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When should I engage with a solicitor/conveyancer?
You do not need to wait to engage with a solicitor until you are ready to sign the contract. They will be able to provide advice prior to signing the agreement, they will ensure that you understand your rights and obligations.
When purchasing land complex issues may arise. A lawyer is able to make the process less stressful. They can make the necessary title searches, prepare the documents for lodgement and calculate the adjustment of rates and taxes. They can negotiate on your behalf which eliminates stress and emotion out of negotiations.
What are some of the steps involved in conveyancing?
- Contract of Sale/Vendors statement – The vendor’s solicitors/conveyancers will prepare both documents outlining the key terms and clauses relevant to the sale together with all necessary documentation being shown within. Once agreed upon, both parties will formally sign the documents.
- Finance – If the purchaser requires a loan to finance the purchase, the contract should be conditional upon finance being obtained. The purchaser should attend to arranging their finance at their earliest opportunity.
- Insurance – Once the contract becomes unconditional, the Purchaser should obtain insurance for the property.
- Transfer – The purchaser’s Solicitors will prepare the Transfer which is lodged with the Titles Office documenting the change of proprietors of the land.
- Statement of adjustments – The Purchasers Solicitors will prepare this document which takes into account rates and taxes that required to be adjusted and paid to the Vendor at settlement in addition to the balance of purchase price. Any outstanding amounts to relevant authorities will be deducted from the adjustments made and paid at settlement.
- Inspection – There will need to be an inspection by the purchaser prior to the settlement, in order to make sure that the property is in good condition.
- Settlement – Settlement takes place through PEXA. The Transfer is lodged with the Titles Office whilst payment of the proceeds are disbursed to the necessary parties. Once the Transfer has been lodged and monies disbursed, settlement has been effected.