When you are in the process of buying your dream home, you will find that the last thing on your mind is the legal aspect of owning your home. You are more interested in making sure that you your furniture will fit than in doing title searches and getting the stamp duty sorted out. It is for this reason that one usually leaves the conveyancing to the professionals. You can, of course, get a do it yourself kit in order to save money but, with something as important as a property purchase, do you really want to rely on a non-professional?
There are a few stages to conveyancing – Before contract, before completion and after completion. Before the contract is actually drawn up, the solicitor needs to run a series of searches, including title searches, adverse planning searches, etc. There may be easements that have been granted on the property and these will need to be included in the new contract. The estate agent should have told you about anything that could affect your use of the property but they may not know about it. It is therefore imperative that these searches are run. Whilst a do it yourself kit may seem like a good idea, it can end up costing you dearly in the long run. This is where professional conveyancing in Gold Coast comes into its own – professional solicitors know what to look for. If, for example, there are land taxes owing on the property, you could end up with a nasty surprise if you take over ownership without finding out about these ahead of time.
The next stage is before completion – this is where both parties have signed the relevant contracts but the transfer has not been affected yet. This process can take a few weeks so a lot of patience is required at this stage. Everything must be lodged at the Deeds Office. Transfer of title is, after all, a serious matter so this stage cannot be rushed.
After completion – this is pretty straight-forward. The transfer to the new owner has now been completed and all that is really left is to get the correct documents to the correct people. The title deed will reside with the new owner or be ceded to the new owner’s mortgage company. When a mortgage is involved, the bank will normally take cession of the property. All the documents relating to this are usually prepared along with the transfer documents. This is another instance where the do-it-yourself kits are unlikely to work – your bank will probably insist that you go through a solicitor that specialises in conveyancing services in Brisbane.
At the end of the day, buying a property is one of the most expensive purchases you will make – do not muck it up by trying to save a few dollars.