Vendor & Purchaser Information
Independent Non Bias Advice
The need for the Independence arises from the practice of some agents sending contracts to a Conveyancer without providing the opportunity for their client to have a choice in selecting their own Conveyancer.
Vendor & Purchaser Information
Written Authority & Instruction Forms
Both the Written Acknowledgement & the General Authority are written consent forms in which a party authorises the Conveyancer to act on their behalf in the transaction.
- The Written Acknowledgment is designed for single transactions, generally for purchase and sale matters and is most commonly used.
- The General Authority is applicable where a Conveyancer will be acting on your behalf in a series of transactions.
The forms state that the Conveyancer will represent you and can not act without this authority. This disclosure is there for your protection and to ensure that there is no conflict of interest on the part of your chosen Conveyancer.
Vendor & Purchaser Information
Current Statutory Searches
The vendor of a property must at least ten clear days prior to the date of settlement provide to the purchaser a statement called a Form 1. Although the conditions when purchasing at auction differ from that of a standard contract, a Form 1 will still be required.
The Form 1 must set out the rights of the purchaser and any particulars relating to mortgages, charges and prescribed encumbrances, where the vendor has obtained the land in the last 12 months, including details of that particular transaction and any other matters.
In order for this to be prepared there are several searches of which must be obtained, these are;
- Section 7 Statement
- Council search
- Information from the Vendor
- A Strata/ Community Corporation search (if applicable)
The Form 1 is generally served by the real estate agent at the time of the contract being signed & the purchaser will be asked to sign that they have received a signed copy of the document.
In the event that the vendor fails to provide the Form 1 or issues an incomplete Form 1 the purchaser may apply to have the parties brought back to their original positions prior to the contract or to be compensated for their loss in the form of damages.
The Form 1 would be considered defective if there is a material omission or error, which if it had been included, not included or incorrectly included, has influenced the purchaser's decision in relation to the purchase.