Whether you are selling or purchasing a property, it is best to be involved in the conveyancing process and know how it works. The process will comprise several steps and people involvement, including estate agents, banks or building societies, and removal companies. The whole process that is centralized between the above parties is said to be the conveyancing process. The complete method is legal and held by a solicitor or lawyer. We have come up with a step-by-step guide to the conveyancing process that covers all the aspects involved in it. These are the steps:
- Initiation of contracts between legal representatives.
The first and foremost step under the conveyancing process is to contact the seller and get a copy of the property title, standard forms, and the draft contract. This step is undertaken by the solicitor you hire. The person you hire from Conveyancing Mount Gravatt will check thoroughly all the documents and information provided by the seller and raise the initial queries. There will be several areas to look upon before making the final decision. your conveyancer will make sure there are no hidden issues with the property. They will perform some local searches regarding the property, including drainage, water, and environmental searches. The initiation requires the following documents:
- Proof of identity of the seller.
- Fitting and content form.
- Property information form.
- Copies of specified documents in the above forms, if any.
- Shared Freehold or leasehold documents.
- Management information pack.
- Energy performance certificate.
- Survey requirements are confirmed.
After the initiation of the contract by your conveyancer, you need to make sure your mortgage documentation is in the right place. You conveyancer will require a copy of the offer you get from the bank/financial institution regarding the mortgage. This is the next step of the conveyancing process that is carried out on behalf of your lender. The conveyancer tries to satisfy the lender with the perfect documentation and information that you will repay the loan amount in time and are trustworthy. This documentation stage requires a proper survey which is not a legal requirement but needs to be done to move forward with the process and make sure everything is fine with the property.
- Legal contracts are signed.
When your conveyancer will be done with the required searches, queries, mortgage offer documentation, and complete the survey, they will make agreements regarding the transfer of the deposit. On the agreed details, they will make a binding contract for exchange and completion.
- Exchange of contracts.
The next big and exciting step is to exchange the contracts between the involved parties. The seller will get the deposit at the time of exchange, and then, it will be a legal binding contract. From contract exchange date onwards, the seller cannot get in other contracts related to the property nor can accept another offer from other buyers. If the buyer backs out from the contract at exchanging stage, then he/she will not get the deposit money back. There can be a possible delay in the transfer name of the property as it takes a few days to process.
Before completion of the contract, the buyer’s conveyancer will perform a survey and do their searches regarding the property. The deed will remain frozen for the thirty days to give the buyer enough time to do the enquiry and arrange the said amount on the final day. On the completion day, the buyer will transfer the outstanding amount of the property, and the seller will transfer the title of the property in the name of the buyer. When the title and amount trader completes, then registration is done in the buyer’s name.
All that at that point stays for the conveyancing procedure is for all outstanding amounts to be paid. This may incorporate conveyancer’s expenses, real estate agents charges and any remarkable home loan balance. The dealers will transfer the whole amount to the seller.
The conveyancing process is a daunting task, you can hire a professional company like Conveyancing Upper Mount Gravatt for performing all the legal services regarding buying and selling of your property.
Katherine is a digital marketing expert by day and writer by night. She is a project manager at Conveyancing Mount Gravatt who specializes in ghost blogging, article and copywriting. She loves to write technical howtos and tutorials, legal write-ups, much more!