Conveyancing deals with the conveyance (transfer) of real estate properties between buyers and sellers. As simple as it may sound, this area of property law can be very complex as it tackles issues with contracts, mortgages, caveats, easements, covenants, and many more.
What are 6 stages of Conveyancing?
- The process starts as soon as the contract for sale has been drawn. And it should include the following information:
- Property title details including the street address
- The span of time between signing and contract completion
- Inclusions and exclusions from the sale
- Specified conditions for this particular property
- The contract is then signed by both parties, so it’s extremely important that you are fully aware of the exact terms and conditions stipulated on the contract before actually signing because most of the time withdrawal from the agreement is very hairy.
- Both the buyer and the seller will have hundreds of things to take care of while the contract is in the process of completion. Below are some of the most important.
For the buyer:
- Managing various checks on the property (your conveyancer will assist with this)
- Organising insurance
- Getting loan arrangements in order
For the seller:
- Making arrangements with the bank for mortgage discharge
- Signing the Transfer of Land document
- Any adjustments to the purchase price are dealt with between the parties before settlement.
- Every single thing has to be in order on the day of settlement. The Purchasers representative has to show up with the funds, and the Vendors representative has to have the Title of the property and all the documents needed for mortgage release. After handing everything over, including the keys, that’s when the property is considered settled.
- After settlement, the change of ownership takes place. Meaning the new property owner must be registered on the title, with various government bodies informed.
Huge decisions like buying or selling a property should not be faced alone. It’s important that you get professional help to avoid deadly pitfalls.
Guess what? You don’t have to go too far because Campbell Conveyancing is here to lend a hand. Contact us for Conveyancing services and you will definitely get the advice that you need.