Welcome to another Bumper issue of Conveyancing Solutions Focus!

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E-news Issue 7 - 2008

We can take care of your lending needs as well!

Here at Conveyancing Solutions, we’re very pleased to now offer our clients the convenience of both home lending and conveyancing services – all under the one roof! Because our passion is to help our clients experience a simple and stress-free property transaction, it only makes sense for us to diversify and now offer a lending service as well.

We have teamed up with Mortgage Options and now offer lending services through 30 lenders with more than 400 loan products.

And best of all, this service is 100% free to our clients, so we can help you find the right loan for your property purchase or to refinance your existing loan!

To find out more about this unique service, contact our Accredited Mortgage Consultant on 1300 85 90 20.

The low-down on purchasers compensation

You’ve heard of situations where purchasers inspect a property prior to completion only to find that a window is broken or the dishwasher doesn’t work. What happens in situations like these, and can the purchaser claim compensation?

The answer is yes – within the parameters of common sense. Typically, the amount a purchaser can claim cannot exceed a certain percentage of the purchase price – usually it’s around 5% but often altered to 1% – otherwise the vendor can rescind the contract.

In situations where say for instance a window is broken or the dishwasher doesn’t work, settlement can take place with the dollar amount held back either from the deposit paid or the settlement funds in a trust account (usually the Estate Agent’s Trust Account) pending the resolution of the dispute (e.g. repair or replacement).

In the event where an agreement cannot be reached, the Contract of Sale allows that a claim can be made under Clause 7 of the Contract. An arbitrator can be appointed by the Law Society to resolve the dispute. In the event that an arbitrator is not appointed, the claim will lapse.

Title Insurance: what is it?

You know that it makes sense to protect your home and contents from physical loss or damage, but did you also know that it’s equally important to protect the actual ownership of your home?

Your Certificate of Title proves that you are the legitimate owner of your home, and it is this document that entitles you to the ownership rights to occupy and use the property, however you can be exposed to risks that limit those rights.

Title Insurance can help minimise or eliminate these risks. It protects your legal ownership of a property against losses incurred as a result of unknown or undetected risks that already existed prior to the date of settlement or your purchase or your sale.

Here are some of the risks you can be exposed to as a home owner:

• Forced removal of an illegal structure on your property by the Council because it was built by a previous owner without Council Approval;
• Outstanding rates and taxes on the property incurred by previous owners – which you are liable for now as the current owner;
• Forced removal or the relocation of a structure because it encroaches over an easement or a neighbour’s boundary; or
• Any issue that would have been revealed in an up-to-date survey report (excluding boundary walls and fences).