Conveyancing is the legal process of transferring a property from one person to another. It refers to the organising of legal documents such as the sales contract and mortgage.
Due to the financial and legal aspects of transferring property title, there are significant and costly consequences to making a mistake or overlooking important details.
In ensuring all legal obligations are met, a conveyancer or conveyancing solicitor will navigate the processes behind property transfer, including the following:
Overall, a good conveyancer will be your licensed guide to navigating the legal processes around transferring ownership of a property.
If you seek a professional and friendly conveyancer, look no further than MDV Family Lawyers. We offer a range of conveyancing services, including the following areas of expertise:
Our service will ensure you are protected and informed. In choosing MDV Family Lawyers, you will enjoy:
Overall, MDV Family Lawyers will safeguard your interests in the process and ensure a smooth conveyancing process from beginning to end.
A contract between the seller and the buyer will be drawn up.
This is the legal document required for the transaction of the property. Its purpose is to outline the right and obligations of both the buyer and seller.
The contract will be examined.
You should take your contract to your conveyancer for examination before signing the contract, and you still have the right to change your mind.
The contract will be exchanged.
Once the contract is signed by both the buyer and the seller, it will then be a legal binding document. By this point, the holding deposit has usually been made. The process will now proceed to settlement.
The cooling-off period will commence.
After the exchange of the contract, you will have a cooling-off period of 5 days if this requirement is not waived. You may withdraw from the contract during this period, however, you will be required to pay the vendor 0.25% of the purchase price. Cooling off periods do apply if you purchased a property at an auction or exchanged contracts on the same day as the auction after it is passed in.
The deposit will be paid.
The buyer is now required to make the deposit. This is non-refundable in NSW.
The Settlement Process.
When you pay the rest of the sale price, you become the legal owner of the property. This is known as settlement. On settlement day, MDV Family Lawyers will meet with the vendor’s conveyancer and both party’s banks or home loan providers. Each party will exchange the legal documents, and the property will be legally transferred into your name and you will be issued a certificate of title.