When you buy a house in Australia, you will need to go through a process called conveyancing. This term is used for the process of transferring ownership of the land's or property's title after the offer and purchase have been made. There are different stages of conveyancing, including what is done before the contract is signed, before completing the purchase, and after completing the purchase. Here is more information about the process.
Choose a Conveyancer
There is a conveyancer for both the buyer and seller. You need to choose yours wisely, as they are going to take care of the bulk of the legal paperwork involved in the house buying process. They should be properly licensed to deal with real estate matters. The conveyancer is going to help with the purchase and settlement process, transfer titles, and prepare all required documents. Not only do you need a conveyancer when buying property, but also if you intend to ever subdivide the land, update your home's title, or change or register an easement.
Purchasing the Property
The first stage of the conveyancing process involves looking at properties and making an offer when you find one you are interested in. You will inform your conveyancer of the offer you want to make, and the seller will inform the conveyancer about whether or not the offer has been accepted. You will then need to apply for a mortgage if you are obtaining one, and apply for a survey of the property. During this stage, the conveyancer is already starting to prepare the documents, including figuring out fixed fee costs, getting together a contract pack, and performing necessary property searches.
The Property Search
Property searches are a part of the home buying process. The search goes beyond what you find out during the survey and gives you more information based on a thorough inspection. The conveyancer does the search for you, getting information about the home and land, and doing some legal searches on the property. This can help protect you from liability after purchasing the home. The search can look for land registries, radioactive gas, or dangerous chemicals that have been found on the property. It looks at things the real estate agent might not have informed you about.
Mortgage and Final Paperwork
The last stage of the conveyancing process is when you apply for your mortgage and fill out the finishing paperwork. If the property search checks out okay, you will need to get your mortgage. You can do this by filling out the loan application, providing a mortgage deposit, and getting a mortgage valuation. This is why you should apply after you have already found your home, instead of before. If the mortgage and offer is approved, your conveyancer prepares the final paperwork to finish the sale and transfer the title to your name. You will sign and exchange contracts as the final step.Share