A Conveyancing transaction for a purchase of a property:-
- Price is agreed with vendor and purchaser.
- We request contract from the agent.
- The contract is explained to you.
- We will arrange a building and pest inspections or a strata inspection report (if the property is in a strata scheme) on your behalf.
- We will liaise with your lender to assist in your loan approval.
- The deposit to be paid to agent by you.
- If the reports have major issues, at this point you can pull out from the contract. If they are minor, negotiations can be made with the vendor’s solicitor/conveyancer to either reduce the purchase price or to rectify the issues.
- If the reports come back with no issues and finance is approved, we will proceed to arrange an exchange of contracts.
- We will prepare the required documents for the conveyancing transaction and liaise with the lender.
- You will need to arrange payment for stamp duty within 3 months from the date of the contract. If you are obtaining finance stamp duty will need to be paid prior to settlement or at settlement.
- We will order all relevant searches. Check if any government authority has a vested interest in the land or if any planned development could affect the property.
- We will calculate the council/water/strata rates and other adjustments and advise you of the final amount required on settlement.
- You will need to arrange for a final inspection of the property.
- We will attend settlement and hand over the funds in exchange for the certificate of title and the keys and the vendor’s solicitor/conveyancer will collect the cheques to complete the transaction.
- Once settlement has occurred, we will then notify you and the agent.