Conveyancing is the transfer of ownership or interest in real property from one person to another.
Conveyancing is usually completed by a licensed conveyancer (us) or a solicitor. You can do it yourself, but the complexity of the Federal, State and Local laws makes it an unwise choice.
The conveyancing process typically takes four to six weeks and includes, but is not limited to, the following:
- Title searches
- Checking for encumbrances and restrictions on the property
- Ensuring any special conditions mentioned in the contract are met
- Making sure rates, land tax and water consumption charges are paid by the appropriate party
- Arranging for the payment of fees and charges
- Preparation of legal documents.
So you have accepted their offer, congratulations! What next?
A deposit is usually paid within 7-14 days of the signing of the Contract of Sale. You may be entitled to receive the deposit monies earlier than the date of settlement. This will depend on various factors. The purchaser needs to authorise the release of deposit monies. A co-operative relationship the between the seller and the purchaser can have a positive impact on the deposit being released earlier rather than later.
We can prepare the relevant documentation to assist in the early release of the deposit.
The purchaser may include special conditions in the Contract of Sale when the offer is made. A common clause used is ‘subject to finance’. This means if the purchaser has not secured finance approval by a certain date they have the option of not proceeding with the purchase.
Subject to building inspection, pest inspection and the 3 day cooling-off period are also options for the purchaser not to proceed.
So, You have decided to purchase a property.
You can sign the Contract of Sale once you are happy with the property that you wish to purchase. Depending on your level of knowledge and experience, you should contact our office to ensure that you do not miss any important clauses which may have a significant impact on your settlement.