Conveyancing – Steps Involved

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

  1. 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.
  2. Express interest in a property and make an offer which is subject to inspections and your solicitor checking the contract.
  3. Obtain an unconditional letter of Loan approval from your bank or lender.
  4. Carry out property inspections; building, pest, valuations and strata (if applicable) reports.
  5. 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
  6. A contract of Sale must be prepared by the sellers Solicitor or Conveyancer.
  7. 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.

  1. Transfer documentation is prepared and taken to the Office of State Revenue to be stamped together with the original contracts.
  2. Transfer documentation is then sent to the seller.
  3. Enquiries and searches are made relating to the land being purchased.
  4. Your lender will prepare the Mortgage documents.
  5. Requisitions on the Title are sent to the seller
  6. Settlement statement is sent to the seller close to settlement. This will outline any adjustments, taxes to be paid, rates etc.
  7. Seller will advise details of cheques to be drawn.
  8. 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

  1. On settlement day a Final search of the title is obtained from the Land Titles Office.
  2. 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.