How Long Does Conveyancing Take in Melbourne and Brisbane, Australia, 2021?
If you’ve never bought or sold a property in Australia, you might not be familiar with the real estate conveyancing process. A property conveyancer is a necessary part of any real estate sale to assist clients with navigating the legal aspects of transferring property ownership. 2021 is a booming year for the Australian property market, so it’s a great time to be taking an interest in real estate. But, how much does conveyancing cost, and how long does the conveyancing process take in Melbourne and Brisbane?
Hiring an experienced conveyancer, as Jim’s Property Conveyancing in Melbourne or Jim’s Property Conveyancing in Brisbane, can drastically reduce the stress involved in buying and selling real property by assisting clients to satisfy the plethora of legal requirements and related research and checks that are a necessary part of real estate sales. Large amounts of money are generally involved when it comes to buying to selling a home, and the legal side of real estate transactions can be complicated, even if in a straightforward case. A property conveyancer will enable clients to avoid any pitfalls involved in the transfer of ownership and to ensure the settlement period and Contract of Sale are handled efficiently and fairly. So, what is involved in the conveyancing process and how long does it take?
When should I hire a conveyancer?
It’s important to ensure that you have hired a conveyancer as early as possible to help to streamline the buying and selling process and avoid or neutralize any pitfalls or issues that might arise. If you are the vendor selling the property, you should be looking at hiring a conveyancer before you even list your property for sale. One of the first things the conveyancer will do is to draw up a Section 32 (or Vendor’s Statement) document. You will also need your conveyancer to create a Contract of Sale document before the sales process is underway and assist you with choosing a settlement date.
If you are the purchaser of a property, it’s still crucial that you hire a conveyancer as soon as possible. For most clients who are buying a property, a conveyancer is hired as soon as their offer to buy a property has been accepted, and before the Contract of Sale has been signed. Ideally, if you’re buying a property you will be able to have your conveyancer review the Section 32 document as well as the Contract of Sale document to verify and negotiate any conditions of sale before you sign it. Once the Contract of Sale is signed it is a legally binding document so it can be extremely difficult to implement any changes after the document is signed.
How long does the conveyancing process take?
Jim’s Conveyancing takes pride in ensuring client satisfaction, so our conveyancers will strive to ensure that your real estate transaction is completed smoothly and efficiently within the required time frame. Generally, the conveyancing process begins before the Contract of Sale has been signed and ends when the settlement period is completed, and the cooling-off period has ended. This means that the length of time that you will need to retain a conveyancer varies depending on how long your agreed settlement period is. Typically, Australian settlement periods are either 30 days, 60 days, 90 days, or 120 days, but can range from much less than that to a lot more depending on what agreement is reached between buyer and seller.
What is involved in the conveyancing process?
The conveyancing progress usually begins with either drawing up or reviewing the Contract of Sale document and if the sale is taking place in Victoria, the Section 32 document. These are legal documents so it’s crucial that all the information supplied is accurate. Your conveyancer will review the documents and ensure any necessary corrections or special conditions are added. At this point, if you are the buyer your conveyancer will probably suggest arranging a building and/or pest inspection.
Once the Contract of Sale has been signed by both vendor and purchaser, the property is considered to be sold. A cooling-off period follows, during which the vendor and purchaser can back out of the sale. In Victoria, buyers typically have a three-day cooling-off period after the Contract of Sale is signed, and in Brisbane, there is usually a five-day cooling-off period.
Following the sale agreement, the buyer’s conveyancer will undertake checks on the property. This usually entails researching the certificate of title at the Land Registry and checking all registered caveats, easements, covenants, mortgages, and mortgage discharges that affect the property. The sale of the property is finalized, and the ownership title is transferred to the buyer once the outstanding balance of the agreed purchase price has been paid.
Get an obligation-free quote!
Still not sure whether you’re ready to proceed with hiring a property conveyancer? We understand that this is a decision that can take time and we encourage you to ask lots of questions. Jim’s Property Conveyancing in Melbourne or Jim’s Property Conveyancing in Brisbane offer an obligation-free quote service, so phone 13 15 46 to learn more about what the conveyancing process might look for your property sale or purchase.