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The 7 stages of conveyancing when buying in TAS

7 Stages of Conveyancing

Buying property or land is an exciting and significant decision to make, and the weeks ahead will be filled with words and paperwork you probably haven’t seen before. But don’t worry, we’re here to make it easier for you.  

We help people buy property every day, and we’ve broken down the conveyancing journey to 7 simple stages. The process won’t always be easy, but you’ll have our team right there with you every step of the way.  

Stage 1Get a Contract Review 

Before you sign a contract and commit to buying a house, you should always have it looked over by a professional. Our team can advise you on due diligence you should conduct for the property and negotiate on your behalf to make sure the contract is fair and balanced in your favour, with no unwanted surprises. Once you’re happy with the contract you can sign it, and once it’s exchanged (returned to the seller) it will become the legally binding agreement between you and the seller.  

Now we can move onto the next stage.    

Stage 2Conveyancing starter pack  

We will send you something called a ‘conveyancing starter pack’. Inside you will find a few documents we need you to read and understand, then there will be a few documents we need you to sign. This is paperwork we can’t do for you, so it’s important to complete them as soon as you can. This will allow us to get moving with the lengthy process and it will give you a better chance of settling on time.  

Along the way we’ll take care of all the parts we can do. Our team will guide you through the process and we’ll keep you informed about progress and any complexities or issues that may come up. 

Stage 3Verify your identity 

Buying a property also means legally registering you as the official owner. To do that officially, you’ll need to get an ID verification so that the title deed goes to the right person, you! We will guide you on the verification process, and you’ll need to have your passport or birth certificate as well as a driver license or identification card.  

Stage 4Make sure your funds are ready 
 

Next, you’ll need to get all your financial ducks in a row. What we mean by that is you need to get all the money side of things sorted and ready. If you have a loan from a bank, you’ll need to speak to them to make sure the funds are available. Our team will be liaising with your bank to arrange for the settlement and to have all necessary things in place so you have the best chance of settling on time.  

Stage 5Arrange pre-settlement inspection   

Before everything is finalised at settlement, you’ll want to arrange an inspection of the property. This will make sure nothing dramatic has changed since you signed the contract, for example the walls haven’t been damaged when the previous owner was moving out. It also gives you an opportunity to make sure any specific repairs or details from the contract have been completed by the seller.  

Stage 6Settlement day 

This is the day you’ve been waiting for. Everything is official – signed, sealed, and delivered. We’ll meet with the seller’s lawyers and the real estate agent to exchange final documents, process payment, and hand over the keys to your new home. We will still be doing some final paperwork for you, but for now you can pop the champagne and relax. 

Stage 7Receive post-settlement letter and documents  

The final stage of conveyancing is when you are delivered all the final paperwork. You are now the official owner on the title deed, and all payments and paperwork have been completed. You should file away and keep these important documents.  Now it’s time to start thinking about a housewarming party, or just put your feet up. It’s been a long journey, but you’ve finally arrived. Congratulations and welcome home.

Download our FREE conveyancing checklist 

This article is provided for general information purposes only. Its content is current at the date of publication. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice based on your specific circumstances before taking any action concerning the matters discussed in this article.

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