The process of conveyancing is what happens when one party sells the house and another buys it. There is a transfer of title of ownership of the property from one person’s name to another person’s name. However, the work of the conveyancer comes when the buyer is ready to make an offer for the property on sale and the seller is quite willing to sell it off for the price that is offered.
There is an exchange of contracts. How is this done? The process is known as conveyancing and can take about three months and sometimes even longer. There are two identical contracts. One is signed by each of the parties and contracts are exchanged so that each party holds the contract signed by the other party. The deposit is paid at this time and the contracts are dated on the day of exchange. The contract is a container of all the conditions of the sale. It is a legal agreement between both parties: the seller and the buyer. Any fittings you are purchasing with the House Valuer Melbourne, such as curtains, blinds, light fittings, awnings, air conditioner or TV antenna should be listed to the contract to avoid any disputes. All these checks are a part of the conveyancing process.
The seller’s solicitor prepares the duplicate and the buyer’s solicitors will prepare the original to give to the seller for his signature. The copy is forwarded to the purchaser’s solicitor or conveyancer for approval and then signed by the purchaser. The exchange is finalized. Now, the agent asks the buyer to deposit 10% of the amount to the agent. Normally the Solicitor pays this amount. And the amount is held in the agent’s trust account. It is unwise to hand over the deposit money directly to the sellers by the purchaser. After this, there is a 5 –day cooling-off period. In this case, the one instructs for no need of the cooling-off period, and then a Section 66W certificate is signed by the conveyancer.
At this stage, one pays the stamp duty. Unless one is eligible for the First Home Plus Scheme, the fee must be paid within three months’ time. A full or partial exemption in the scheme is to the first home buyers. After the settlement contract is exchanged it takes a time of 4 – 8 weeks. During this time surveys and searches are made through inquiries and documents are prepared by the solicitors of both the parties.
Other legal institutions which one will be contacting are: Office of State Revenue will stamp the transfer document. Survey reports on the Property Valuers Melbourne are checked. Inquiries relating to your land are made, including electricity, water, and local government authorities are made. The lender on one side prepares mortgage documents and on this site, a requisition on the title is sent to the seller’s representative for completion. A settlement statement is sent to the seller for completion. When nearing the settlement, a statement of settlements is sent to the seller. Finally, the seller will inform the buyer’s solicitor how the cheques are to be drawn. Thus, the buyer is now the owner of the house since the key is in his hands! The work of conveyancer and the conveyancing ends here when one opens the doors of your new home or new office!