Conveyancing is vital when buying a property and shouldn’t be mistaken as an administrative commodity. Conveyancing refers to the legal proceedings associated with property transfer between two parties.
Conveyancing Brisbane properties are relatively straightforward, but sometimes problems occur amidst the process, resulting in delays and costing thousands of dollars.
Therefore, it’s crucial to be familiar with the process. Below is an easy-to-understand guide to help you familiarise yourself with the process of conveyancing.
Securing a Solicitor
The first and foremost step in conveyancing is to secure a solicitor or property lawyer. Conveyancing can be a very tiring, complex, and tedious process.
Often, property associated issues are discovered post the contract signing, which can further lengthen the process. Hence, it’s always wise to appoint a professional conveyance solicitor to protect your interest and simplify the process of buying a property.
Deeds & Contract
The seller must draw on the seller’s end, which includes any problem/issues related to property, applicable discounts, and various other forms. Now it might be possible for the seller not to disclose any defects or issues related to the property.
For instance, you are conveyancing Brisbane property, and the contract doesn’t include the condition of ‘Due Diligence.’
So, according to Australian Property Law, you don’t have the right to terminate the contract for the concerned property. Although, you can sue the buyer for the misleading representation of the property.
However, this process is quite stressful and tedious. Hence, it’s imperative to carefully review the entire contract, deeds, and other documents. This task is usually taken care of by a hired professional solicitor for the smooth streamlining of the process.
In-Depth Enquiry
Undertaking numerous in-depth inquiries and searches is crucial in the conveyancing process to identify any possible issues associated with the property.
These inquiries give you a deeper insight into understanding if the property is under any possible government restrictions, environmental restrictions, future development plans, traffic plans, heritage listings, shared community access, easements, and nearby service providers, and so on.
You may also take your property lawyer’s advice regarding your research and inquiries to make a wise decision. Because no matter how many searches you run regarding your interested property, it’s never going to be enough.
Signing Contract
When both parties agree upon everything, a final contract is drawn with all the details about the property. You must ensure that the contract includes all the critical conditions such as finance, due diligence and pest, building inspections, etc.
Once the contract is signed, you will be legally bound to buy the property. So, it would be advisable to get an opinion of a conveyancer to ensure a smooth streamline of the process to avoid any potential risks.
Completion
Before signing the contract, a completion date is agreed upon by both parties. Before this completion date, you are requir[ed to carry out all the necessary processes. Such as applying for land registry and final inquiries, payment of dues, and much more.
A property lawyer usually handles this stage to avoid missing any detail associated with the property or financial risks during the transaction.
Once you have cleared your dues to the seller, the title, deed, and property keys are then delivered. You can then register a property like yours and access all the official documents associated with it.
Endnotes
Conveyancing can be a truly complex process at times. Having an experienced property lawyer at your side during the entire process can be very reassuring.
For, a conveyancer protects you from any potential risks associated with the property, prioritizes your financial interest, and protects you from deceptivity during the transaction.
Reference
https://muve.me.uk/conveyancing-advice/stages-of-conveyancing-process/
https://www.ommlaw.co.uk/conveyancing/conveyancing-process-for-buying-or-selling/