There is more to buying a home than the suburb you wish to live in or the style of property you want to buy. The process of buying or selling a property is complex. Here are the 3 most commonly asked questions about the conveyancing process.
Question 1: What are the main steps in the conveyancing process?
Conveyancing is the transfer of land and/or property ownership from one owner to another. In essence, it involves administration, investigation and an eye for legal details. The process includes:
- Appointing a legal representative to review the sales contract to:
- Ensure there are no detrimental clauses.
- Confirm the correct zoning and title search are accurately noted.
- Undertake any reports and investigations you may need.
- Thoroughly explain the contract and prepare advice for you as well as negotiate terms on your behalf.
- Exchanging contracts
This is when you sign and exchange the contract as well as pay the full deposit to clinch the deal.
- Settlement
This is the final stage and the most exciting - when you pay the balance of the purchase price, become the registered proprietor of the property and receive the keys to your new home. Usually, you will have a mortgage so the title will be subject to a mortgage until you’ve paid off and discharged your loan.
Question 2: Will I need to provide any identification documents for the conveyancing settlement process?
Changes have recently been made to the Verification of Identity (VOI) requirements of conveyancing settlements. Whether you’re buying, selling or transferring property, your identity will need to be verified.
In general, you will need at least two identification documents that meet the minimum identification document prerequisite. In addition, there is a relatively recent requirement for a face-to-face interview to verify your identity with your solicitor (even though you may have known them for years) or a verifying agent, such as the Australian Post Office.
You will also need to go through the Verification of Identity process when signing mortgages.
Question 3: What is the benefit of having a conveyancing solicitor?
Buying and selling property is a complex process that can feel overwhelming. It’s also very time consuming with strict settlement deadlines that need to be adhered to in order to prevent late settlement penalties. So, if nothing else, engaging an experienced property lawyer will give you peace of mind and could potentially save you money.
Your conveyancing solicitor will ensure the contract contains nothing that could be detrimental to you. They will also negotiate terms with the Vendor’s solicitor to protect you.
Above all, a competent property lawyer will ensure all the correct documentation, reports, and enquiries have been completed to confirm the property is viable and the contract is fair to you.
At Taylor & Scott Lawyers we know the process inside out but more importantly, they’ll make sure to explain everything to you simply and transparently in order for you to understand and have full control.
Make your next property transaction easier. Get in touch by calling 1800 600 664 or make an online enquiry.
At Taylor & Scott Lawyers Experience. Commitment. Results.
