What is the Process Involved in Conveyancing Brisbane
The legal process related to selling or buying a property in Brisbane is called conveyancing. Conveyancing Brisbane also involves other property transactions such as lease property lease extensions and remortgaging.
Generally, it takes about 6-8 weeks to complete the process of conveyancing, Brisbane. However, issues that may happen during the process, the type of property or the transaction type could delay the entire procedure.
Understanding the various stages of conveyancing Brisbane helps to provide confidence to face the process. Hiring a conveyancing Brisbane lawyer when you’re planning to buy or sell a property is a better option than going on it alone.
Whatever you decide, the expected stages involved in conveyancing Brisbane include:
Contract pack drafting and reviewing
A contract pack is created by the lawyer of the seller once an offer made by a buyer on a property is accepted by the seller. A draft of the contract of sale and all the information a buyer wants to know about the property is included in the contract pack.
The lawyer of the buyer will review everything included in the property sale. He/she will explain the contents of the contract pack to the buyer to determine whether it meets their expectations.
Buyer inquiries
Inquiries about any issues a buyer and his solicitor may have after reviewing the contract pack will be conveyed to the seller’s lawyer. For instance, clearing up some confusion about what is exactly included with the sale of the property, like fittings and fixtures that the buyer wants.
If said fittings and fixtures are not mentioned in the contract, the buyer’s lawyer will inquire about the reason/s behind the exclusion. The lawyers of both the buyer and seller will try to iron out any issues to make everyone happy with the contract’s final version.
Check and search the property
The best way for a buyer to identify any problems with the property is to carry out various searches and checks. The buyer, along with his lawyer, would also include Environmental Agency checks, local planning searches, and local council searches.
The law requires the buyer’s lawyer to do money laundering checks as a way of ensuring that the property is not bought from the financial proceeds of a crime.
The location and the property itself determine the amounts of searches and checks needed to be done. For instance, a buyer interested in purchasing a disused coal mine would have to pay extra for a coal mining report. The extra expense is worth its value when the buyer is assured that the disused mine won’t affect the property.
Contract exchange
Both buyer and seller will need to sign when they are happy with the terms included in the final contract sale. The “exchange of contracts” is then carried out by the lawyers of both parties.
The exchange of contracts between lawyers can be done through a phone call. The lawyers will read the contract to check if the terms included are identical. Once they agree, they will mail the final contract to each other. The sale becomes legally binding once each lawyer gets the signed copy of the other party.
Completion date
A completion date will have to be agreed between the lawyers. This is part of the contract ritual and negotiations. The completion date is a go signal for the buyer to officially own the property.
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