Online conveyancing: What documents do I need?

Conveyancing isn't always a simple process. It's just one of the reasons why professional conveyancers are hired to help everyday Australians with a property transaction. Whether you're buying, selling or transferring property, there's always going to be legal paperwork to fill out.

Online conveyancing can provide faster alternatives for a property transaction, but the legal documentation requirements are still the same. In order for a property transaction to be done lawfully, there are several conveyancing documents that need to be drafted and signed correctly.

Conveyancing documents serve as a record for your property transaction. Your conveyancer should be able to guide you through the entire process of filling out these documents. But before approaching a conveyancer, it can help to know just what type of documents are required for the entire process.

Got any questions about the online conveyancing process? Ask one of our conveyancing lawyers.

Here are the documents you'll need to finalise your property transaction. Depending if you're buying, selling, or transferring property, you might need a couple of extra documents.

Contract of sale

A contract of sale is one of the most important conveyancing documents you'll need to sign and fill out during a property transaction. Once this contract is signed, ownership of the property transfers over from one party to another.

General details you'll find in a contract of sale include:

• Property address
• Names of the vendor, buyer, real estate agent and conveyancers
• Settlement date
• Cooling off period (if relevant)

Loan contract

A loan contract (also known as a loan agreement) outlines the terms of a loan between you and your bank lender. This contract can be used as a record for the loan you've taken out for the purchase of a property.

You will find the following details on a loan contract:

• Loan amount
• Expected loan period
• Whether the loan has a fixed or variable interest rate
• Associated fees and charges
• Additional features such as a redraw or offset facility

Certificate of land title

The land title is one of the most important conveyancing documents that is part of a property transaction. A property seller should always provide this to the buyer, and reviewing this title is just one way of safeguarding the buyer's best interests.

After reviewing a land title, the buyer should have a better understanding of what's been done to the property in the past and what restrictions there may be in the future.

A land title may include the following:

• Caveats
• Easements
• Existing mortgages on the property
• Heritage delays
• Restrictions on renovations and extensions

Vendor's statement/Section 32

A Section 32 statement (also known as a vendor's statement) is another one of the essential conveyancing documents you'll need to review during a property transaction. This document should include all information that potentially affects the land being sold.

Information should be included in this document regardless if it may affect the buyer's decision to purchase the property in the first place.

Is a Section 32 one of real estate's most important documents?

A Section 32 is required by real estate agents before the property is listed on the market. Real estate agents will always ask for this document and it's one of the first things a conveyancer will need to produce for their client. Make sure you have a qualified conveyancer that goes through your Section 32 with a fine tooth comb.

A Section 32 statement should include information about the following:

• Certificate of title
• Building permits
• Recent building work carried out
• Recent lease agreements
• Utilities connected and supplied to the land
• Outgoing costs including council rates
• Plan of the house

Settlement statement

After a contract of sale is signed, you won't get access to your property straight away. In the meantime, you will need details of your settlement in a document called a settlement statement.

Details that you find in a settlement statement may include:

• Purchase price
• Deposit amount
• Rates estimate
• Government fees
• Stamp duty

Transfer documents

Transfer documents are filled out and lodged after the ownership of a property has officially changed hands. These conveyancing documents must be filled out in the presence of a qualified witness.

The documents are then lodged to the relevant office for your state or territory. These documents are an official record of who owns the land along with the date and price. This document is usually lodged by the seller or the conveyancer working on behalf of the seller.

Verification of identity Victoria

Verification of identity (VOI) is a requirement for property buyers and sellers or anyone who is a recipient of a new certificate of title. It is a formal method of identity verification used to reduce the risks of fraud during a property transaction.

VOI forms will need to be filled out and must be completed in the presence of a VOI agent. Institutions such as Australia Post and ZipID can assist with this identification process, however, laws and regulations for this process can differ depending on what state they're carried out in.

Our property lawyers can answer any questions you have about conveyancing documents. Ask one of our lawyers today for more information.