The conveyancing process has become quite a complex matter. There are a number of pitfalls that sellers can fall into. It is important to obtain sound legal advice prior to signing a contract. What can seem as a “simple” transaction can quickly complicate itself should the Contract not be drafted correctly or properly or the seller has failed to make any required disclosure in the contract. Some of the basic steps in the conveyancing process are:
Step 1
The first step for most sellers is to engage the services of a real estate agent.
Step 2
Once an offer has been made to pruchase your property, the next step is usually for your selling agent to prepare the contract of sale. It is always recommended that you have your solicitor look over the Contract before you sign it. A poorly drafted contract or a contract which fails to include any required disclosures can cause disputes down the track and have severe consequences.
Step 3
Once the contract is signed by all parties and becomes binding and where there is a mortgage registered over the property, it is recemmend that you immediately advise your bank that you have sold the property. It can take some time from when your bank is instructed to release the security to when your bank will be ready to take a booking for settlement. It is imortant to instruct your bank early to ensure that it is ready to settle on the settlement date. Should you fail to settle on time, you could lose the sale and be liable for a claim in damages.
The rest is generally up to your solicitor
Your solicitor would usually be advised whether the buyer’s conditions under the contract have been satisfied. Your solicitor would usually liaise with your bank to book a time for settlement. Lastly, your solicitor would usually arrange for settlement to be effected.
Should you require any assistance in relation to conveyancing, please do not hesitate to contact us.
Disclaimer: This is general information only and should not be relied upon as legal advice. Individual circumstances may differ.