Conveyancing involves the transfer of property ownership from one party to another. It is one of the most important steps in the purchase and sale of a home – and though the definition may seem straightforward, conveyancing actually entails a slew of a legal and administrative tasks that require proper knowledge and sufficient attention to successfully navigate.
DIY is a great option for homebuyers and sellers with a good understanding of the market. However, for those who don’t have the time or ability to handle the complicated work and potential issues that might arise, hiring an accredited conveyancer could be a better choice.
No matter if you’re a novice or have years of industry experience. However, knowing the basics of the process can make the process go as smoothly as possible. To help you navigate the process, your Mortgage has created a checklist that lists all the conveyancing tasks.
Homebuyers can use this checklist to help them with their conveyancing needs
The process of conveyancing will vary depending on whether the property is being sold or bought. These are the items you must check off if you plan to purchase a home.
The first step to home-buying is getting your finances in order. This includes:
- You should ensure that you have sufficient savings.
- To determine the maximum amount you can borrow, talk to your lender mortgage broker.
- Get pre-approval from the bank.
2. Sale contract
You don’t want to regret your homeownership decision. Before signing the contract, read through all terms and conditions. These are some other things to consider before you sign the contract.
- Discuss the contract with your solicitor.
- You should also read Section 32.
What is a Section 32 statement?
A Section 32 Statement, also called vendor’s statement, aims to provide the buyer with relevant information about the property – including details of the title, recent renovations, zoning, upcoming developments, outgoings, and easements – that may affect their purchasing decision. This statement is not the same as the contract of sales, which includes all details pertinent to the sale of the property.
The document must be signed by either the seller or their legal representative in order to be valid. Buyers are not legally required to sign the statement, but many real estate agents often ask for the purchaser’s signature as proof that they have received the document before signing the contract of sale.
- Arrange a pest and building inspection. A conditional contract is recommended after obtaining an inspection report.
- Check that any additional conditions you and the seller have agreed to are in the contract.
- Sign the contract.
- Notify your mortgage broker once the contract has been signed so that they can prepare the loan application.
- Your conveyancer will arrange settlement for you and prepare all necessary paperwork. The following documents will be required:
- 100 points of ID These include your driver’s license, passport, birth certificate, Medicare card, and credit cards.
- Income details. Two of your most recent pay slips. You must prepare your personal and business taxes if you are self-employed.
- Information about your assets.These include properties and income that are not yours, such as vehicles, term deposits and shares.
- More information about your liabilities.This includes outstanding credit card and other loan debts.
A number of government-sponsored benefits may be available to first home buyers. Before signing any contract, discuss with your conveyancer whether you may be eligible for these grants.
- Get utility service providers to connect to your new house.
- For coverage details, please contact your insurance agent. This may be required by some banks prior to settlement.
- Hire professional removalists for the transportation of your personal effects to your new residence.
- The real estate agent should schedule a final inspection.
- Once settlement is complete, take your keys from the agent to prepare for moving in.
Checklist for home sellers on conveyancing
If you are considering selling your home, these are the steps to take in the conveyancing process.
1. First steps
- All legal documentation should be prepared. These documents include title documents and drainage diagrams.
- Your solicitor should prepare the Section 32 Statement and contract of sale.
- The vendor statement must be sent to the buyer.
- Buyers may request a pre-settlement inspection.
- After you have reached an agreement with the buyer on the terms and conditions of the sale you can sign it.
- Your conveyancer will handle all paperwork and make arrangements with the bank for you.
- Preparation for identity verification
- Set up mail redirection with Australia Post when you move to a different address.
- Hire professional removalists for the transportation of your belongings that might still be in the property.
- Contact utilities providers to arrange final water, electricity and gas meter readings and disconnection after settlement.
- Before settlement, let the buyer complete a final inspection. Your real estate agent will often organize this.
- Your agent should have the keys.
- Congratulations! Congratulations!