When you are buying a home, you need to understand all stages of the process, including how conveyancing works. While a professional conveyancer Sydney would help with all these aspects, having a good idea of what’s involved will help you ensure that things are right on track.
Buying a Property – With Conveyancer Sydney
These are several steps to be followed in this process and each of these has to be completed systematically. Here is a guide on steps of the legal process of property purchase.
- The buyer would first make an offer on the property and you as the seller would accept.
- Their Sydney conveyancer will be instructed on your acceptance of the seller’s offer.
- You would arrange for a survey on that property, and will make an application for mortgage (if applicable).
- Your conveyancer will confirm the instructions in writing. This letter will set out the terms of fixed fee and business costs.
- Your conveyancer will then connect with the seller’s Conveyancer and get the contract pack.
- The buyer’s conveyancer will check that contract pack, raise any pre-contract enquiries, and carry out the required searches after which they will obtains the mortgage offer copy.
- The seller and their conveyancer will answer all pre-contract enquiries and will return these to your conveyancer Sydney.
- The latter will review & reports to you on the contents of the pre-contract enquiries,, contract pack, and the result of their mortgage offer and searches. You will then consider the offer and raise questions on things that are unclear.
- Once you’re okay to move forth, you would have to organize for the deposit you would have to pay to the conveyancer as part of the preparations to exchange the contracts.
- The seller and you would then finalize the formal exchange of contracts and decide on the completion date.
- Once this step is complete, it means that both the parties are legally committed to the transaction.
- Your Sydney Conveyancer will then prepare the draft transfer deed as well as the completion information form and will send them to the seller’s conveyancer for completion.
- Your conveyancer will then prepare the entre completion statement, and will apply to the mortgage lender after carrying out any pre-completion searches for the required mortgage loan.
- Once it is complete, the conveyancer will then send the details over to the seller’s Conveyancer.
- They will release the property’s keys to the estate agent if their services were used. They’ll send the title and transfer deeds to your conveyancer with the undertaking to repay the mortgage, if there is one.
- Your conveyancer Sydney will also send the payable stamp duty to HMRC.
- They will receive the transfer deed, title deeds, as well as proof that the seller paid any outstanding mortgage on that property.
- The buyer’s Conveyancer will then register the property in the buyer’s name of at The Land Registry.
- After this, the buyer will receive the registered title copy from the Registry
- Any documents that the mortgage lender needs to retain will be sent to the solicitor representing the buyer.
- These are the steps that would typically be followed a
Hire the Services of a Professional Sydney Conveyancer
As you can see, there are several steps, formalities and due diligence to complete when purchasing a property. It means that you need the services of a credible and experienced conveyancer to help you every step of the way.
Buying property is not something you do every day you can take easily and following these processes to the tee is vital in ensuring that the deal is completed properly and that you don’t have to face any legal complications in the future.
It helps to protect your investment, ensuring that you are doing everything by the book. Engaging the services of a professional Conveyancer Sydney is a good way to ensure that you have peace of mind that everything is done correctly as per schedule.