So you’ve talked to several property brokers, gone through the laborious process of scanning through real-estate ads and you’ve finally found yourself a perfect house in Brisbane. A house which you have chosen so you can decorate and style; a house which you will call your ‘home’.
As simple as that statement may seem, in order to call this property you found, your home, you will need to understand and complete a process called conveyancing.
For those who don’t know, in the state of Queensland, a property conveyancing takes place through a series of steps and is generally carried out by property conveyancers.
This article will guide you through the ABC’s of conveyancing so that you don’t face issues as you go through the process of heading toward owning the property you desire.
What is Conveyancing?
The process of conveyancing in simple terms can be defined as a legal transfer of the rights over a property, by the seller to the buyer. While some people may choose to handle all the paperwork themselves, it is a wise decision to involve a licensed conveyancer or a lawyer who will help you secure the ideal property you have found. A Conveyancer in Brisbane can help you save the troubles of understanding and completing lengthy property ownership processes.
Though the exact process of conveyancing may differ based on situations as well as the type of property you are looking to own, the basic steps of conveyancing remain the same.
Conveyancing works on the following guidelines in the state of Queensland:
Showing Interest and Finding Yourself a Lawyer/Conveyancer
The process of Conveyancing in Brisbane as many believe doesn’t begin when you have finalised the property you are ready to buy. Rather, it begins at the moment you start selecting potential properties to own, as they will assist you with due diligence.
At this stage itself, you should consult a conveyancer in Brisbane and tell them about your interest in purchasing the new property. This will give them sufficient time to put together legal documentation and liaise with other parties, should the need arise.
Once you have finalised the property you wish to buy as well as discussed the terms with the seller, you pay a small deposit fee as a guarantee that you are going to buy the property in question.
However, this deposit fee and the seller accepting the offer, doesn’t mean that you are now the owner of the property. In fact, the property is still available in the market for someone else to bid. If someone is willing to offer more than you then the seller is free to sell his property to them, and return you your deposit.
It is only after you sign a contract, drafted by a conveyancer, with the seller, that you can legally claim or ask for possession of the property.
The Settlement Phase
Generally after the first phase of contract signing comes a ‘cooling off’ period. This in simple terms is a time given to the buyer for conducting any additional research about the property. Should the buyer feel something is wrong during their research or even if they change their mind, the contract terms can be revoked and the entire agreement is nullified.
However this scenario rarely occurs, and most people utilise this time to prepare for settlement, arrange documents and paying stamp duties etc.
A conveyancer during this phase will calculate all the costs associated with the property and verify the property documents provided by the buyer. He/she may also conduct a background check on the property you are buying to ensure it has not be acquired, owned or established through illegal means.
Finally, on the date of settlement, both your and the seller’s conveyancer will meet to finalise the terms of the settlement. He/she will pay the settlement amount minus the deposit you already made initially and finally complete all the legal formalities on your behalf.
The Post Settlement Phase
Yes, there is a post property settlement phase.
Once you have finalised the property transaction and completed the settlement, you are required to register and transfer the ownership of property in a government database. For this, you will provide The Land Titles Office with all the legal documentation and here the process of title transfer and any existing mortgage transfer to new mortgagee will take place. Should you purchase the new property through a bank loan, the bank will complete all this process on your behalf. If not then you conveyancer can help you with same.
It is after completion of all these steps that you will be able to claim your new property and see yourself accomplishing your dream. This process though complicated and intricate can be done easily and quickly by hiring a good conveyancer such as Jim’s Property Conveyancers who will carry out all these processes and ensure a smooth transition thereby seeing you own your new home with less stress.