Ipswich Conveyacing Terms and Conditions

Most conveyances are carried out, effected and completed in a standard and fluid process. It is
imperative that you follow the directions of Ipswich Conveyancing at all times as well as those of your external advisers and consultants (such as your finance broker, your financier/bank, your pest inspector, your building inspector, your pool safety inspector etc.).

This, however, is not always the case and some conveyances encounter bumps and hiccups along the way. This is usually and commonly because either you, or your external advisers or consultants or the other-side (buyer or seller) or their solicitors omit to do certain things as required because of oversight or unforeseen circumstances arising, and therefore un-scheduled issues arise during the conveyancing process (some examples are issues that arise out of a pest or building inspection, a party’s finance application is not finalised in time, a party promises to do something and then doesn’t, to mention only a few examples). These situations will then require renegotiations or extensions to certain deadlines and key-dates, sometimes even termination of contracts.

1. The Scope of a Standard Conveyance

When you engage Ipswich Conveyancing the scope of our engagement covers the actions and advices necessary for a ‘standard conveyance’. A standard conveyance is limited to the following: –

1.1 When buying a property: –

(a) receiving the executed contract of sale;

(b) calculating the due dates contained in the contract of sale (with settlement not earlier than 30 days from the Contract Date);

(d) calculating transfer duty and title registration fees payable by you;

(e) obtaining and reviewing the land tax search and registered plan search;

(f) exchanging the following correspondence or communication with you: –

(i) receiving your fully and correctly completed authority to act form;

(ii) preparing and sending a detailed ‘first letter’ to you advising you in relation to items (a) to (d)
above as well as the conveyancing process generally;

(iii) advising you in relation to the outcome of your land tax search and registered plan search;

(iv) receiving your instructions in relation to the satisfaction or dissatisfaction of your building and pest inspections (if any);

(v) receiving your instructions in relation to the satisfaction or dissatisfaction of your finance
application (if any);

(vi) email correspondence to you advising you in relation to the settlement statement and search
results (if instructed by you to conduct additional searches);

(vii) receiving your instructions in relation to your satisfaction with the settlement statement and
search results;

(viii) advising that settlement has been effected; and

(g) exchanging the following correspondence or communications with the seller’s solicitor:-

(i) sending email correspondence advising that we have been appointed to act for you and confirming the due dates under the contract;

(ii) sending email correspondence advising on the satisfaction or dis-satisfaction of your building and pest inspection reports (if contract subject to building and pest);

(iii) sending email correspondence advising on the satisfaction or dis-satisfaction of your finance
application (if the contract is subject to finance);

(iv) sending email correspondence advising the on the satisfaction or dis-satisfaction of your special conditions;

(v) preparation of transfer documents;

(vi) sending email correspondence enclosing transfer documents for execution by the seller;

(vii) sending email correspondence to confirm preference of an electronic settlement (PEXA);

(viii) sending email correspondence providing your search results to the Seller’s Solicitor for the
purpose of preparing draft settlement statement;

(ix) sending email correspondence enclosing settlement statement; and

(x) receiving a correspondence advising the cheques (payment directions) required to be provided at settlement.

(h) preparation of transfer documents;

(i) preparation of a settlement statement which includes adjustments to the purchase price to account for outgoings that are required to be apportioned between you and the seller (outgoings means rates, water and land tax);

(j) reviewing transfer documents executed by the seller;

(k) reviewing finalised transfer documents prepared in PEXA;

(I) executing the transfer documents on your behalf;

(m) contacting your financier once to book a settlement date and time;

(n) receiving and perusing your completed and executed transfer duty concession form (if claiming a transfer duty concession);

(o) providing cheque directions to your financier once on the morning of the Settlement Date or
uploading destination funds to PEXA;

(p) processing your transfer duty payment and stamping the transfer and contract of sale;

(q) attending once at settlement;

(r) participating in the PEXA platform as the incoming proprietor;

(s) advising the agent that settlement has been effected; and

(t) preparing and sending a formal ‘settlement letter’ to you after settlement.

