We are booked out for urgent contract reviews on Thursday, 31 August 2023. There are still two spots available for tomorrow.
- 71 St John Street, Launceston
- Mon to Fri 9.00 am to 5.00 pm
- 03 6331 5500
- info@sproal.au
FAQ
Frequently asked questions
Navigating conveyancing and property law can be daunting. We’re here to help demystify the process for you with our handy, frequently asked questions.
Check out our glossary page if you aren’t sure about the definitions.
What is conveyancing?
Conveyancing is the legal process of transferring legal ownership of a property from one party to another.
A conveyancing transaction generally consists of three stages:
- Pre-contract
- Pre-completion
- Post-completion
As your conveyancer, we’ll ensure your property transfer runs smoothly, on time, and without incident.
What is the difference between a lawyer and a conveyancer?
Conveyancers specialise in the transfer of ownership of property between parties.
Lawyers have specific knowledge about property law but also broader knowledge of the law in general.
A lawyer is qualified to advise on all aspects of the law which may affect your transaction. A conveyancer is limited in the nature of transactions they can undertake and the advice they can provide. In the event of any issues arising in a transaction, a conveyancer may need to refer you to a lawyer. The professional indemnity insurance policy held by a conveyancing firm is not equal to the policy held by a law firm.
Why should I use a property lawyer?
Selling or purchasing property is one of your most significant financial transactions. Due to the financial and legal aspects of transferring property, the process can be costly, stressful and time-consuming.
Conveyancing is our niche. We deal exclusively in property matters, so we are not distracted by other legal issues, nor are we stuck out of the office attending Court. Instead, we focus on your sale or purchase to ensure that we achieve the best result for you.
A property lawyer is the best person to protect your interests in the transaction.
Why risk DIY conveyancing when you could have the protection of our professional indemnity insurance? All lawyers in Tasmania must have professional indemnity insurance in place to ensure clients are protected.
If I sell property privately without using the services of a real estate agent. Can I use a lawyer for the preparation of the contract?
Yes, you can. No legal requirement exists for a property owner to use a real estate agent when selling property. We regularly assist clients who are selling or purchasing privately. A lawyer can prepare a contract for sale for you and deal with the purchaser's lawyer or conveyancer to arrange signing. If you are considering selling privately, please get in touch with us to see how we can help.
How fast can Sproal prepare a contract on my behalf?
We can prepare a contract on the same business day as receiving full instructions in most cases. Need a contract prepared? Submit a request here.
Do I have to pay stamp duty if I purchase a property?
Yes, stamp duty (or duty) is payable on all property transfers. There are very few exemptions. See the State Revenue Office website for full details of any stamp duty exemptions and concessions (there are also some facts available in our glossary of terms) currently available. There is a stamp duty calculator here.
When do I need to speak to you?
Preferably before you submit or accept an offer. Once a contract is fully signed, the parties are bound by its terms, so we are unlikely to be able to help you make any changes to the contract terms after that point.
Most purchasers are asked to submit a signed contract as their 'offer' without realising that they will be bound to the contract terms if the seller accepts that offer by signing the contract. Submitting a signed contract (your offer) is not simply a step in the negotiation process. You should seek legal advice before signing anything.
Remember that there is no automatic cooling-off period in Tasmania.
When do I need to pay costs and fees?
Our costs are payable on completion of the transaction in most cases.
If you are purchasing, we will provide you with a statement setting out the amount you must provide to complete your purchase, including the balance of your purchase price, your share of rates and land tax (if applicable), stamp duty, filing fees, search fees and our costs.
If you are selling, we usually, and subject to your consent, deduct our costs and fees from the sale proceeds. Following completion of your sale, net sale proceeds will be transferred to you or your bank.
Do I need to attend settlement?
No, we take care of settlement for you. Settlement occurs when the seller receives the sale proceeds and the buyer receives the title documents to the property. Settlement is attended by the seller's representatives, buyer's representatives, and the respective banker or financial institutions. We will contact you immediately following settlement.
Do I need to notify the Council, State Revenue Office, TasWater or Aurora of my sale or purchase?
Council and State Revenue Office: No.
Once the transfer has been registered at the Land Titles Office (LTO), the LTO will notify the Council regarding the change of ownership. They will also notify the State Revenue Office and the Valuation Division.
TasWater: No.
The Vendor’s representative is responsible for notifying TasWater of the change of ownership. If we act for you when you sell a property, we will do this on your behalf.
Aurora: Yes.
Are you able to act as our settlement agent?
We welcome requests from other solicitors, conveyancers and lenders to act as their agent for conveyancing settlements taking place in Launceston. Please email agency@sproal.com.au or use the form below to check our availability to assist you.