3.0 – Unconditional Contract

Following the satisfaction of any conditions, the contract is considered ‘unconditional’ which means that we, along with your lender and the vendor’s legal representative, work towards settlement. Settlement is the process of ensuring that all encumbrances are removed and that you can be registered on title as the property owner.

We recommend that you immediately, following the Contract of Sale going ‘unconditional’, arrange insurance on the Property. The vendor carries the risk of loss or damage to the Property, but your lender may require insurance effective from the date of sale – this is to safeguard their interest in the Property, as well as yours.

3.2 – Complete documentation we send you

We will provide you with instructions on how to complete your Verification of Identity (VOI) and Client Authorisation Form (CAF) to satisfy the Land Use Victoria requirement. You will require identification and details of any changes to your name. We prepare the duties form, transfer documentation and liaise with your lender to prepare for settlement.

We will lodge a caveat at the Land Titles Office noting your interest in the Property. We will be notified if the vendor attempts to deal with the title.

Redman Lynch Stream

Conveyancing

Pricing

Sale

Purchase

Redman Lynch Stream Conveyancing is our streamlined legal solution for residential conveyancing that leverages digital tools and process designs.

Redman Lynch Stream Conveyancing is powered by a team of lawyers and paralegals each invested in the success of our clients, and with the experience and expertise needed to deliver a cost-effective, personalised and high-quality legal solution to each client.

This PEXA Certified team is led by Lydia Eastwood, Principal Lawyer, who has been recognised by the Law Institute of Victoria [Accredited Specialist in Property Law] and Property Council of Australia [Young Property Lawyer of the Year, Victoria].

Residential conveyancing is the process of transferring ownership of an existing home or titled land from one party (vendor) to another party (purchaser) pursuant to a contract of sale.
Often, for individuals, residential conveyancing is the biggest legal transaction you will be involved with, so it’s important that you have the right team to navigate you through the residential conveyancing process and any associated challenges.

With Redman Lynch Stream Conveyancing, you can be confident that you have the legal solution and the team of lawyers and paralegals that you need.
The residential conveyancing process can be complex, subject to strict deadlines and requires engaging with various stakeholders – agents, banks, conveyancers, lawyers, Land Use Victoria, State Revenue Office, municipal authorities, water authorities and owners corporation managers.

At the end of the process, after numerous tasks that need to be completed on point and on time, there will be a transfer of ownership of an existing home or titled land from one party (vendor) to another party (purchaser).

Cost-effective, personalised and high-quality legal solutions.

Get started

Below are the key stages of the residential conveyancing process:

With Redman Lynch Stream Conveyancing, you can be confident that you have the legal solution and the team of lawyers and paralegals you need at each and every stage of the residential conveyancing process.

Pricing

Redman Lynch Stream Conveyancing simplifies this complex process by delivering a simple and easy-to-use legal solution that saves on both time and costs while avoiding the inefficiencies of traditional legal solutions.

Our fixed fee for drafting a retail lease and disclosure statement using the Law Institute of Victoria form of lease starts from $1,500 including GSTand usual disbursements.

If you need extra assistance or something unexpected needs to be dealt with, we will outline the pricing for these out-of-scope services so that there are no cost surprises to you.

Have a reading room. Resources presentation as an insight.

Process

Redman Lynch Stream Conveyancing delivers the power of partnering technology and process design with a team of lawyers and paralegals who are invested in each client’s success.

Leases that fall under the Retail Leases Act 2003 (Vic) are subject to strict deadlines requiring prospective tenants to have precise and upfront information about certain terms and costs under the lease. Non-compliance with these deadlines or not providing certain documentation can cause delays and expose the Landlord to non-payment of certain costs by the tenant. Redman Lynch Stream Leasing will work closely with the landlord or its managing agent in conjunction with the landlord to ensure all compliance requirements are met and provide advice of the landlord’s ongoing obligations throughout the term and post lease.

There are a few key tasks/ compliance at each stage of the retail leasing process

Stage 1

Pre-Contract

Selling

This document sets out the information you must disclose about the Property. This includes any restrictions on title, easements, which services are connected, the cost of outgoings each year for the Property, details of the Property zoning and details of any building works at the Property. The Contract will contain general conditions, which are standard for the sale of property in Victoria. The Contract may contain, or you may want to negotiate to include, Special Conditions.

