Not sure what the process is for conveyancing in Melbourne? This article has you covered with a 10-step overview of how to navigate Melbourne’sconveyancing process.
1. Find the Right Property
Obviously, before you can buy a property, you need to locate a suitable property for purchase. Before becoming besotted with a certain property, you need to take a more logical standpoint on finding a house. Start with a list of must-have features and extra luxury features. That way, you will have on objective criteria to measure potential houses against so you don’t get caught up in a purely emotional decision. Get the lowdown on the area. Visit the neighbourhood at all times of the day and night to get a feel for the activity and safety of the area. If you have kids, it could be a good idea to check out local facilities such as schools, libraries and parks. After you’ve gained all the information you need, ask if this property meets your list of criteria. Don’t be swayed by pushy sellers who want to rush your purchase. Once you’ve made up your mind, you can then begin the process of conveyancing in Melbourne.
2. Can You Afford It?
Buying a property is not just about the purchase price – there are also additional costs associated with it that you need to take into account. That’s why having a lawyer for conveyancing in Melbourne is a good idea, as they can warn you of these early on in the process. Fees and charges could add thousands to the purchase price once you consider inspection fees, valuation fees, transfer of registration fees, stamp duty, bank charges, moving costs, mortgage insurance and other professional fees.
3. Contract of Sale & Vendor’s Statement
These are important documents relating to conveyancing in Melbourne. When you state you’re interested in buying a property, the seller or real estate agent will provide a Contract of Sale and a Vendor’s Statement. You will need to check these documents carefully, and you can also get your lawyer for conveyancing to check over them too. The contract will contain a number of details, including property information, the agreed upon price, the deposit amount, and the settlement period, among other things. The Vendor’s Statement provides information on a property’s title.
4. Consult with a Conveyancing Lawyer
As stated in the above step, conveyancing in Melbourne should involve your lawyer checking over the Contract of Sale and Vendor’s Statement. Now is the time to consult with your conveyancing lawyer and decide if you want to insert into the Contract of Sale any conditions that may be advantageous to you, such as only agreeing to the sale if you can get finance, delaying settlement, or identifying any fixtures that you want included in the sale.
5. Make an Offer
At this stage of conveyancing in Melbourne, you make an offer to the seller, detailing how much you want to pay. If that offer is accepted, you will then pay the deposit. There may be some price negotiation at this stage. You may expect to pay 10% of the purchase price for a deposit. Even while under offer, the property is not yours yet, and other buyers can make offers or view the house. Only once you sign the contract is the property taken off the market.
It’s important to arrange a building inspection and pest inspection for your desired property. These inspections ensure that the building is in a reasonable state, and isn’t infested by pests such as termites, which are not always visible to the naked eye.
7. Exchange Contracts and Pay Deposit
At this point during conveyancing in Melbourne, it’s time to sign the Contract of Sale. When the buyer and seller have both signed the contract, the property is officially sold. There is a 3-day cooling off period from the time the contract is signed.
8. Get Insurance
Now is the time to arrange property insurance. Finance lenders usually expect to be given details of your insurance policy come settlement day.
9. Final Checks
Your lawyer for conveyancing in Melbourne will complete final checks on the property, including searching the certificate of title at the Land Registry. Other searches by your lawyer can uncover if there may be other caveats to your land, such as contamination.
10. Finalise Sale
After you’re paid the remainder of the purchase price, the seller will give you the transfer documents and the certificate of title. With that, the process of conveyancing in Melbourne is complete.