Resources: Home Buyer Centre
Conveyancing
This is the process of transferring the legal ownership of property from one person to another.
You may do this yourself however it is recommended that you use a solicitor or licensed conveyancer to ensure the transaction runs smoothly and you are protected from the consequences of making a mistake.
In choosing a conveyancer or solicitor make sure they have a license and professional indemnity insurance. Also at this point it is good to get them to give you a breakdown of all costs.
Some of the things done during the conveyancing process will include;
- Thoroughly checking the Contract of Sale and any off title restrictions and interests.
- Applying to local council for a current survey and building certificate if appropriate.
- Enquire to relevant government departments and authorities about notices affecting the property.
- Calculating the adjustments for council and water rates prior to settlement.
- Release deposit to the Agent or Vendor.
- Checking all documents prior to settlement and attending settlement.
- Arrange to discharge the vendor's mortgage.
- Sort out the payment of Stamp Duty.
Once settlement takes place and cheques are exchanged then congratulations the property is legally yours.
