The three stages of conveyancing that you should know before buying a property

The three stages of conveyancing that you should know before buying a property

It may look simple, but purchasing a home or a property takes a lot of processes, paperwork, meetings, and other procedures before the key will be turned over to you. For an average person, it may look simple, but it is completely daunting.

That is why there is a process called conveyancing which is a legal process that involves the buyer, the seller and the lawyers from both sides that serves as conveyancers where they will be undergoing three stages in the conveyancing process which is the contract of sale, the financial settlement, and the registration of the transfer that embodies the entire process of conveyancing according to the Melbourne buyers advocates.

Contract of sale

The conveyancing process starts when the buyer have already chosen the home or the property and it would probably a sound plan if they consult a conveyancer to guide them along the way knowing that the entire buying process will undergo the conveyancing process that starts even before the drafting of the contract with the seller of the property.

The conveyancer then compiles all the needed legal documents for his or her client from preparing the contract of sale and to the memorandum of transfer. A conveyancer is the one that reviews the contract of sale and also checks the terms and conditions that are indicated. When you and the seller have already both signed the contract, the transaction usually comes into a cooling-off period or the settlement period where you are given the time to thoroughly inspect the property and also prepare for the financing options.

At this period, the conveyancer will also make research on the property as part of the background checks that include title search and the checking of the certificate. The conveyancer is also the one that computes the settlement adjustments after the consideration of land tax, the council and water rates, and other fees needed.

The conveyancer is also the one to furnish the document for the transfer of land and lodge a caveat that ensures that your interest over the property is totally secured.

Financial settlement

Prior to the settlement date, the conveyancer will be giving you the statement that will have the details and the amount that is needed to proceed with the agreement in purchasing the property. The conveyancer is also the one to contact your bank to make sure that they are prepared in settling on the specific settlement date set by you and the seller of the property.

Registration of the transfer

At the day of the scheduled settlement between the buyer and the seller, the conveyancer will be representing you in the formal exchange of transfer documents along with the mortgage files, the stamp duty forms, and other legal documents that the seller’s representative and both of the parties’ bank representatives. The conveyancer is also the one that ensures to have the completion of all the needed steps in helping you get your new home knowing that purchasing a house is not that easy as it seems.

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