Prior to settlement, both you and the buyer should retain a conveyancer or solicitor to arrange settlement. A conveyancer will provide advice in respect to your rights and responsibilities under the contract and Form 1, prepare the Memorandum of Transfer, calculate the Adjustment of Rates and Taxes, prepare Settlement Statements and provide any other documents necessary to complete the transaction and settlement.
Your conveyancer will also liaise with the buyer’s conveyancer over settlement arrangements and will make contact with you and, if relevant, your financing institution, regarding when and in what way the final payment is to be paid.
Verification of identity
As an essential component to the process of dealing with a property, you will be required to undertake a face-to-face in-person interview where you must produce prescribed documents (such as a passport and a driver’s license) to verify your identity.
This can be completed through your solicitor or conveyancer, or alternatively contact the Land Services Group – www.sa.gov.au/landservices – for further information.
Mandatory compliance with this requirement commences early 2014.