For an average person, a home purchase may look very simple; however, the legal aspects of this can simply overwhelm a lot of buyers, while some are able to have success in signing, sealing and delivering all of the legal requirements when it comes to purchasing a house.
The process is usually divided into three parts; entering into the contract of sale, the financial settlement, and the registration of the transfer just like the process being done by the best Melbourne Buyers Agents & Advocates Industry Insider.
The process starts when the buyer have already chosen the home or the property and it would probably a sound plan if they consult a conveyancer to guide them along the way knowing that the entire buying process will undergo the conveyancing process that starts even before the drafting of the contract with the seller of the property.
The conveyancer is the one that prepares all of the legal documents on your behalf all the way from preparing the contract of sale and to the memorandum of transfer. A conveyancer is the one that reviews the contract of sale and also checks the terms and conditions that are indicated. When you and the seller have already both signed the contract, the transaction usually comes into a cooling-off period or the settlement period where you are given the time to thoroughly inspect the property and also prepare for the financing options.
At this period, the conveyancer will also make research on the property as part of the background checks that include title search and the checking of the certificate. The conveyancer is also the one that computes the settlement adjustments after the consideration of land tax, the council and water rates, and other fees needed.
The conveyancer is also the one to furnish the document for the transfer of land and lodge a caveat that ensures that your interest over the property is totally secured.
Before the settlement date, the conveyancer will be providing you the statement that will have the details and the amount that is needed to proceed with the agreement in purchasing the property. The conveyancer is also the one to contact your bank to make sure that they are prepared in settling on the specific settlement date set by you and the seller of the property.
On the day of the settlement, your conveyancer will be representing you in the formal exchange of transfer documents along with the mortgage files, the stamp duty forms, and other legal documents that the seller’s representative and both of the parties’ bank representatives.
The conveyancer is also the one that ensures to have the completion of all the needed steps in helping you get your new home knowing that purchasing a house is not that easy as it seems.
Conveyancers are like lawyers, in fact they are lawyers, but their responsibility for this kind of case is very different from what you usually see in them while attending trials and representing their clients in the court.