1.2 When selling a property: –

(a) receiving the executed contract of sale;

(b) calculating the due dates contained in the contract of sale (with settlement not earlier than 30 days from the Contract Date);

(d) exchanging the following correspondence or communications with you: –

(i) receiving your fully and correctly completed authority to act form;

(ii) preparing and sending a detailed ‘first letter’ to you advising you in relation to items (a) to (c)
above as well as the conveyancing process generally;

(iii) email correspondence to you advising you when we receive notification from the buyer or the buyer’s solicitor that a condition under the contract is satisfied (note this does not include situations where the buyer requires extensions of time to satisfy a condition under the contract or entering in to negotiations with the buyer or the buyer’s solicitors on your behalf, in which instance we may charge additional professional fees as set out in the schedule);

(iv) sending a letter enclosing transfer documents for execution by you;

(v) receiving and reviewing the transfer documents from you as properly executed by you and your witness (where you require us to witness your execution, you may choose to attend at our office at a scheduled time whereupon we will witness your signature);

(vi) sending email correspondence to you advising you in relation to the settlement statement;

(vii) receiving your instructions in relation to your satisfaction with the settlement statement and
search results;

(viii) advising that settlement has been effected; and

(e) exchanging the following correspondence with the buyer’s solicitor: –

(i) sending an email correspondence advising that we have been appointed to act for you and
confirming the due dates under the contract of sale;

(ii) receiving and perusing transfer documents;

(iii) returning executed transfer documents;

(iv) receiving and reviewing settlement statement prepared by purchaser’s solicitor; and

(v) sending correspondence nominating the time and place for settlement and advising the cheques required to be provided at settlement (or by PEXA where settlement is electronic).

(f) contacting your mortgagee (bank), if the property is mortgaged, once to book a settlement date and time. We assume that you will contact your mortgagee promptly after entering into the Contract to inform your mortgagee of the sale and you have done and will do everything required by your mortgagee (such as executing documents and returning them to the financier or your broker) in a prompt and timely manner enabling settlement to be effected on the scheduled date for settlement in accordance with the Contract. To this end, we assume that when we telephone your financier to schedule the settlement, the financier has received all documents and information from you allowing us to make the booking for settlement;

(g) receiving the payout figure from your mortgagee;

(h) attending at settlement (please note that where settlement is not effected on the settlement date and is required to be extended, we will charge an extension of settlement fee to allow for the duplication of time we have expended on preparing for settlement on the settlement date);

(i) advising you that settlement has been affected;

(j) depositing the sale proceeds into your nominated bank account;

(k) advising the agent that settlement has been affected; and

(I) preparing and sending a formal ‘settlement letter’ to you after settlement.

2. Standard Conveyancing Fees

2.1 Our standard conveyancing fees are as follows: –

(a) Our professional fees in acting for you on a purchase is $1,500 (plus GST)*;

(b) Our professional fees in acting for you on a sale is $1,200 (plus GST)*; and

* Unless you have been provided with an alternative written estimate.

2.2 The standard conveyancing fees assumes the following:

(a) That the matter will be a ‘standard conveyance’ as defined in clause 1 above. If we are required to perform any work outside the scope of a standard conveyance we then we may levy additional legal professional fees to you for items of work outside of a standard conveyance, as required to be performed by us on your behalf. Those additional legal professional fees are set out in the schedule attached hereto.

(b) That the property you are purchasing is a residence or vacant land which is not located in a body corporate or community management scheme such as a unit or a townhouse. If you are purchasing a property within a body corporate or community management scheme, then we recommend that a body corporate information certificate is obtained in respect of the property.

(c) That the property you are purchasing is located within the Brisbane City Council. If the property is located in another council, you may be required to obtain a council records search for the property to determine the status of the rates account for the property. We recommend that a council rates search is obtained in respect of the property.

(d) When purchasing a property, the seller is an individual or are individuals. If the seller is a company (for example), we strongly recommend that you carry out an ASIC current extract search and a PPSR Search to:

(i) Determine the identities of the director(s) of the company; and

(ii) Determine if there are any charges affecting the Property (which charges may need to be released at settlement).

(e) That there are no encumbrances on the title for the Property. If there are encumbrances on the title for the Property (for example, easements, rights of way, etc), we will recommend to you that you instruct us to obtain images of these registered encumbrances.

