At Henry Street Law we have 30 years experience practising in conveyancing and property law.
Your property lawyer may need to consider complex issues such as contract terms and conditions, mortgages, covenants, easements, caveats, the type of property title, the type of tenancy, local council regulations and zoning to name just a few.
What are the steps in the conveyancing process?
- The process begins with the drafting of a Contract for Sale. The Contract will include things such as:
- the street address and legal property title details;
- the length of time between signing and completion of the contract;
- what’s included or specifically excluded from the sale;
- special conditions specific to the particular property.
- The purchaser needs to seek legal advice, review the contract, arrange inspections and if necessary start making loan arrangements before anything is signed.
- The contract is signed by both parties, and may be immediately binding, depending on the circumstances of the sale. Victorian law prescribes that a cooling off period applies, so it’s important that you know the exact terms and conditions of the contract.
- There is a set length of time between the contract becoming binding and the contract being settled or completed. In this time the purchaser of the property has a lot to do including conducting various searches of the property, paying stamp duty, organising insurance and getting any loan arrangements in order, and the seller of the property should be making arrangements with their bank to have any mortgage discharged as well as making plans to move.
- Before settlement, adjustments to the purchase price are agreed upon between the parties to cover council and water rates as well as other costs which may be allowed for in the contract.
- On the day of settlement everything must be in place. The purchaser or the incoming mortgagee has to attend settlement, which is now usually conducted electronically, and the seller or outgoing mortgagee must attend with the property title and the document/s needed to release the mortgage. Simultaneously, keys are handed over and the property is considered sold.
- After settlement the new owner needs to be registered as the owner on the title, and various government bodies need to be informed of the change in ownership.
As buying a property is one of the biggest financial decisions you will make it’s important that you get expert advice. Legal expertise and diligence is well worth the cost.