There are many steps involved in conveyancing due to it being quite a complex process, which is why it’s a good idea to seek professional help for conveyancing in Melbourne. There is a difference between a conveyancer and a conveyancing lawyer, with the latter having considerably more training. A conveyancing lawyer is the best kind of person to have on your side during the conveyancing process, as they’ll have all-round legal training rather than simply training in conveyancing. A lawyer will be able to advise you on how a property buy could impact other legal issues in your life, whereas a conveyancer will only be able to help you with issues relating directly to your purchase. Read on to learn about the steps involved in conveyancing in Melbourne.
Contract of Sale
The contract for sale is a vital legal document that, if drafted properly, can prevent numerous disputes between vendors and purchasers. Due to the importance of this document, only suitable experts in conveyancing in Melbourne should draft it. The contract must abide by various laws, with mention of certain documents, certificates and disclosures.
Make an Offer
When you want to purchase a property, you need to express your interest with an offer to purchase. It’s possible that the vendor may accept this offer as it stands, or they may enter into negotiations with the buyer in relation to the price and other conditions of sale.
Sometimes buyers may wish to pay a deposit to show they are really keen with their offer to purchase. However, such an initial deposit does not mean any binding contract exists for the sale of the property. The property is still on the open market.
After a seller accepts an offer and the buyer and seller agree to exchange contracts, the purchaser may pay an additional deposit amount. This deposit is most commonly 10% of the purchase price, and it may be held by the real estate agent or conveyancer.
Transfer of Property Title
Conveyancing in Melbourne often involves preparing a property title transfer document and getting the purchaser to sign it. The conveyancer must ensure stamp duty is paid and then send the transfer document to the seller’s conveyancer or lawyer for the seller to sign.
When the buyer pays the full purchase money to the seller, the sale is said to settle or complete. A final search of the title is obtained to make sure there are no interests or restrictions on the property that may have incurred between the date of exchange and the settlement. An important part of the process of conveyancing in Melbourne is when the title documents are handed over in exchange for money. This usually takes place between two conveyancers or lawyers.
There are many more possible steps when it comes to conveyancing in Melbourne, but this guide gives you a basic overview. From the contract of sale to the final settlement, there is much to consider, which is why it’s important to choose a suitably qualified professional to assist you.