Memorandum of Transfer is a term used in real estate and conveyancing that some people can find vague or ambiguous.
Memorandum of Transfer has a specific and limited meaning, referring to a particular document. Understanding what this document is and what it does should clear up any confusion you may have about the term.
- What is a Memorandum of Transfer?
- What does a Memorandum of Transfer include?
- Memorandum of Transfer: explainer video
What is a Memorandum of Transfer?
Quite simply, the Memorandum of Transfer is a document that is registered at Land Services SA to legally transfer the ownership of land at the agreed price. The vendor and purchaser of real estate firstly sign a Client Authorisation which allows their conveyancer to sign the Transfer.
The Memorandum of Transfer is separate from the contract but, without it, all that changes hands is money and not ownership of the land.
Put most simply, the contract deals with money and the Memorandum transfers the land.
What does a Memorandum of Transfer include?
In South Australia, the Memorandum of Transfer will generally include at least the following sections:
- Land description
- Estate and interests
- 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 in the conveyancing process, it is a crucial document to get right to ensure the smooth transfer of real estate.
The process is straightforward, but it requires attention to detail from an experienced conveyancer to avoid issues. It is not unheard of for documentation to be rejected by the Lands Title Office due to incorrect wording and formatting.
This is one reason that it is important to select your conveyancer carefully and maintain a relationship with them over time. At Eckermanns, we do everything possible to help you save money, time and stress throughout the conveyancing process.
Memorandum of Transfer: explainer video
If you still have questions about the Memorandum of Transfer, our explainer video may help clarify them.
If you’d like to talk to us about your conveyancing needs or questions, contact Eckermann Conveyancers. We have experienced and knowledgeable staff available to help you at a range of locations throughout South Australia.