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Derek Legal Blog

What is conveyancing?

What is conveyancing?

Conveyancing is a necessary process in both buying or selling property. A professional conveyancer or Solicitor helps with the settlement and title transfer process by ensuring that their client is meeting all legal obligations and that their client’s rights are protected during this transaction. Both buyers and sellers will need to use the services of a conveyancing professional, because both sides will have certain obligations that they must fulfil in a Contract of Sale.

 

What You Do

Instruct the Real Estate Agent to forward us the signed Contract of Sale by fax/email/post (or send us a copy yourself)

— If you are obtaining finance, get this Application underway.
— Organise Building and Pest Inspections.
 

What We Do

Receive and peruse the signed Contract from the Real Estate Agent or the Buyer.
Open the file and send you a Conveyancing Package containing a specific advise and forms for signing in relation to your Stamp Duty Concessions if applicable.

 

Finance Condition

We will advise the Sellers Lawyers of the outcome of your Finance Application and/or seek any extensions that you request. Advise us of the outcome of your Finance Application as soon as possible.
 

Building and Pest Condition

We will advise the Sellers Lawyers of the outcome of your Building and Pest Inspections and/or seek any extensions that you request. Advise us of the outcome of your Building and Pest Inspections.

 

Once Contract is Unconditional

– Prepare Transfer Documents and forward to Sellers Lawyers for signing
– Begin Searches on the Property.
– We will conduct the Standard searches

– Once we have these back we will review them

– Attend to Stamping of Transfer Documents and Contract.
– Calculate Settlement figures and/or any adjustments.
– Liaise with your Financier in preparation for settlement and ensure that funds will ready for drawdown.

– We can sign Transfer Documents (as your Lawyer) on your behalf
– When you get these, read any information that we have provided as well as reviewing them for yourself.
– If there is anything that you are unhappy with or wish to question please advise us.

Provide us with funds for Stamp Duty (unless Stamp Duty is being paid at settlement by your lender)

– If you need to provide any additional funds in order to complete the purchase you will need to ensure these are Telegraphically Transferred at least 1 day prior to settlement, to our Trust Account.
– Book Settlement.

 

Settlement

– We will attend settlement on your behalf and conduct any required searches on the day of settlement to ensure there are no further notations on the title.
– We will deliver the necessary documents required for Settlement to your Bank, and accept the funds from them for your Purchase.
– We will pay the balance purchase price to the Sellers Lawyers.
– You will need to conduct a pre settlement inspection of the property. We recommend doing this the morning of settlement if possible. If there are any problems notify us IMMEDIATELY.
– You will not need to attend settlement.

 

After Settlement

We will advise the Agent that settlement has been effected and request them to release the keys to you.

If you did not need finance, we will attend to the registration of the Transfers and Release of Mortgage. If you did obtain finance this will be attended to by your bank.

We will collect the keys from the Agent (unless there were other instructions regarding the keys)

We will transfer any insurances you need to, and attend to connections such as Gas, Electricity, Phone etc.

Contact Rita Derek of this firm for further advice.

Posted in: Derek Legal Blog at 18 December 17

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