Anyone on the Gold Coast wanting to sell or purchase a home or property undergoes the process known as property conveyancing, Gold Coast. In a nutshell, property conveyancing, Gold Coast is the process of transferring the property ownership of one entity or person to another.
Purchasing residential properties undergo the usual conveyancing process, including:
Signing the contract begins the conveyancing process between the buyer/s and seller/s. Having a conveyancing lawyer in your corner during this time is highly recommended for both buyer/s and seller/s. Everyone’s rights are ensured protection with help from a conveyancing lawyer.
Organising public building and liability insurance is another recommended step after the contract between parties is deemed as fully executed.
The conveyance contract should be lodged with a conveyancing lawyer
Often, buying or selling a property involves a real estate agent. Having a conveyancing lawyer at this time is the best way for either buyer or seller to have their rights protected. A real estate agent can work with the conveyancing lawyer including furnishing copies of the contract. A conveyancing lawyer can also act as the real estate agent in case there’s none involved.
5 business days cooling period
A 5-business days’ cooling period is the usual procedure for conveyance contracts. This cooling period is there to allow either party time to think about the contract. The contract only becomes legally binding when both parties don’t terminate after 5 business days. However, it should be remembered that a termination penalty is imposed on the party that backs out of the agreement.
Financing is the next step to the conveyancing contract after the 5-day cooling period. If a financing company is financing the purchase, a copy of the contract should be provided to them. A conveyancing lawyer can do this on your behalf. The lawyer will also update you on the financing company’s approval. A conveyancing lawyer should handle this for you to ensure unconditional finance approval. Unconditional financing means that the contract is not subject to conditions such as valuation and more.
Arrange for a building inspection
A Building and Pest Inspection report attached to the terms of the contract means that the property is subjected to a visit from a Building Inspector. Including this in the contract is crucial for a buyer.
The only way to discover property defects is to have them thoroughly inspected. The discovery report can either give you a way out to terminate the contract or ask for a reduced price. Arranging for an Electrical Inspector visit is also recommended to coincide with the visit of the Building Inspector.
It may set you back a bit to have these inspections done on the property. However, it’s a prudent way of ensuring that you get what you need.
Standard searches performed by a conveyancing lawyer on a potential property include:
- Bankruptcy search
- Title search
- Flood search
- Contaminated land search
- City Council Heritage search
- Registered land plan
- Certificate of Land Tax
Conveyancing is a complex legal matter that needs the expertise and experience of a good conveyancing lawyer. Your investment as a buyer is protected by property conveyancing done by a leading law firm. Seller rights are also protected with help from a conveyancing lawyer. Contact us to know more about the intricacies of conveyancing.