Buying a property can be a frustrating and lengthy experience
The last thing you want is to go through the complicated process and end up having costly problems.
Decisions don’t come easy when buying a property. You will spend a lot of time on site visits and thinking about the property before you decide if you want to buy the property. The last thing you would want is to regret a decision that cost you time, effort and money.
That’s why you want an experience property conveyancer on your team!
What is the property conveyancing process for buyers?
Property conveyancers use their extensive knowledge of the legal aspects of property purchasing to help you avoid making costly mistakes.
Here’s what you need to know and do before signing a contract to buy a property:
- Choose a trusted conveyancing lawyer to guide you step by step and to protect your legal interests.
- Make sure your conveyancer reviews all the paperwork you need to sign. Only sign the contract when your conveyancer gives you the green light.
- Communicate to your conveyancer any special conditions you want in your contract so he or she can notify the seller’s conveyancer.
- Get a Building and Pest Inspection for the property you want to buy. Have your conveyancer include in the contract that there must be a satisfactory result before you complte the sale.
- If you want to buy a property at auction, make sure you register at least a day before arriving and bidding at the auction.
- If a financial institution is assisting you to buy your property, get a written approval or ask your conveyancer to make the contract conditional until your loan is approved.
What you need to know after signing the contract:
Contracts signed and exchanged by both the seller and the buyer are legally binding.
Once you sign the contracts, make sure you have your deposit for the property ready. The deposit is negotiable, but you must pay it on the date agreed by both parties.
There might be a cooling off period (depends on the state and circumstances) during which you can cancel the contract for any reason before the cooling off period expires.
Your contract may include your right to inspect the property for any faults that the seller has not disclosed. If your inspection reveals severe faults you can ask your conveyancer if you can end the contract.
In Australia, the settlement period is between 30-60 days. You can negotiate to shorten or lengthen this period if required.
Settlement is when you make the final payment and the property is transferred to your name.
How to prepare for a settlement
- Your conveyancer should prepare the settlement figures for you to approve before the settlement date.
- Budget your funds to cover the purchase price and other legal costs.
- Ready the payment for the transfer stamp upon the sale of the property.
- If you are obtaining a loan to finance your purchase, your lender will have documents for you to sign and advise you of the funds available for settlement.
- If there are concessions available, your conveyancer should prepare declarations for you to sign and return.
- Arrange a final inspection at least a day before the settlement to ensure the property is in the same condition as on the contract.
- Call your conveyancer for any questions or issues before settlement
What happens at a settlement?
You can skip the settlement and have your conveyancer attend on your behalf. Your conveyancer will contact you after the settlement, and then you can collect your keys from the real estate agent.
The transfer of title, any discharge or the new mortgage is lodged for registration.
Choosing the right conveyancer is essential
The first step in the property conveyancing process for buyers is always the most important – choosing the right conveyancer.
The right coveyancer will guide you hrough the process and will help you avoid any regrets in purchasing a property.
As long as you understand the steps, your conveyancer will take care of the rest and will check every detail with you.