Buying

Open homes are great for introducing you to the property and the neighborhood; however, they are not always the best setting for a thorough inspection, you can make arrangements with the real estate agent for further and private inspections (which you can film). During your inspection In addition to viewing the property for its suitability for your lifestyle, it’s important to confirm goods and fixtures are in working order. Common items to test: heating and cooling; kitchen appliances, including: dishwasher, oven; and roller door/s. As Is, Where Is If you are successful in purchasing the property you buy ‘as is’ at the date of sale, which means You buy the property in its current condition, there is no obligation for the vendor to make repairs or restorations on the property unless specifically included in the contract, by way of a Special Condition. If goods are not in working order, and you sign to buy the property you have bought the item broken, as it is on the day you sign the contract. You are not able to use your final inspection before settlement to raise problems with goods, fixtures, or the condition of the property if you have not inspected them prior to signing and verified them working.

Before you make an offer on the property, request the Contract of Sale and Vendor’s Statement (aka Section 32 Statement) from the real estate agent for us to review. The Contract of Sale (Contract) sets out the commercial terms and conditions of the sale. The Vendor’s Statement sets out the information a vendor must disclose about the property. This includes any restrictions on title, easements, which services are connected, the cost of outgoings each year for the property, details of zoning and details of any recent building permits. We provide a verbal summary of the Contract of Sale and Vendor’s Statement, which identifies any ‘red flag’. We will also suggest if you need to including a requirement for amendments to the Contract of Sale, whether introducing or removing a special condition, as a part of your offer. If you have any concerns about goods, fixtures or the condition of the property, get advice from our team during this review. We may be able to resolve your concerns through drafting a Special Condition. You may want to negotiate other Special Conditions such as: Making your offer subject to finance; or Making your offer subject to a building and pest inspection.

Offers are typically made to the Vendor via the real estate agent. We recommend you make any offer contingent on you actually signing a Contract of Sale and submit the offer in writing via email – the offer would include: The total price you will pay for the property; The deposit you will pay (ie: 5% or 10% of the purchase price); When you will pay the deposit (ie: on signing or on finance approval); Conditions you require included in the Contract of Sale (as discussed with us); and The date you nominate for settlement (ie: usually 30, 60 or 90 days from signing). The agent may want you to make an offer by completing and signing a Contract of Sale– you can do this so long as the Contract of Sale reflects your complete offer.

The real estate agent will arrange for you to sign the Contract of Sale and Vendor’s Statement. Before you sign, you should: Carefully review the Contract of Sale to make sure it reflects your offer. If not already completed, arrange an inspection and verify the goods and fixtures are in a satisfactory condition. If you have any questions – talk to us. We act for you and want you to be informed before you sign. Once you and the Vendor have signed the Contract of Sale, your offer is accepted and is binding.

Stage 2

Conditional Contract

Selling

The Purchaser must now satisfy conditions, which may mean that you must allow further inspections for Building and Pest Inspections and Bank Valuers. In the event that a Purchaser is unable to satisfy a special condition we will provide information and seek instructions from you. Negotiating after a Building and/or Pest Inspection The purchaser does not have an automatic right to negotiate following an inspection that may include defects. A purchaser may end the contract if a ‘major’ defect is reported. If you want to negotiate, a change to the price or conditions of the contract can be made through a variation of contract. Negotiating and preparing a variation of contract will incur additional legal costs.

Buying

If you decide you do not want to proceed with the purchase, you may have a right to ‘cool off’ but not always. This must be completed within 3 business days of the date you sign the Contract of Sale. If you cool off, you will be entitled to a refund of any deposit paid, less than $100 or 0.2% of the purchase price – the agent will retain the larger amount. If the Vendor has not signed the contract, you can instruct the agent that you are withdrawing your offer. You have no right to cool off if you purchased at an auction or under auction conditions (eg: within 3 clear business days before or after a publicly advertised auction).

