There are a number of steps involved in buying or selling a property and conveyancing is one of them. You may have already spent some time going through formal processes. Such as pre-approval for finance or enlisting a real estate agent.
Buying a home, particularly your first, can be a very proud and exciting moment. But before you can start renovation plans or picking furniture, there is some paperwork that needs to be taken care of.
Once you have found a property you like, the next step is to engage a conveyancer.
If you’re looking to sell, chances are you have spent some time making your property look more appealing. Now in order to get your home on the market, you need to have the necessary documentation and contracts prepared by a conveyancer.
What is conveyancing?
Conveyancing is the process of transferring a property title, residential or commercial, from one person or persons to another. Whether you are buying or selling a property, our aim as your conveyancer is to make sure the whole process goes as smooth as possible.
What do I need if I’m looking to sell?
If you are selling, you are also know as the vendor. As your conveyancer it is our responsibility to prepare the Section 32 Vendor Statement and if required, draft the Contract of Sale.
Once complete, we will send them to your chosen real estate agent.
When should I engage a conveyancer when looking to buy?
It is always ideal to have your conveyancer review the Section 32 Vendor Statement prior to making an offer. It can help you avoid the headache of any unwelcome surprises.
Your conveyancer may highlight potential issues early which means you can make a more informed buying decision.
What occurs in the lead up and at settlement?
Settlement is set by the vendor and is usually 30, 60 or 90 days from the sale of the property. If we are acting on your behalf as the vendor, we would receive all signed contracts from your agent once the sale has taken place. We then check the statement of adjustments supplied by the purchaser’s conveyancer and provide them with directions for the balance of funds. If successful, once settlement has gone through we will send you a finalisation letter summarising the transaction. Which you may need for tax purposes. We will also notify the real estate agent that settlement has occurred so they can release the keys to new owner.
If we are acting on your behalf as the purchaser, it is our responsibility to prepare the transfer documents and notice of acquisition. We also prepare the statement of adjustments, which includes rates and land tax. You will need to sign the duties form with the State Revenue Office. Then we coordinate the direction of the balance distribution. Once settlement is completed successfully, we will call you to let you know congratulations are in order and you can go pick up the keys to your new property.
What is PEXA?
The conveyancing process is moving online with PEXA. Buying and selling property has never been easier. It allows every party involved in the transaction meet in one place and completely eliminates issues and settlement hold ups. It also keeps you informed by allowing you to track your settlement with SettleMe.
How can Canny Legal help?
If you are looking to sell or buy a property, we can certainly act of your behalf. Just get in touch.
We also assist with:
- Property development and subdivision
- Residential lease and tenancies
- Retail leases and tenancies
- Commercial leases and tenancies
- Transfer of leases
- Building contracts