costs and requested to pay the same. The Purchaser will also at this stage be requested to sign the bond documents and pay the bond costs. 5. GUARANTEES AND OTHER (1-10 DAYS) The TA will wait to receive the guarantee/s from the bond attorney and upon receipt will send the guarantee/s and proof of payment of the cancellation costs to the cancellation attorney. The TA will submit and pay transfer duty via e-filing. The TA will receive clearance and/or levy figures and pay the same. The TA will receive transfer duty receipt and clearance certificates from the Local Authority and/or Body Corporate. 6. LODGEMENT AT THE DEEDS OFFICE (1-2 DAYS) The TA will arrange lodgement at the Deed’s Office with the Bond Registration Attorney and Bond Cancellation Attorney. 7. DEEDS OFFICE PROCESS AND REGISTRATION (8-12 DAYS) The documents will go through a process of examination at the Deeds Office. Once the documents are checked and there are no mistakes or notes and are not rejected, the transfer, bond, and cancellation attorney will all register simultaneously. 8. PAYMENT OF PROCEEDS (48 HOURS) Once the transfer is registered the guarantees will usually pay out within 24 hours. The proceeds will be paid to the Seller and any refund paid to the Purchaser. The TA will usually within 48 hours prepare registration packs containing letters, final statements, and proof of payment which will be forwarded to the Seller and Purchaser. 9. CHANGE OF OWNERSHIP OF MUNICIPAL ACCOUNT If the Purchaser instructs the TA to do so and pays the consultant’s fee, then the TA will instruct the consultant to close the Seller’s municipal account and open a new account in the name of the Purchaser. The above is a brief guide and not an extensive layout of all the steps and time frames. The entire process should take between 30 – 90 days, failing any unforeseen circumstances and depending on the complexity of the transfer. Louise Tonkin Incorporated provides well-experienced Property Transfer Attorneys and covers the whole property transfer process. |