Finance: Commence the process to satisfy any ‘subject to finance’ conditions by providing your lender any documentation required. You must do everything to genuinely apply for finance as you may have to supply evidence of your application if you seek to end the contract under the finance condition. Building Report: You must use a registered building practitioner to satisfy the ‘subject to building inspection’ condition. Remember ‘subject to building inspection’ general condition only entitles you to end the Contract if the report reveals a ‘major’ structural defect, it does not give you an automatic right to negotiate the Price, only a right to terminate. Pest Report: Many inspectors will offer a combined building and pest inspection, or you must use a qualified pest inspector to satisfy the ‘subject to pest report inspection’ condition. Remember ‘subject to pest report inspection’ general condition only entitles you to end the Contract if the report reveals a ‘major’ infestation that threaten health or the building’s structure, it does not give you an automatic right to negotiate the Price, only a right to terminate. There is no automatic right to negotiate following an unsatisfactory inspection, however, if all parties are agreeable then a change to the price or conditions can be completed through a variation of contract. Negotiating and preparing a variation of contract will incur additional legal costs. Therefore, we recommend you complete a building inspection is possible prior to signing the Contract so you can make an offer considering any possible ‘major’ or ‘minor’ defects.

Stage 3

Unconditional Contract

Selling

Buying

Stage 4

Pre-Settlement

Selling

You are required to payout any mortgage on title as well as council and water rates. We provide indicative information a week before settlement, most banks do not confirm the final payout figure until the day of settlement. We will get payment instructions from you regarding funds you are receiving that exceed the amount payable to the bank and the balance of your deposit via an encrypted and secure platform.

Buying

You are entitled to inspect the property during the week prior to settlement. The agent will attend the inspection with you. The contract requires the vendor to provide the property in the same condition as it was when sold (excepting fair wear and tear). If, during the final inspection, you find something that is damaged or not working as it was on the day the property was sold, contact us – we will arrange a request for a repair. There is no requirement for the vendor to clean or steam carpets, consider if you want to arrange professional cleaning following settlement, before you move in.

Stage 5

Settlement

Settlement occurs electronically, usually mid-afternoon. There is no requirement for you to attend.

Selling

Buying

The outgoing mortgagee determines what time settlement will occur, generally settlements are scheduled at 2.00pm. Settlement is completed through an online platform, PEXA. We attend settlement, electronically, on your behalf. Please ensure you are contactable on the day of settlement, we will call you as soon as settlement has been completed. You will need to collect property keys from the agent following settlement.

Redman Lynch Stream

Conveyancing

Cost-effective, personalised and high-quality legal solutions.

With Redman Lynch Stream Conveyancing, you can be confident that you have the legal solution and the team of lawyers and paralegals you need at each and every stage of the residential conveyancing process.

Pricing

Process

Redman Lynch Stream Conveyancing delivers the power of partnering technology and process design with a team of lawyers and paralegals who are invested in each client’s success.

Stage 1

Pre-Contract

1.1 – Find a sales agent

1.2 – Give us your instructions

1.3 – Preparing the Contract

1.4 – Disclosing Material Facts

1.1 – Understand your borrowing power

2.2 – Attend inspections

1.3 – Have us review the contract and Vendor’s Statement

1.4 – Make an Offer

1.5 – Sign the Contract

Stage 2

Conditional Contract

2.1 – Accept an offer

2.2 – Cooling off

2.3 – Provide us with a signed contract

2.4 – Conditions and permitting inspections

2.0 – Cooling off

2.1 – Provide us with a signed contract

2.2 – Pay the deposit

2.3 – Satisfy conditions

Stage 3

Unconditional Contract

3.0 – Unconditional Sale

3.1 – Maintain your insurance

3.2 – Complete your discharge of mortgage

3.3 – Complete documentation we send you

3.0 – Unconditional Contract

3.1 – Insurance

3.2 – Complete documentation we send you

3.3 – Caveat

Stage 4

Pre-Settlement

4.1 – Schedule the disconnection of utilities

4.2 – Inspection

4.3 – Review the funds payable to you at settlement

4.5 – Providing keys

4.1 – Schedule the connection of utilities

4.2 – Attend your final inspection

4.3 – Review funds required for settlement

4.4 – Collecting keys

Stage 5

Settlement

5.1 – Settlement

5.2 – Keys

5.3 – Our call

5.0 – Settlement

Stage 6

Post-Settlement

6.1 – Authorities

6.2 – Our final letter

6.3 – Consider updating or creating your Will

6.1 – Authorities

6.2 – Our final letter

6.3 – Your title

6.4 – Consider updating or creating your Will