Misunderstood by most Australians, conveyancing is a very complicated and complex process. Just to make things even more difficult, every state has different conveyancing rules. Thankfully in March 2010, the Government has agreed that all states will follow the same rules making this process somewhat simplier. This article outlines the conveyancing process in straight forward terms.
Conveyancing refers to the transfer of ownership of a property and starts when you sign contracts. The owner is given an offer from the buyer which he either accepts or counter offers. Once agreement has been met by both buyer, and seller, the contracts of sale are then signed. It’s more or less standard at this time for the buyer to give the seller a 10% deposit.
A 5 day cooling off period then follows where the buyer is able to change their mind and not follow the sale through. If this does occur then the buyers deposit will be returned but a small administration fee charged.
Transfer Papers are now to be sorted out – usually by the buyer’s solicitor. Once the seller has signed these papers they are then returned to the buyer’s solicitor where they will stay until final settlement has been made. Eventually these transfer papers are lodged at the Titles Office where the transfer into the new owners name will be processed.
Use the time available between the cooling off period and the settlement to sort out property inspections, land enquiries etc. If a mortgage is going to be needed then contact various banks to see what are the best offers they have to offer. It’s important during this time to ensure nothing is amiss with the property. The purchaser must also make sure the property has ample insurance.
The purchaser will then be presented a ‘Settlement Statement’ detailing exactly what is included in the sale. The final part of the conveyancing process is the ‘Settlement’. A final search will be carried out on the day to make sure the property is free of any restrictions. When this has been agreed and the transfer of funds has been carried out, the title and title deeds will then be exchanged and the buyer will pay the final balance of payment.
The majority of real estate offices now have their own conveyancing solicitor or can recommend one for you. The conveyancing process can take between 4 and 12 weeks but making sure you choose the right conveyancing solicitor will make sure the whole process runs as smoothly as possible.
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