So, you have found your dream home and you have your bank approval for your mortgage and your deposit ready. You have either agreed on the sale price with the agent or have made the final bid at the auction.
So what happens when you buy a home and what are the legal processes and practices behind your new purchase.
The Importance of a Conveyancer / Conveyancing Lawyer
Before you even make an offer, you should engage a lawyer who knows and practices conveyancing.
A Conveyancing Lawyer checks the contract for the property and ensures all the legal processes are followed so that you will have no problems when it comes to the actual purchase of your home.
Contracts Exchanged
Okay so you have your sale price and deposit ready, and the real estate agent has sent over the contract for the sale of the property to your Conveyancer / Conveyancing Lawyer, what happens now?
- The Conveyancing Lawyer checks everything is covered and protecting you. That is, the details on the front page of the contract, the conditions, the date that settlement must take place by, and the other documents such a strata or company title financial statements and sewerage and water plans. This is to ensure you don’t get caught out with a damaged sewerage pipe or extremely high strata fees.
- For the sale of property, two identical contracts must be signed by both parties, i.e. one signed by the purchaser and the other signed by the vendor. The contract is accepted when both parties have a copy of each other signed agreements – this is what is called “exchange of contracts”.
Settlement
The actual sale of the property occurs at settlement and before settlement can go ahead, there is a whole lot of other processes you and your Conveyancing Lawyer must follow.
This can mean booking the time and place for the settlement and ensuring everything is in order to complete the sale. This can mean the organisation and preparation of final title searches, ENOS (notification of sales), signed and stamped transfer, cheque directions, withdrawal of caveats. Everyone needs to be happy with the date and time and request all the documents they require on the day – especially the incoming/outgoing mortgagees.
Once the date is booked, your Conveyancer / Conveyancing Lawyer will arrange for the settlement to be progressed electronically via the PEXA system. Once settlement is complete then you will be the proud owner of your new home.
Now the real estate agent can give you the keys and your name will be on the title for your new property. Congratulations!
Please note that this is not legal advice.
For our clients, we support them through our pool of trusted Conveyancers / Conveyancing Lawyers, who are experienced in this area or law and who have worked with our clients before.
If you are going through a divorce or separation and involved in buying or selling a property.
Not only do you need conveyancing advice. You should also consult with a Family Lawyer and this is where we can help.
Contact us to find our more.