Who is legally responsible before transfer, after settlement?

[Property Meister]

Got a bit of a dilemma/question,

Settled on a property 4 weeks ago,

as of today, the not-so-good conveyancers havent forwarded the rates cheque yet, and the title hasnt been transferred,

in the meantime, who's legal responsbility is it, if something happens, eg house burns down, tenant breaks leg, tenant does a runner?

btw, ive already received rent into the bank account

 

[Bigtone]

Got a bit of a dilemma/question,

Settled on a property 4 weeks ago,

as of today, the not-so-good conveyancers havent forwarded the rates cheque yet, and the title hasnt been transferred,

in the meantime, who's legal responsbility is it, if something happens, eg house burns down, tenant breaks leg, tenant does a runner?

btw, ive already received rent into the bank account

you are..................

 

[Kristine..]

At Settlement, you become eligible to become the Registered Proprietor of the land

The property, and everything to do with it, is your responsibility from the date of settlement

Your lender would have required proof of insurance. Unless you have cancelled the insurance since settlement, then the tenant's broken leg would, in theory, be covered by the Public Liability component of your Fire & General insurance policy

Your conveyancer does not 'transfer the title'

Your lender lodges the Transfer of Land for change of registered Proprietor with the State Titles Office on or before 90 days from the date of settlement

Your conveyancer would have collected the balance of the Rates at settlement, to either reimburse the Vendor if they had paid the full year / ahead of the day of settlement, or to pay the balance of the rates outstanding, as municipalities require that the current year's rates are paid in full at settlement

Municipalities require the balance of the Year's Rates
Water Authorities require the balance of the Quarter's Rates

Hope this helps

 

[lizzie]

And I've had transfers take up to 4-6 months after the conveyancer has passed everything on.

The lands titles office is the big bottleneck - and with the flood of recent purchases (FHB, investors) I imagine it is even worse.