I am buying or selling a property… What happens next?
Conveyancing is the process of transferring ownership of property from one person or entity to another and is carried out whenever someone buys or sells their home or investment property.
The conveyancing process generally follows this order:
Signing the contract
For the conveyancing process to begin both the sellers and buyers must sign the Contract.
We highly recommend that you seek legal advice prior to signing the Contract. At this stage you can advise us if you have any concerns about the property and we will ensure that your rights are protected under the Contract. Once the contract is fully executed we recommend that you organise building and public liability insurance.
Getting the contract to us
Please advise your real estate agent to forward the contract to us so we may begin the conveyancing process.
Cooling off period
Once the Contract has been signed by all parties and it is received by either you or our office, it is subject to a cooling off period of five (5) business days. During this period you are not legally bound by the Contract and may terminate the contract for whatever reason
** Please note a termination penalty may apply.
If you are buying and the Contract is subject to finance the next thing you will need to do is provide a copy of the Contract to your financier and advise them that Stenton Moore Solicitors is acting on your behalf. They will contact you (and our office) advising whether finance has been approved. It is important to ensure that finance approval is unconditional (i.e. not subject to a valuation or any other conditions).
Building and Pest
If you are buying and the Contract is subject to a Building and Pest Inspection report you will need to arrange for a Building Inspector to inspect the property. This is an important part of the process as the Building Inspector may discover some defects with the property that were not readily identifiable. If you are unsure about any of the structures on the property not having building approval, please advise your building inspector (and our office) as soon as possible.
In the ordinary course of a conveyance there are a number of searches we carry out on behalf of the buyer as standard on the property. We will discuss the necessary searches required for your individual circumstances.
Once the Contract is Unconditional
Once the Contract has gone unconditional we will arrange a time for settlement with all of the parties involved. If you are buying you must ensure that your mortgage documents have been signed and returned to your financier in order for us to book settlement.
If you are selling and have a mortgage over the property you must arrange for a release of mortgage with your bank. It can take up to ten days for your bank to be ready to book in settlement.
Transferring the Property into Your Name
We will prepare the transfer documents for settlement to have your name transferred onto title as the new registered owner. We will also prepare the documents required to pay the necessary transfer duty to the Office of State Revenue and arrange for the lodgement of these documents on your behalf once settlement is completed. If you are buying we calculate the amounts that need to be paid at settlement and organise the necessary cheques that will need to be provided by your bank.
If you are selling we obtain all of the figures required to pay any mortgages owing on the property and release the balance of funds as directed by you. If there are any adjustments to be made, such as rates, we will calculate this for you.
We will attend settlements on your behalf and once settlement has been effected we will contact you and the real estate agent. The real estate agent will then release keys to the property directly to you if you are buying.
If you are buying we will contact the relevant authorities once settlement has been effected to advise of the transfer and will forward payment of transfer duty to the Office of State Revenue.
We will also send you a letter containing the settlement statement and if you are buying we provide copies of the searches we carried out on the property. ** If there is no financier involved we can attend to lodgement of all documents necessary to complete the transfer.
Ask your real estate agent to send your contract to Stenton Moore Solicitors
Phone: (07) 5641 2520
Fax: (07) 5522 7978
Post: PO Box 645, Mudgeeraba Qld 4213
“Rest assured with the knowledge and experience of STENTON MOORE SOLICITORS, your residential conveyance will be in the best hands, and we keep you up to date every step of the way. We look forward to sharing this wonderful experience with you”.
– Nerise Moore