Buying a piece of property, a home for example, is a huge decision. The process is extremely complicated but as long as you go through it correctly, you’ll be fine. This is why seeking advice from a professional is highly important, a professional who knows the area and who is experienced in conveyancing.
Signing the Contract
This stage is pretty straightforward. If you want to make an offer, take the contract given by the other party and discuss it with your conveyancer before signing. This is to make you aware of your rights and responsibilities.
This stage of the process is something that you want to go through as careful as possible.
First, read every single document meticulously. Otherwise, you may end up banging your head against a wall because of missed details. One good example is the pre-contractual statement that outlines the fees and charges for you to deal with.
Second, bear in mind that you have the right to obtain legal advice and are not obligated to sign anything straight away.
Building inspection report has to be arranged once the other party has accepted your offer. These documents are written reports about the property’s condition.
Below are the responsibilities of your conveyancer once the contract has been considered binding:
- Arranging stamp duty payment
- Coordinating with your lender for the mortgage
- Contacting various government authorities to check if they have vested interest in the property
- Dealing with outstanding debts, if there are any
- Calculating adjustments for council, water, and rates
- Doing final checks on the property title
On the day of the settlement, funds will be handed over in exchange for the certificate of title and keys. Your conveyancer will be the one attending the meeting.