Buying or selling a home is a tedious and lengthy process. It’s not as easy as it seems. When you want to go through the process, there are various legal intricacies you need to understand.
These legal processes involve how property is transferred from one owner to another. If you haven’t familiarized yourself with the process, it’s important to start now. To make it easier to digest, here’s a step-by-step guide on how the whole process goes.
Before The Contract
The conveyancing process starts when you want to purchase or sell a property. You need to contact a conveyancer, either by asking friends for recommendations or canvas conveyancing fees buying companies.
This way, you will be able to find it less troublesome and time-consuming with all the paper works you need to do. For purchasers, you may need to pay a deposit for the agreement to start.
Contract Drafting To Settlement
First, the conveyancing company will draft a Contract of Sale between the purchaser and vendor. It’s the major document that contains the rights and obligations of both parties.
After that, you can now exchange contracts. You can take time to study the contract and prepare for a smooth settlement. In this stage, you may now assess mortgage payments, arrange property payments, and check all the legal documents.
During this time, the conveyancer will now prepare all legal documents and computer for all payments. These include land tax and water rates, among others. So, a settlement day will arrive wherein both parties will negotiate and land a decision.
The process does not end on the settlement day. There are many things to be done after settlement. The conveyancer will now work to make sure all legal documents are intact, and the property will be transferred to your name.
Buying or selling a property is a tedious and time-consuming task. It’s important to know the whole process and decide on whether you need a conveyancer to work on your behalf.