Whether it is a residential or commercial property, the transaction necessitates the transfer of legal ownership from a seller to the buyer. This process is called conveyancing and can last over 3 or more months. Since there is a lot of work to be done, it is recommended that one collaborate with a conveyancing solicitor based in the area or even in Townsville. If you wonder what steps are part of the process and why a solicitor is required, here is a look.
Steps involved in real estate transactions
Drafting Contracts: The conveyancing process begins at the time an offer is made on a sale property. The seller puts information like price, property boundaries, fittings wanted, etc. in a contract. The paperwork will also offer a date by which the transaction will be completed. Conveyancing solicitors are involved right from this step and also play a vital role in checking on the property.
Surveying: Before making an offer on a property, buyers usually like to have a mortgage loan in hand. This means that they approach a bank and do the necessary paperwork to have a loan. Surveys are an integral part of the process, and they are done to ensure that the building’s structural integrity is good. Three surveys – a valuation survey, a homebuyer’s report and structural surveys – can be carried out based on need. The last is the most comprehensive and is worth the money spent on such a report.
When both parties – buyers and sellers – are agreeable to the terms outlined in a contract, they sign their copies and exchange them. The deal is then legally binding, and the buyer pays a deposit.
Completion day: Even though the exchange can be done on the day mentioned in the contract, most parties prefer to give themselves time so that final walkthroughs can be conducted and problems fixed. A solicitor plays a pivotal role in checking and ensuring that all aspects of the contract are as mentioned. Even though an individual can do conveyancing work, it is a complicated and tedious process. A licensed conveyancer is better equipped to do the job – they are licensed and also know what has to be done.
Choosing a conveyancer: As a buyer, it is always good to choose a conveyancing solicitor who is familiar with the area and properties in and around Townsville. Ask friends and family or the bar association for recommendations. Check and find out what their charges are so you don’t get surprised.
Conveyancers play a major role in smoothing out the buying and selling process. Both parties are well served by paying a solicitor’s fees to ensure that the paperwork is in perfect order.