3. Exclusion of Off-The-Plan and Non-REIQ or ADL Form Contracts

3.1 The Standard Conveyancing Fee does not apply to:

(a) Off-The-Plan Contracts; or

(b) Contracts which are not in the REIQ or ADL Forms format of contract; or

(d) Contracts for non-residential Property. For Commercial and Industrial Properties, we will provide you with a tailored quotation.

3.2 Tailored forms of Contracts contain non-standard provisions and are therefore specifically excluded from the Standard Conveyancing Fee. If your contract is a contract where 3.l(a) or (b) applies, we will charge you the Standard Conveyancing Fee plus the hourly rate referred to in the schedule for our review and advice to you of the Contract.

4. Searches

4.1 In our first letter to you we will set out a list of available searches specific to the property you are transacting. Some searches we will list as compulsory and you hereby instruct us to carry out and conduct those compulsory searches for you. We will also list searches that we recommend that you carry out. You must instruct us whether or not you require these recommended searches. If you do not instruct us or withhold your instructions, you will be deemed to have instructed us to not order those recommended searches.

4.2 We use the services of a search agent for all our searches and the costs we are invoiced from these search agents is the cost that you will incur in us carrying out these searches, if necessary. There is no mark-up (professional fee) by us on these searches.

4.3 We will provide you with the approximate costs of all searches (“the Search Costs”) in our first letter.

4.4 You must deposit the Search Costs into our trust account prior to searches being undertaken by us. We require the Search Costs at least 14 days prior to the Settlement Date. You must inform us when you have made such deposit. If we do not receive the Search Costs into our trust account by this date, you will be deemed to have instructed us to not order these searches.

5. Terminations

5.1 Unfortunately not all Contracts continue to settlement. Some Contracts which are, for example, conditional upon the buyer obtaining satisfactory pest and building inspections or satisfactory finance approval, may be validly terminated under the terms of the Contract.

5.2 In the event of a Contract being terminated, depending on the stage of the Contract as at the termination date, we will only charge you a percentage of the total professional fees (plus any additional fees incurred as at the termination date) (“Termination Fee”). Any searches that we may have undertaken on your behalf as at the termination date will also be charged.

6. What if something goes “wrong”

Whilst most Contract terms are clear, requiring parties to do (or not do) specific things, not all; parties will adhere to this. If during the conveyance an event occurs (e.g. the other party does something or omits to do something required by him or her under the Contract or at law) and if we are required to enforce your rights that is not specifically covered by these terms and conditions, we may charge additional professional fees to you. These additional professional fees are set out in the schedule. At the time of this event occurring, our experienced property solicitors will notify you of your rights and provide you with all of the options available to you in order for you to make an informed decision. You can then decide how you want to move forward. You are the client and you are in control of your conveyance.

7. Administration Charges

In the event that you engage us to act on your behalf and then decide not to proceed with our service, we may charge you professional and administrative fees for the opening of your file up to an amount of $300 (plus GST).

8. Fee Deposit

In order to open your file, we will request that you sign an Authority to Act (in our usual form) and deposit a Fee Deposit of $300.00* into our trust account, to be held on account of your fees and disbursements. These funds will be applied to your final invoice and is not in addition to our Standard Conveyancing Fee. By signing our Authority to Act, you not only accept these terms and conditions, you also irrevocably authorise us to deduct our professional fees and disbursements (out tax invoice amount) from the monies held in our trust account within seven (7) days of submitting our tax invoice to you.

9. Payment of Fees

We reserve the right to refuse to sign off on your transaction unless all monies owing have been paid, or an arrangement has been made for payment.

10. Postage

Standard post is included in our Standard Conveyancing Fee, however, if we deem it necessary given the circumstances of your matter to send items by express, registered or international post, the cost of the same will be added as a disbursement on your final tax invoice.

11. Electronic Transfer of Funds

We advise that there have been recent cases where fraudsters have sent emails purporting to be from a law firm and requested clients transfer funds for a settlement or otherwise. Should you receive any email from our office requesting the transfer of funds, please telephone our office to confirm our account details prior to attending to any EFT.

