Conveyancing is a very important topic you must learn about whether you are buying or selling a property. Conveyancing is a complicated process and it is good to hire a good conveyancer Penrith so that the entire process happens smoothly and effectively without causing any future troubles. Here are the six steps of conveyancing explained to make you familiar with the basics of conveyancing.
Inform the conveyancer
Once you have decided to sell your property and have received an offer from a buyer, you will first inform a conveyancer and take their advice. You must also pass on the details about the conveyance to the estate agents. The conveyance will issue a client engagement that will outline the fees, terms and conditions and identification request. The protocols of processes differ for selling and buying and the conveyance will guide you on all the different steps in this process.
Pre-contract process
The processes consisting of sales agreement done through the estate agent to the exchange of contracts by the conveyance are included in the pre-contract stage. Since everything agreed till this point is crucial part of the entire deal, collating as much information as possible is necessary during this stage including the proof of the origin of funds and conveyancing searches.
Conveyancing enquiry
In this stage, the conveyance representing the buyer will make enquiries with regard to the information found in the contract pack given by the seller’s conveyance. The information sought may include property title, register and plan, sales contract, survey, search results, lender needs, buyer own enquiries, management pack information, and indemnity insurance.
Exchanging contracts
When the contracts are exchanged, the seller and buyer are bound to complete the transaction on the date of completion mentioned in the contract. Therefore, before legally committing to the transaction, your conveyancer will have obtained your instructions. Once you authorize them, the exchange will be effected on your behalf.
Completion
Legal completion happens once the selling conveyancer receives the compensation money from the purchasing conveyancer.
Post-completion process
The post completion processes include stamp duty and land tax, registration, and obtaining the receipt of the registered title. During this phase, the indemnity policies are activated, estate agent’s invoice is settled and the matter is closed after accounting to the seller regarding all the sales proceeds. The net proceeds of the sale are returned to them. The payment is done in the mode that is convenient to the seller and buyer.