Here North Brisbane Home Loans partner, BlueKey Lawyers answers the question ‘What is Conveyancing?’ and the 5 steps involved with buying a house from a legal perspective.
BlueKey Lawyers have covered the entire conveyancing process, from engaging a firm to picking up the keys.
Whether you’re buying your first house, or it’s your third and you need a refresher on the legalities so you can buy with with confidence, this article will help to make it less stressful.
Plus, if you’re a North Brisbane Home Loans client, you’ll get access to exclusive discounts from our partner network, including discounted fees from BlueKey Lawyers.
Find out more about these offers here.
What is Conveyancing?
Conveyancing is the process of a legal transfer of property between two parties. The settlement process is complex, and requires many legal, financial and administrative tasks to be carried out, your conveyancer is there to make sure all those things happen when they should.
They’ll be the ones in contact with the seller’s lawyers, taking care of all the complex legal requirements of changing the ownership of a property.
Your conveyancer will ensure that you are aware of anything effecting the property, such as government proposals or illegal building work. They will also take care of:
What are the steps in the conveyancing process?
Step One – Engage a firm:
Once we receive approval from you to act on your behalf, we’ll get all the information we need to open your file.
We’ll then send through any documents that we need completed as soon as possible and confirm the relevant dates of the contract and any special conditions that require actioning with the seller’s solicitor.
Step Two – Building & Pest condition:
After you’ve had your building & pest inspection completed you will need to provide a copy of the report to your solicitor, along with any requests for works to be completed. If any major defect is found on the property the buyer may choose to terminate the contract and continue looking for a property to purchase, or request the sellers complete the repairs prior to settlement, or request a reduction of the purchase price.
Step Three – Finance Condition:
On or before the finance condition date you are required to inform your solicitor as to whether or not you have received formal finance approval.
If you have not received approval on the finance date you can request an extension until your bank is able to approve you.
However, the seller has the right to terminate the contract should you not be able to satisfy the condition. As such it is wise to be in contact with your bank prior to signing a contract so that there’s no hindrances on your purchase of a property.
Step Four – Settlement:
Generally four parties attend a settlement, namely: the buyers solicitors, the buyers bank, the sellers solicitors and the sellers bank.
Settlements occur between 2:00pm – 4:00pm every week day and once completed you and all parties including the agent will be notified so that you may pick up the keys to your new home. Prior to settlement your solicitor should be in regular contact with you to ensure that all documents have been returned and verified and all parties are ready for settlement.
Step Five – Post Settlement:
Your solicitors will send you final documents confirming that the property is now registered in your name and notify your local council and water authority.
If you have any questions in the weeks or months after settlement you can contact your solicitor.
What is Conveyancing? The 5 Steps Involved with Buying A House
If you’d like to know more about conveyancing, read our other blog from BlueKey Lawyers – 9 things First Home Buyers Should Know About Conveyancing.
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