Conveyancing Checklist
March On Legal has compiled this quick checklist to help you consider when to get conveyancing services and why.
‘Conveyancing’ is the process by which you transfer ownership of property from one person or entity to another. Generally, it follows these ten steps, some of which need to happen within set timeframes. Things can get complicated, which is why it is better to have the right legal support on your side.
1. What Should I Do Before Signing the Contract?
Hold on! Before you sign anything, as a buyer or seller, please seek legal advice. March On Legal can help you prepare or review the contract. We will discuss any concerns you may have about the property and ensure your rights are protected.
March On Legal understands the benefits, such as DHOAS and HPSEA, available to ADF Member and Veterans. We can help determine your eligibility for grants that may help you buy and sell based on your specific circumstances.
2. What is the ‘Cooling Off’ Period?
Buying a house is a big deal! Once the contract is signed by all parties and received by either you or us, there is a cooling-off period of five business days. During this time, you are not legally bound by the contract and may end it.
Please note a termination penalty may apply. Some purchases do not allow for a cooling off period. Check with us to ensure you understand your rights under the contract.
3. Getting Insurance
Once a contract is fully executed, we recommend you get building and public liability insurance. If anything happens at the property, you will be covered.
4. Securing Finance
Making an offer ‘subject to finance’ is a standard condition in home purchase contracts. This clause gives the buyer time to organise a loan for the property.
As the buyer, you must give your bank or financier a copy of the contract and let them know March On Legal is acting on your behalf. If your loan is refused, you may choose to end the contract.
5. Building & Pest Inspections
If the contract is subject to a Building and Pest Inspection (we recommend this), you must arrange for a Building Inspector to prepare a report about the property.
The inspector may identify some defects that were not brought to your attention. You may choose to terminate the contract or seek a price reduction.
6. What Are ‘Searches’?
Searches involve sourcing information from local councils and other authorities to tell you what you need to know about a property or land. Searches help reduce your risk by uncovering things, such as debts, heritage listings, unlawful deeds or construction plans that may impact the property. There are several standard searches we conduct, but there are additional searches you also may wish to do.
7. Going Unconditional
Once the contract has gone ‘unconditional’ (meaning there are no more conditions attached to your offer), we will contact your bank or financier to arrange a time for settlement.
You must ensure your mortgage documents have been signed and returned to the bank.
We prepare the transfer documents, calculate what needs to be paid at settlement and organise the necessary cheques from your bank.
8. Settlement
We arrange the settlement on your behalf. Once it is complete, we will contact you and the release estate agent. Then the real estate can release the keys directly to you. Electronic settlements are preferred, however March On Legal can effect manual settlements also.
Please discuss your needs with us.
9. Finalising The Paperwork
After settlement, we finish the paperwork, contacting the relevant authorities to advise the property transfer and making necessary payments (e.g., transfer duty).
You will receive a letter with the settlement statement and copies of the searches.
10. Moving In Or On
Congratulations! You can now move into your new home. Or, if you are buying an investment property, move on to your next project.
“When we got posted, March On Legal helped make selling our home and buying a new one as stress-free as possible.
Because of Alicia’s experience as an ADF Member, she understood what we needed and had our best interests at heart. We’ll definitely use March On Legal again next time.”
— Rebecca & Mark, Ashgrove
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For more information about March On Legal’s affordable, efficient conveyancing services, book a time to talk today:
