Specializing in Commercial Law & Estate Planning law
Conveyancing is the legal transfer of property from one owner to another, usually between a seller and buyer. There are various tasks that must be completed in the conveyancing process to ensure the transfer of ownership of the property is certain and meets all legal obligations. Below we have listed step by step guide in how we may assist you with your conveyancing requirements.
JTAX LEGAL QUEENSLAND CONVEYANCING
BUYING | SELLING | TRANSFERRING PROPERTY
At this stage your primary contact is with a real estate agent. They will list the property for sale and invite offers from potential buyers. Real estate agents prepare the contract for sale, often using the standard REIQ form. When the seller accepts an contract from the buyer a contract is formed subject to any conditions of the offer. The conditions generally relate to finance approval, building and pest inspections and any other special conditions agreed between the buyer and seller.
NOMINATING A CONVEYANCER
When signing the contract of sale, both the buyer and seller are asked to nominate a solicitor to act as your conveyancer. Whilst you do not have to nominate a conveyancer at this time, we recommend you do so to avoid missing crucial compliance and payment dates under the contract.
Once your conveyancer is appointed, the real estate agent will arrange for copies of the contract to be forwarded to your conveyancer, who will contact you and send you documents required to confirm their appointment.
CONVEYANCER APPOINTED
UNCONDITIONAL CONTRACT
When all the conditions of the contract are fulfilled, the contract is unconditional.
AGENCY ENQUIRIES MADE
Our letter recommends searchers to be ordered immediatly, the buyer’s conveyancer will conduct searches to the council, Water Corporation, Office of State Revenue and, if applicable, strata bodies to determine the current status of the seller’s accounts and to obtain information about the property.
PREPARATION FOR SETTLEMENT
Your conveyancer will prepare a settlement statement and make adjustments for rates and taxes between the buyer and seller so that each pays only for the period of their ownership of the property.
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Prior to settlement, the buyer is able to arrange a final inspection of the property. Your conveyancer will liaise with any financial institutions to ensure the required documentation is in order for settlement.
