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The Property Conveyancing Process Explained: Everything You Should Know

Property conveyancing is deeper at the core of human lives than they're aware of. The real estate exchange through which you obtained your first house is likely to have impacted your entire living experience. When buying or purchasing a home, lawful agreements that are beneficial to both buyer and seller make the whole process exciting and fulfilling. You'll want to employ the services of a licensed conveyancing solicitor to oversee the entire process. However, you'll also want to know what to expect from the process to obtain the best service.

You'll Need To Get A Conveyancing Solicitor Before Finalising Your Sale Or Offer

Conveyancing solicitors should be contacted soon as you develop a serious interest in a home. You'll want to tell them about your financials, property buying interests, expectations and time frame. Your conveyancer will help you negotiate or accept a down payment, depending on whether you're buying or selling the property.

As a buyer, when finding a property you're excited about, you'll want to place a deposit as early as possible to let the seller know you're serious about buying the property. You may want a brief contract to be drafted when placing this deposit to ensure you can be refunded quickly in case your offer is rejected. As a seller, you'll also want a conveyancing solicitor to help you negotiate a sensible down payment, which may help you settle some of the costs (legal, remodelling, moving, etc.) associated with the sale.

Settling And Implementing The Contract

Once an offer is accepted, the home's buyer and seller will exchange contracts drafted by their respective conveyancing solicitors. The conveyancing solicitors will then be required to arrange payments for stamp duty, and draft or inspect mortgage agreements while concerned parties consider the contract. They'll then assist their client in making the final home inspection before the exchange of titles.

Conveyancers will then have to adjust the settlement in accordance with council and water rates, which is likely to alter the final purchase price slightly. Your conveyancing solicitor will then attend the legal settlement on your behalf and inspect the final bank papers. Finally, they'll have to request the exchange of titles at your local Land Titles Office.

A Final Word

Property conveyancing solicitors offer you protection and peace of mind while you are trading one of the most cherished assets in a human's life: the home. The conveyancing process will start with careful contract drafting and end with an exchange of title deeds. To gain more insight into every step of the process, you may want to book a property conveyancing consultation. Contact a conveyancing service to learn more.