What Is Conveyancing?
If you've never purchased or sold a home before - and even if you have - conveyancing can be a mysterious and complicated process to understand. However, even if you hire a conveyancing solicitor in Gold Coast or Brisbane, it helps to have a basic grasp of the process and what it involves. Although your conveyancing solicitor in Queensland will handle the nuts and bolts of the process on your behalf, having a basic understanding of what it entails can help demystify things for you and make it less confusing and strange. Below, we highlight a few of the basic steps that are involved in the conveyancing process; familiarise yourself with them and you'll enjoy a smoother home selling process.
The Basics Of Conveyancing In Queensland
Conveyancing is the legal transfer of property from one person or entity to another. Although most people are aware that the conveyancing process involves a lot of contract signings and exchanges, few know much beyond that. In fact, the process entails a lot of different things, as outlined below:
- Title Searches - For the protection of the buyer, as well as the seller, title searches are conducted to ensure that there are no liens or other legal issues involved with the property in question. Once the property is deemed free and clear, the process may continue.
- Preparing Documents - As can be expected, several documents must be signed, filed and otherwise prepared during the conveyancing process. Such documents include requisition documents, mortgage and lease documents and transfer documents. A conveyancer will know when and where to file such paperwork.
- Contracts - Right from the start, contracts play a huge role in the conveyancing process. The initial contract is signed as an offer, which is then given to the seller for his consideration. People who attempt to navigate the conveyancing process on their own often run into trouble with contracts.
- Cooling Off Period - After the contracts have been exchanged, a five day cooling off period is used in case the buyer has any second thoughts. This helps lessen the chances of trouble, and a small penalty is assessed if the process is halted at this time.
- Settlement - For all intents and purposes, settlement marks the end of the conveyancing process. Funds transfers occur at this point, and the title and title deed are released to the new home owner. In turn, the conveyancing solicitor files them with the titles office on behalf of the home buyer, and the process is considered complete.
Don't Go It Alone!
The previous outline of the conveyancing process is only a very basic overview. Many other small but important things must be accomplished, and it is in your best interests to hire an experienced conveyancing solicitor for assistance.