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As noted above, conveyancing is the process
whereby property is transferred from a seller
to a buyer. This involves both legal and
administrative processes as well as processes
dedicated to ensuring the property is a good
investment.
The Process
The following is a brief list of activities
in the conveyancing process:
- Examining, drafting (if acting for the
seller) and exchanging the contract of
sale.
- Liaising with the other conveyancer
over the terms of the contract;
- Arranging building and pest
inspections;
- Examining a strata inspection report
(if the property is part of a strata
scheme);
- Arranging finance (if necessary);
- Paying the deposit at exchange;
- Preparing and examining the mortgage
agreement (if necessary);
- Checking if there are outstanding
arrears or land tax obligations;
- Finding out if a public authority has a
vested interest in the land or if any
authority is planning a development that
would affect the enjoyment of the
property;
- Generally sourcing information about
matters that may have not yet been
disclosed (such as disputes over fences or
building work, for example);
- Calculating the stamp duty payable or
applying for an exemption or discount;
- Overseeing the transfer of title;
and
- Completing final checks and attending
settlement.
The Contract
This legal process is the formation of an
agreement between the buyer and seller: a
contract for the sale of land. This contract
will include the following terms and
information:
- the identity of both buyer and
seller;
- the details of the property and its
condition;
- the agreed priced;
- the day on which the full amount will
be paid (settlement); and
- other rights and particulars such as a
'cooling-off' period (see 'What is a
Cooling-Off Period') or certain
contingencies regarding the availability of
finance.
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