Understanding the Conveyancing Process
After you have found your dream house, it might not yet be the time to exhale. There is a lot of paperwork to be completed and a series of administrative and financial duties to be fulfilled. You need to find the right professional to guide you throughout the process. Here is a breakdown of how a conveyancer can help you through each stage of the conveyancing process.
Understanding the Purchase Agreement
In Australia, most of the property uses the Torrens Title System. This means it transfers the complete ownership of the property to the buyer. The ownership papers will be held by the financial provider or bank until you complete paying the mortgage. Your conveyancer will help you understand the agreement to purchase and abide by the terms provided in it.
Your conveyancer will also determine whether the government has any right over your land. In some cases, the government may have the right to mineral deposits found on a piece of property. Additionally, your conveyancer will help you determine which purchase contract applies to your state. For example, in Queensland, the main contracts for the purchase of land are the one covering land and land with improvement, and the one covering townhouses and building units. In some states, one contract covers all these matters.
Understanding the Settlement Process
Your conveyancer will help you through the settlement process. A sale is said to be completed or settled when the purchaser pays the balance of the purchase amount. On the day of settlement, a final search of the title will be conducted to make sure the property does not have any restrictions or interests that may affect the exchange of ownership.
On the settlement day, your conveyancer and the seller's conveyancer will meet to hand over the title and to handle the exchange of payment. Your conveyancer will help you register the transfer deed with the Land Titles Office to notify the relevant authorities that the property has a new owner. If the settlement does not take place on the scheduled date, interest will accrue. Your conveyancer will ensure that you go through with the settlement before the time of the essence date.
In Conclusion
Conveyancing involves various stages, which include making an offer, exchanging contracts, transfer of property title, and settlement. Apart from guiding you through the purchase agreement and settlement process, your conveyancer's role is to ensure that you follow all the necessary protocols and laws throughout the purchase. To avoid court cases and huge losses in the future, make sure you involve a conveyancer.
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