Find Investment Property | July 2009 Conveyancing is the branch of legal practice concerned with the transfer of property rights. Property conveyance consists of a series of legal requirements that protect the interests of both the buyer and the vendor. Our conveyancing guide will help to shed some light on this process. Because property entitlement is not always straightforward, thorough title searches, certificates and inspections need to be carried out to ensure the vendor has not misrepresented the property to the buyer. Although the process is quite transparent disputes can often be complicated. Very few buyers and vendors undertake to do their own conveyancing. Conveyancing matters are usually undertaken by a solicitor or licensed conveyancer. Prior to the sale the vendor’s solicitor will have prepared a contract of sale. Once the vendor’s offer has been accepted by the buyer, and contracts have been exchanged, the preparation of legal documents begins. The buyer’s solicitor first undertakes a meticulous search of the records of state and local council and other statutory authorities to obtain documentary support that the property has no private or public encumbrance which could affect its sale. At this stage the vendor is required to supply any requisitions (answers to the buyer’s questions about the property). Once it is established the property is free and clear, the conveyancing solicitors will advise the buyer’s mortgage lenders to prepare financing. At this stage the buyer’s deposit, any expenses and taxes related to the property are calculated, and adjustments are reflected in the final price. At this stage a final check of the contracts is made by both solicitors before proceeding to settlement. Property Conveyancing Guide Step by Step 1. First offer 2. Acceptance of offer 3. Signing of contracts 4. Exchange of contracts 5. Buyer requisitions 6. Vendor response to requisitions 7. Statutory authority certificates 8. Arrangement of finance 9. Land transfer to reflect new ownership 10. Expenses adjustments calculated 11. Final Settlement This conveyancing guide is meant as a simple outline to help you understand the property conveyancing process.
