Conveyancing is the legal process of transferring ownership of a legal title of land from the current owner to the new owner. When buying a home, you’ll benefit from engaging the services of a conveyancing solicitor to make sure that you and the seller are complying with your legal obligations and that your rights are protected.
There are several documents that you and your conveyancer will have to read during the process. These include:
- Loan contract – a contract between you and your lender which provides the details of your home loan;
- Certificate of title – a document that specifies the owner of the property;
- Vendor’s statement – a document provided by the seller of real estate (vendor) to an intending purchaser. It can provide information such as; the Certificate of Title, information on zoning, information on building permits, lease agreements and outgoing costs, such as rates. It is very useful to know all this information before signing a contract of sale;
- Contract of sale – a contract between the buyer and the seller which will include details such as; property address, names of the vendor and buyer, details of real estate agents and conveyancers, settlement date, cooling off period (if one applies), property price, deposit paid and outstanding balance and special conditions, such as the sale being subject to finance, or subject to a building inspection;
- Settlement statement – a document outlining the details of your settlement, describing where and how your funds have been distributed. Details in this settlement statement can include; purchase price, deposit amount, rates estimate, government fees, and stamp duty. Your conveyancer will assist with preparing this document.
- Transfer documents – a document transferring ownership of the land will be lodged with the Titles Registry Office in Queensland. This document is an official record of who owns a given piece of land and your conveyancer will make sure this has been lodged after settlement has been completed.
Does this all sound like a lot?
If you were taking it on yourself – it probably would be too much to handle. With an experienced and efficient conveyancing solicitor however, the process from loan application to settlement and beyond is as simple as regularly checking your mobile phone for updates.
At Jacques Financial Group, we’ve partnered with experienced local conveyancers, and even have options to complete the entire conveyancing process online, in your own time, to save you having to take time away form work to visit with your conveyancer in normal business hours.
If you want to learn more, get in touch with us today at admin@jfgroup.com.au.
This information is intended as a guide only and there may be other requirements depending on your circumstances. Thank you to special contributor, Brisbane-based solicitor Kate Colby.
