Conveyancing is the legal process of transferring property ownership from one person to another. It involves a number of steps and can be quite complex, especially for first-time buyers. In this article, we’ll walk you through the conveyancing process step-by-step, so you know what to expect when buying or selling a property.
Step 1: Instruction
The first step in the conveyancing process is to instruct a conveyancer. A conveyancer is a qualified legal professional who specializes in property law and will help you with the legal aspects of buying or selling a property. Once you’ve found a conveyancer you’re happy with, you’ll need to provide them with details of the property and any other relevant information, such as your mortgage lender details if you’re buying a property.
Step 2: Contract Drafting
Your conveyancer will then draft a contract of sale, which sets out the terms of the transaction. This will include the purchase price, any special conditions, and a settlement date. They will also carry out any necessary property searches to ensure there are no issues with the property that may affect the sale.
Step 3: Exchange of Contracts
Once both parties have agreed to the terms of the contract, they will sign it and exchange contracts. At this point, the buyer will usually pay a deposit, which is usually 10% of the purchase price, to the seller’s conveyancer.
Step 4: Completion
Completion is the final stage of the conveyancing melbourne. It’s when the property officially changes hands and the purchase price is paid in full. The seller’s conveyancer will receive the balance of the purchase price and the buyer will receive the keys to the property.
Step 5: Post-Completion
After completion, your conveyancer will register the property with the Land Registry and send you confirmation of the registration. They will also pay any stamp duty due and provide you with a copy of the title deeds.
Other Important Considerations
There are a number of other important considerations to bear in mind when going through the conveyancing process:
- Mortgage: If you’re taking out a mortgage to buy a property, your conveyancer will liaise with your lender to ensure the funds are available for completion.
- Property Searches: Your conveyancer will carry out a number of property searches to ensure there are no issues with the property that may affect the sale. These include local authority searches, environmental searches, and drainage searches.
- Surveys: It’s important to have a survey carried out on the property before you buy it. This will highlight any potential issues with the property that may affect its value or make it unsuitable for your needs.
- Chain: If you’re buying a property as part of a chain, it’s important to keep in touch with your conveyancer and other parties in the chain to ensure the transaction proceeds smoothly.
- Post-Completion: After completion, your conveyancer will register the property with the Land Registry and send you confirmation of the registration. They will also pay any stamp duty due and provide you with a copy of the title deeds.
Conveyancing can be a complex process, but with the right support and guidance from a qualified conveyancer, it needn’t be stressful. By following these steps, you’ll have a better understanding of the conveyancing process and what to expect when buying or selling a property.