Buying a Property.
Buying property will be one of the most important purchases you will make in your life.
It is important to understand the process.We at Northern Conveyancing Services will take the following steps (there will often be other processes involved in the conveyancing process, this will give you an idea of what to expect).
- We will complete a thorough contract review for you with feedback on suggested clauses to have included in the contract prior to signing. For a no obligation contract review please contact us at Northern Conveyancing Services.
- Negotiate terms of your contract
- Most often you will have to pay a small deposit and sign the contract as a part of making your “offer” to the vendor. Please ensure that Northern Conveyancing Services are included in the contract as your legal representative. This way the vendor’s legal representative will forward a copy of the contract directly to our office.
- Once your offer has been accepted by the vendor, the vendor will sign and depending on the terms in your contract you will be required to pay the remaining of your deposit.
- Once we have received your contract of sale we will scan and forward a soft copy to your mortgage broker or banker to assist with your finance application. We will also advise them of any key dates e.g. Finance clause expiry and settlement due date. Should at any time you require a finance clause extension please contact our office prior to the due date as passing of this will render your contract unconditional and you will be contractually bound.
- We will now prepare all the necessary legal documentation required to compete the transfer. We will post or email these to you depending on when settlement falls and whether you have access to a printer.
- Once finance has been obtained we will contact your lender and advise them of settlement time and location, in this process the bank will send your loan contracts out to you. It is imperative that your attend to these immediately as the bank has a minimum time frame once returned before they can complete settlement and delays in doing so can delay settlement. We will also provide copies of the legal documents that will facilitate the transfer to the bank for them to compare with their documents. All full legal names have to match exactly according to your birth certificate and/or passport. This is very important that at any stage you notice an error of any type to bring this to the attention of Northern Conveyancing Services so we can have this rectified, if not attended to this may hold up settlement.
- The next step will be to ensure that council, water, and other rates associated with the property are proportioned between yourself and the vendor accurately. We will conduct the necessary searches and inquiries to make sure that all the rates are paid prior to settlement. We will issue the vendor with a statement of adjustments outlying all of this and informing the vendor of what you will be providing them at settlement. This is usually completed within two weeks of settlement.
- Once the vendor has approved the statement of adjustment they will provide our office with the cheque directions according to what is owed to them, the amount owed to them will generally be divided up in to five or so different cheques but the total amount will always add up to what the overall amount is owed to the vendor.
- It is at this point now that your bank has notified us that they are ready to settle and so is the vendor, that we can notify you of any shortfall funds that maybe required. Don’t worry too much though as this will be closely estimated by your broker/banker in your early days of finance application.
- Now that settlement is ready to occur all parties attend to the agreed time and destination and exchange all the necessary. As soon as settlement has occurred you will be notified along with all the relevant authorities.
Request More Information