Buying or selling any piece of Real Estate represents a major financial transaction.
Not only that, but Real Property is also perhaps the most complete example of “Property” – the relationship between a person and a thing (or idea). So our society is careful to ensure that ownership of a piece of real estate is lawfully and permanently recorded.
In South Australia and several other states, the Torrens Title system records ownership by registering the owner’s name on the Certificate of Title.
In other parts of the world a complex series of deeds records a ‘chain of ownership’ going back to the original grant or division of the land, sometimes hundreds of years earlier.
Even though the Torrens system is much simpler, it’s still vital that ownership is recorded accurately. So when a transfer of ownership occurs, the details are handled by legal specialists, called Conveyancers.
So next time you buy a home or an investment property, you’ll need a conveyancer (or, a solicitor who also does conveyancing). They’ll handle all the legal aspects, and inform you regarding all the actual costs on your transaction. A few days before settlement, the conveyancer prepares a Settlement Statement, itemising all the costs and charges, and who will pay them (seller or buyer). You’ll then need to transfer the amount due from the buyer, to the conveyancer’s trust account.
The conveyancer will then take those funds to settlement and exchange the funds for the Transfer, which they will Register, including paying registration fee and Stamp Duty.
The Land Services Group (state government) will use the information on the Transfer to prepare a new certificate of title, containing your name as the owner of the property.
