Conveyancing is a necessary process in both buying or selling property. As solicitors, we can assist with the settlement and title transfer process by ensuring our clients are meeting all their legal obligations and their rights are protected during the entire transaction.
Preparing Contract of Sale
One of the primary roles of a solicitor is to help prepare all the legal documents that are part of any real estate transaction.
When you are selling your property, this includes preparing the Contract of Sale and ensuring that any special conditions you require are included in this final contract. This will protect you from any potential conflict later. A solicitor will also conduct all the title and planning searches that go into the Vendor’s Disclosure Statement, so that you have met all the disclosure obligations according to the relevant laws in your state or territory.
When you are purchasing a property, you will need a solicitor to prepare all the transfer documents that ensure a property is rightfully and legally transferred to them. These important documents will include all necessary details to meet legal regulations in your state or territory.
Legal Advice
A solicitor will also undertake a good portion of the legal work needed to help you make the right decisions and navigate this process successfully.
When you are selling your property, your solicitor will be able to advise you if there are any particularly conditions that must be included in the Contract of Sale. The special conditions will be dependent on your circumstances. A solicitor can also help advise you regarding the legal documents that you will need to give to the buyer to complete the settlement, so that there is no confusion.
When you are buying property, your solicitor will give you advice regarding the terms and conditions of the Contract of Sale. They will point out any specific terms that you should be aware of as well as any planning restrictions or other details out of the ordinary that you should consider. It’s always a good idea to let your solicitor read through your Contract of Sale before you sign it. Finally, the solicitor can help you determine what statutory fees need to be paid. These will depend on several factors, including the purchase price of the property and the state or territory in which you purchased the property.
Arranging Settlement
One of the major roles of any solicitor is to help arrange the final details of the settlement. The solicitor will coordinate a proper time for Settlement, depending on the parties’ banks and mutual convenience. The solicitor will also contact your bank to make sure that your funds are in place to pay the vendor and providing the bank with any necessary payment details. If you are holding the funds yourself, you need to transfer these to the solicitor’s trust account at least 24 hours before the settlement date to ensure that there is enough time. The solicitor will then contact the seller’s real estate agent and direct them to release the keys.
