[UPDATED 22/3/18] I am often surprised by how mysterious the world of conveyancing seems to many people I meet.
And one of the curiously common questions I hear is what is the Memorandum Of Transfer?
Let me explain what this document is and why you need it as well as your sale contract.
What is the Memorandum Of Transfer?
Quite simply, the Memorandum Of Transfer is a document that is registered at the Land Titles Office to legally transfer the ownership of land at the agreed price. The vendor and purchaser of the real estate firstly sign a Client Authorisation which allows their Conveyancer to sign the Transfer.
It is quite separate from the contract but without it, all that changes hands is money and not ownership of the land.
We now have a short, explainer video about the Memorandum Of Transfer, here:Â Conveyancing Explained: Memorandum Of Transfer.
What is in the Memorandum Of Transfer?
In South Australia, the Memorandum Of Transfer includes such sections as:
- Land description
- Estate and interests
- Encumbrances
- Details of both the transferor (Vendor or Seller) and the transferee (Purchaser)
- Provision for the transfer to be officially witnessed and certified where required
While this particular document is not the most demanding of the conveyancing process (there are a myriad of other intricacies and details we must pay attention to on your behalf), it is crucial to get it right to ensure the smooth transfer of real estate.
I do occasionally hear stories of documentation being rejected by the Lands Title Office due to incorrect wording and formatting.
Again, it is just another reason to select your conveyancer carefully and maintain a relationship with them over time; we do everything possible to help you save money, time and heartache!
