Frequently Asked Questions for Purchasers

Your questions answered

How much does Conveyancing cost for a purchaser?
There are many factors that may be involved in your property transaction, which will influence the overall conveyancing cost, including third-party and government charges. Please get in touch for an obligation-free estimate based on your specific circumstances. We guarantee there will be no hidden costs, and everything will be quoted to you upfront.

I am purchasing a property and moving in at settlement. Do I need to contact the electricity, gas and telephone companies?

Yes, as the purchaser you are responsible for connecting all utilities including electricity, gas, telephone, internet, etc. As your conveyancer, we will take care of the change of ownership with your local council, SA Water, Revenue SA, and your Strata/Community Manager if applicable.

If I have signed a contract to purchase a property when I should take out building insurance?

In South Australia, you are responsible for the property from the day you sign the contract, so it is vital that you take out insurance as soon as you sign the contract.  

 

Is there a cooling-off period when I purchase a property?

In most cases, there will be a statutory cooling-off period for you, the purchaser, during which time you have a right to terminate the contract you have signed to purchase a property.

There are circumstances where a cooling-off period does not apply, such as when you purchase a property at auction. You can also waive your right to a cooling-off period by obtaining independent legal advice and a certificate from the legal practitioner to that effect.

How much stamp duty will I need to pay and what other fees are payable?

Yes, in most cases the purchaser will pay stamp duty on the property purchase, as well as Land Services SA fees. Land tax may also be payable. Please get in touch and we can provide an estimate of the fees payable based on your specific circumstances. You can also CLICK HERE to access the Revenue SA website to calculate the stamp duty payable based on the estimated purchase price.

What happens on the day of settlement?

The settlement date is specified in the contract of sale. On that date, we calculate stamp duty and other fees, plus adjustments for rates and taxes, and prepare a settlement statement. The balance of the purchase price, fees and any adjustments are paid by you and the legal documents are lodged electronically. The certificate of title is transferred, meaning that ownership of the property has been legally transferred, and the funds will be released to the vendor. Once the settlement is complete, you can arrange to collect the keys from the vendor or their real estate agent. 

 

 

 

 

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