THIS is the process of transferring the legal ownership of property from one person to another.
You may do this yourself however it is recommended that you use a solicitor or licensed conveyancer to ensure the transaction runs smoothly and you are protected from the consequences of making a mistake.
In choosing a conveyancer or solicitor make sure they have a license and professional indemnity insurance. Also at this point it is good to get them to give you a breakdown of all costs.
Some of the things done during the conveyancing process will include;
- Thoroughly checking the Contract of Sale and any off title restrictions and interests.
- Applying to local council for a current survey and building certificate if appropriate.
- Enquire to relevant government departments and authorities about notices affecting the property.
- Calculating the adjustments for council and water rates prior to settlement.
- Release deposit to the Agent or Vendor.
- Checking all documents prior to settlement and attending settlement.
- Arrange to discharge the vendor's mortgage.
- Sort out the payment of Stamp Duty.
Once settlement takes place and cheques are exchanged then congratulations the property is legally yours.
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