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Purchasing a property can be straight forward or quite complex depending on the property you are buying. For most people, buying property will be the largest financial transaction of their lives and there are many aspects – financial, legal and practical that need to be taken into account.
There are standard steps with every residential property purchase, however it is best to have an experienced conveyancer settle your property to ensure there are no nasty surprises.
Standard steps involved in purchasing property
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Engage a Solicitor
Why should I engage a Solicitor to purchase my property?
The following are some of the processes Wallace & Wallace Lawyers will complete on your behalf:
- Review the contract and any special conditions (either before or after signing) and advise on important terms;
- Discuss search options with you i.e. rates, land tax, contaminated land etc;
- Review search results and discuss them with you to ensure you are aware of any issues that affect the property;
- Ensure you meet your critical dates for things like finance approval, building and pest inspections and settlement;
- Liaise with the banks and ensure they are ready for settlement;
- Liaise with the Solicitors or Conveyancers acting for the Seller;
- Advise you of your transfer duty obligations and organise payment before settlement;
- Ensure all transfer documentation is prepared correctly and lodged with the relevant parties;
- Prepare settlement figures and cheque details, liaising with the banks and the Solicitors for the Seller;
- Should there be a problem – we will work for you to make the settlement go through;
- Attend settlement or arrange an agent to attend on our behalf;
- Advise Council of the change of ownership of the property.
It makes good sense for a person to be properly advised before signing any contract or entering a legally binding contract. To do otherwise may result in difficulties and financial costs that were not anticipated or indeed necessary. Ensure you speak to one of our experienced staff before proceeding to sign a contract or as soon as possible thereafter if you already have.
Electronic conveyancing (or eConveyancing) allows documents needed for property transactions to be digitally prepared, signed, settled and lodged by their legal representatives and financiers.
We are a certified member of Property Exchange Australia Limited (PEXA) who are the founding members of the platform. You can find out more about eConveyancing in our FAQs section or by contacting our office.
We also assist with…
To make certain that your interests are protected, our conveyancing team works alongside our commercial, estate planning and commercial property experts to give you the most comprehensive legal advice tailored for your individual situation.
Wallace & Wallace Lawyers have been providing clients with advice and assistance in relation to residential and rural conveyancing for over 30 years.