Conveyancing is the process of transferring the legal title or ownership of land and any improvements on that land, from one owner to another. When a Buyer has committed to purchase a property from the Seller they enter a Contract for Sale, which sets out all the terms of the agreement in writing.
Once the Buyer and Seller have both agreed to all the terms of the Contract, the Contract is “exchanged”. At that point, we, the buyer’s conveyancer now have the Contract which has been signed by the seller; or vice-versa. At that point, the Contract becomes legally enforceable and a 10% Deposit is usually paid. This amount can be reduced by agreement, or in some cases a Deposit Bond is used.
The timeframe between exchange of contract and settlement is around 5 weeks (35 days). This timeframe can be shortened or extended if you require us to negotiate that on your behalf. This timeframe is required for numerous activities such as a verification that there are no outstanding interests or problems with the property; Stamp Duty must be paid to the government; a buyers loan must be processed and a sellers loan must be discharged.
A final inspection should be carried out by the buyer at the property to ensure that there is no damage or things missing and they are happy and ready to settle. On the day of settlement the buyer will pay the balance of the purchase price for the property to the seller, and the keys and title deed are made available to the buyer.
All State Conveyancing Services attends to settlement on our customers’ behalf and we ensure that all documents have been prepared and executed correctly. We also ensure that all the amounts are accurate and that everything is in order.
THE GOOD NEWS PART!
Once all of the above is completed to our satisfaction, All State Conveyancing Services eagerly make that special phone call (or sends that special email) to our customers to let them know that the settlement has gone through.