12. Electronic settlement via PEXA

PEXA charges their own administration/participation fee for the use of their platform to effect settlements electronically. Your PEXA fee is NOT included in our professional fees and will be charged as an additional fee payable directly to PEXA. If your matter is to be settled online via PEXA, you agree to the terms of their privacy policy, which can be found at http://www.pexa.com.au/privacy-policy

13. Closure and Archiving of your file

13.1 At the completion of your matter with us, upon payment of the final tax invoice, your file will be closed. Thereafter, your file will be allocated a unique archive number and then stored in our archives. An electronic copy of your file may also be stored by us in our electronic archiving system. We will store your file for a period of seven (7) years from closure of your file whereafter you authorise us to destroy your file.

13.2 Should it become necessary to retrieve your file after its closure, you agree to pay us our usual administrative fee for the recovery of your archived file prior to us procuring and providing a copy of the file to you or as directed by you. As at the date of these terms and conditions, our administrative fee is $80 (plus GST). Printing and copying will be charged at $0.20 (plus GST) per page.

Schedule of Additional Legal Professional Fees

(a) If we are engaged by you to act on a transaction that has a settlement date shorter than 25 days from the date of our engagement, you may be charged an additional fee of $150 (plus GST) (“Short Settlement Fee”).

(b) The real estate agent will usually act as the stakeholder (deposit holder) of the Deposit under the contract. If we are required to act as the stakeholder under the contract you may be charged an additional fee of $150 (plus GST) (“Deposit Holder Fee”).

(c) When purchasing a property, that all funds required for settlement will be provided by your
financier (bank). If we are required to receive funds into our trust account for settlement then you may be charged an additional fee of $150 (plus GST) (”Trust Account Fee”).

(d) That you are not required to withhold any GST from the sale proceeds at settlement under the Taxation Administration Act 1953 (Cth). If GST is required to be withheld from the sale proceeds at settlement then additional work is required to be carried out, and accordingly you may be charged an additional fee of $150 (plus GST) (“GST Withholding Fee”).

(e) When purchasing a property, we assume that you or your financier does not require a priority
notice to be lodged in relation to the property. If you or your financier requires us to lodge a priority notice in relation to the property, then you may be charged an additional fee of $150 (plus GST) (“Priority Notice Fee”).

(f) We assume that your transaction will be settled electronically. If your transaction is a “paper-
settlement” requiring our physical attendance at the titles office, the offices of a bank or financier or any other physical address in Brisbane, you may be charged an additional fee of $150 (plus GST) (“Paper Settlement Fee”).

(g) When purchasing a property that you are an Australian Resident. If you are a foreign person and we are required to prepare a Form 25 – Foreign Ownership Information, then you may be charged an additional fee of $150 (plus GST) (“Foreign Ownership Fee”). Please also note that advice or additional calculations required in respect of ‘Additional Foreign Acquirer duty’ will be charged at our hourly rate.

(h) Physical settlements outside of Brisbane (CBD) will require us to engage the services of a
settlement agent at the town or place for settlement. Settlement agents charge anywhere between $50 and $150 (plus GST) to act as an agent at settlement. The cost that we are invoiced from the settlement agent is the extra cost you will incur for us engaging the settlement agent. There is no “mark-up” by us on the engagement of a settlement agent.

(i) If we are required to retain any money in our trust account past settlement (for example, because the parties agree to a retention amount until an outstanding issue to sorted out post settlement) (“Retention Amount”) then we may charge you an additional fee of $150 (plus GST) for each 30 day period (or part thereof) that the Retention Amount is held in our trust account.

(j) Hourly rates are charged in 6-minute time blocks (or part thereof) based on the actual time spent by the file handler in attending to any work not covered above:

Administrative staff members – $170 (plus GST)

Paralegals – $250 (plus GST)

Solicitors – $350 (plus GST)

Practice Directors – $520 (plus GST)

## Where the Purchase Price on your contract exceeds this price, please note that we will charge an additional professional fee component. This is despite the fact that you may have received a written fee estimate from us. In the event that you have received a written fee estimate from us and your Purchase Price exceeds this price (on the contract), then these Terms and Conditions will supersede that written fee estimate.

Terms & Conditions