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Buying a Home – The Importance of a Conveyancer

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 – and what is a Conveyancing Lawyer?

The Importance of a Conveyancing Lawyer

Before you even make an offer, you should engage a Conveyancing 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, what happens now?

  1. 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.

 

  1. 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 Conveyancing Lawyer will generally hire an agent to attend the settlement for you or they may attend themselves. Settlements are held at agencies and if everything is there and everyone’s t’s are crossed the settlement is complete and you are the proud owner of your new home.

Everyone is happy, everyone has got their cheques and you have got your signed Transfer and a lovely mortgage. 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 more information regarding Conveyancing or buying or selling your home please contact Angela Brischetto, our specialist Conveyancing Lawyer on 8999 1800.

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