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Conveyancing is the legal transfer of a property’s title from the seller to the buyer.
Before you buy a property, you should research who you want to use for conveyancing. We recommend you do this research before you enter a contract of sale. Solicitors’ conveyancing costs can vary significantly – between $600 – $1,500 – so it’s important to do your homework.
Affinity offers you important information conveyancing and settlements through our helpful blog.
The Real Estate Institute of Queensland (REIQ) is Queensland’s peak real estate advisory body. The REIQ recommends the use of a qualified solicitor for any property matter, including conveyancing.
Using a solicitor saves time on paperwork such as title searches and stamp duty. It should also provide peace of mind. This is very important when making one of the largest single financial transactions of your life.
Affinity Property works with a range of highly qualified solicitors and conveyancing services. For more information CLICK HERE.
Conveyancing will incur costs such as searches of the:
Council and property searches can identify any planning issues or problems. These searches also highlight what the area might look like in five to 10 years. Doing these searches will uncover any major changes like new freeways and major road upgrades. Obviously, you want to make sure major changes are not planned for your property’s backyard.
Searches for zoning and titles will determine whether the property has any restrictions. Title searches are very important to identify things such as: adverse planning; demolition orders; outstanding taxes; encumbrances on the title (for example, easements or caveats and any other matters.
Most of these searches are standard in the conveyancing process. Buyers who elect to do the conveyancing themselves or choose a discount conveyancing service can miss out on these vital searches.
Once your contract becomes unconditional it is time to start packing!
It’s important you keep in touch with your agent and solicitor through this time, with regards to any issues that may arise approaching the settlement date.
Arrange a pre-settlement inspection with the agent. This ensures that everything is per the contract conditions, noting any included chattels or excluded fittings.
Pre-settlement inspections should be conducted once the property is vacated by the seller or its occupants.
Commonly, the solicitor will attend the actual settlement on the buyer’s behalf. Both the seller’s and buyer’s solicitors should notify the agent once settlement has occurred.
The new property owner will receive the keys after the agent has received notification from both parties.
Your quest of buying a house, unit, townhouse or any other property is now complete – enjoy!
Warning: This content is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to whether this information is appropriate for you.