Conveyancing is the process of transferring ownership in a property from one party to another. Conveyancing is the complete process of this transaction.
Prior to Contract exchange
- You should obtain a copy of the contract of the property you wish to purchase and forward it to us for review. If you are bidding at auction you should let us have a copy of the contract not less then 24 hours before the auction is to take place.
- Express interest in a property and make an offer which is subject to inspections and your solicitor checking the contract.
- Obtain an unconditional letter of Loan approval from your bank or lender.
- Carry out property inspections; building, pest, valuations and strata (if applicable) reports.
- Exchange of Contracts – once all reports are in order and your loan is formally approved your solicitor will arrange this exchange. This carries with it a 5 day cooling off period unless you agree to waive the cooling off period
- A contract of Sale must be prepared by the sellers Solicitor or Conveyancer.
- There are a number of certificates that need to be attached to this contract:
- a Section 149 Certificate from the Local Council, detailing zoning and other information.
- a sewerage diagram.
- a copy of the title folio from the Land Titles Office.
- copies of all documents creating easements or restrictive covenants.
- a cooling off period statement has to be provided.
- a notice directing the parties to section 52A of the Conveyancing Act Sale of Land Regulations
- if the property is strata unit, the seller must attach copies of the folio of the Register for the lot and common property and a copy of the strata plan.
After Contracts have been Exchanged
It can take between 4-8 weeks from the exchange of contracts and the settlement of the purchase.
- Transfer documentation is prepared and taken to the Office of State Revenue to be stamped together with the original contracts.
- Transfer documentation is then sent to the seller.
- Enquiries and searches are made relating to the land being purchased.
- Your lender will prepare the Mortgage documents.
- Requisitions on the Title are sent to the seller
- Settlement statement is sent to the seller close to settlement. This will outline any adjustments, taxes to be paid, rates etc.
- Seller will advise details of cheques to be drawn.
- A certificate of currency will be required if you are purchasing a home unit. This can be obtained from the Body Corporate / Strata insurer.
At Settlement
- On settlement day a Final search of the title is obtained from the Land Titles Office.
- A full inspection of the property should be undertaken to ensure that no damage has occurred or any fixtures and fittings are as they should be.