Successfully buying and selling property is usually a cause for celebration, however, there are many steps in the conveyancing process and subsequently, many opportunities for mistakes that can have significant consequences. In order to avoid complications, it is advisable to engage experienced lawyers before the process begins.
Whether you are buying a family home, an investment property, or a strategic portfolio of commercial and industrial assets, we understand that property transactions represent the most important financial ventures you are likely to undertake during your lifetime.
AC Lawyers regularly facilitate and negotiate conveyancing transactions and we apply the same rigour to the finer details, ensuring every transaction is completed efficiently and successfully.
AC Lawyers have experience with property transactions involving stakeholders ranging from local government, banks, developers, real estate agents, institutional vendors, land use and environment groups as well as joint ventures and residential sales.
We approach every brief systematically, believing much of the work on a successful property transaction actually takes place after the price and terms and have been negotiated.
Conveyancing
Conveyancing refers to the process of transferring real estate from one owner to another. It is likely that at some point in your life you will be involved in this process and while it may seem simple enough, there are a significant number of variables involved.
No two conveyances are alike, and unless you are extremely familiar with the legal intricacies involved in transferring real estate, AC Lawyers can protect your rights and interests throughout the conveyance.
There are typically three stages involved in conveyancing and each requires certain legal obligations.
Before the Contract
The conveyancing process begins when you express an interest to buy or sell a property. We would recommend that you retain a solicitor at this point and the team at AC Lawyers are always on standby.
Depending on whether you are the vendor or the buyer, your solicitor will prepare a contract of sale and negotiations as to price, warranties, terms and conditions, etc. will begin. Additionally, searches and inspections will need to be carried out and it is best to have an experienced solicitor organise and review these documents.
Proper searches will reveal what might not be immediately obvious to the naked eye, and also whether any easements, covenants, caveats etc. will impact your use and enjoyment of the land.
Contract to Settlement
Once the contract is signed by both parties and exchanged, there is usually a short “cooling-off period” (unless the property is bought at auction) during which the buyer may rescind (back out of the contract) without legal penalty.
Your solicitor will calculate settlement adjustments for council and water rates, stamp duty and GST.
On the day of settlement, we will attend on your behalf and meet with the vendor’s representatives and bank representatives to exchange necessary documents. Although this process usually goes smoothly, it is best to have a solicitor represent you in case a problem arises which might prevent you from moving into the property.
After Settlement
Once the settlement has occurred, the relevant authorities must be notified of the change of ownership and the Transfer documents must be lodged at the Land Titles Office.
These are simple administrative steps which alert the government to your change of address.