What is Conveyancing?
Conveyancing is to transfer the legal title
The main purpose of the conveyancing process is to transfer the legal title or ownership from one owner to another.
What happens after the contract is signed
In most cases, your conveyance will start from the time you enter into a Contract and continue through to settlement of the purchase or sale. There may be various conditions included in your Contract such as finance approval and/or pest and building inspections.
Besides dealing with the actual contract and transfer, many ancillary functions are involved such as checking various Government and non-Government authorities to enquire if there are any outstanding interests or issues affecting the property.
Buying or Selling
When buying a property your Conveyancer will explain the contract to you, organise any property inspections that you require and liaise with the seller’s Conveyancer to request any special conditions such as extended settlement period, amount of deposit or possession amongst other things. Liaison with your lender on finance approval is also an important function.
When selling a property your Conveyancer will take detailed instructions from you and ensure that the contract accurately reflects your agreement with the Buyer. The Conveyancer will also liaise with the outgoing bank to request they be ready to discharge the mortgage on settlement day.
Conclusion of the conveyancing process
What is settlement?
Once the Contract is unconditional (i.e. finance approved and any conditions of contract such as inspections are completed) settlement is booked between all parties to the Contract (including any outgoing or incoming bank) and then on the appointed day the parties or their agent attends settlement where important legal documents are registered and the final payment of the purchase price is made.
At all times your Conveyancer should advise you on various options and act to protect your interests.