Hundreds of thousands of properties change hands in Australia every year. But just because it is done so often, it is not safe to assume the conveyancing process is necessarily free of pitfalls. Conveyancing commonly involves the most valuable asset you will acquire in your lifetime, so it is wise to get an experienced conveyancer to make sure the process runs smoothly.
What is conveyancing?
Conveyancing is the legal transfer of property from an old owner to a new owner. There are quite a few important steps in this transfer and you will be the legal owner of the property only once all of them have been completed. That is why it is to your benefit to find a good conveyancer.
How we can help
Remember, a licensed conveyancer specialises in conveyancing only. You might require other legal services as well. Gillis Delaney can manage the process from start to finish – no matter what your needs.
The optimal conveyancing process
- Drafting the contract. We can draft easy-to-read contracts based on the verbal agreement made between the parties. This is usually done by the seller and then sent to the buyer to have a look at.
- Analysing the contract. The buyer’s lawyer looks at the contract and other information and conducts searches on the property. This is to make sure there are no nasty surprises after the deal has been done.
- Approving the contract. Once the parties are happy with the contract, they sign it.
- Applying for a mortgage. While the parties are negotiation the contract, the buyer applies for mortgage pre-approval. A formal mortgage will be granted only once the property has been specified. The lawyers check the terms of your mortgage contract and send copies signed by the buyer to the mortgagor.
- Exchanging contracts. Once the contracts have been exchanged, the parties have to go ahead with the contract even though the ownership does not change at this point. The buyer pays a deposit, usually via the lawyer. Backing out or making changes after contracts have been exchanged could have serious legal and financial consequences. It is critical that contracts have been properly checked and verified before this stage is reached.
- Final checks and transactions. The last checks are done and the formal transfer deed can be signed. The mortgagor transfers the funds to the buyer’s lawyer.
- Completion. Once the funds have been transferred to the seller’s lawyer, the seller vacates the property so the buyer can take possession.
- After completion. The seller’s lawyer pays any outstanding mortgages and estate agency fees, and what is left goes to the seller. The buyer’s lawyer verifies the deed, finalises the last of the paperwork and arranges for the payment of Stamp Duty. They will inform the seller’s lawyer once all this has been finalised.