Typically there are 3 stages of a conveyancing transaction though the exact details differ depending on your situation:
1. Before the contract
2. Contract to settlement
3. After the settlement
When you have a contract in place, the Conveyancing Process does not start until you express interest to purchase a property. You should be in talks with your conveyancer and talk to them about your plans and goals for the purchase before you give the vendor an offer to purchase their property.
You will generally pay a deposit when you place an offer on a property as a purchaser. However, this does not mean that the property can’t be removed from the market or that there is a binding contract in place. It is to give the impression that you are serious about your offer.
As a seller, you are not legally bound to any agreement by accepting an offer verbally. Only after getting the contract signed with mutually agreeable terms, the transaction becomes official. Get your conveyancer involved during the process of creating and reviewing the contract of sale.
There is generally a cooling-off period after you have exchanged contracts which give you time to rescind the contract if you wish to do so.
You need to do several things as this is also the time to prepare for a smooth settlement, such as prepare and examine any mortgage agreements, arrange payments for stamp duty, check any planned developments that could affect your property; and do the final inspection.
Your conveyancer or their appointed agent will attend settlement on your behalf to meet the vendor’s representative when the settlement date arrives, and both parties’ respective bank representatives can exchange or transfer legal documents. At this time they have to fulfill the payment to the vendor including the balance of the purchase price, adjustments and legal fees.
Overall, your conveyancer makes sure all necessary conveyancing steps are completed so that the settlement will run without a fuss.
Next, you need to register the transfer documents with the Land Titles Office to formally change property ownership. There will also usually be a discharge of any existing mortgages and transfer of title etc during this stage. Your bank will do all this for you if you are purchasing the property through a loan. If not, then your conveyancer will assist you with the stamping and lodging of these documents and get them registered after settlement.
At Conveyancing Sydney, we aim to make the process as seamless and stress-free as possible for you. Call us now for an obligation-free quote at (02) 8084 2764. You can also send us an email at info@conveyancingsydney.net.au.