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 1: Get 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 help, and they’ll be able to negotiate on your behalf and help make sure that 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 2: Conveyancing 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 that 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 3: Verify your identity
Buying a property also means legally registering as the official owner. To do that officially, you’ll need to get an identity verification so that the title deed goes to the right person, you! You will receive a Land Title Verification of Identity form to complete and you’ll need to have your passport or birth certificate as well as a driver license or identification card to prove your identity.
Stage 4: Make 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 and make sure the funds are available for settlement.
To make it more convenient and simple for you, we use PEXA which means settlement can happen electronically for everyone involved. PEXA allows the funds to be paid automatically and quickly.
Stage 5: Arrange 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 6: Settlement day
This is the day you’ve been waiting for. Everything is official – signed, sealed, and delivered. The buyer and seller will meet with their 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 7: Receive 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.
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.
