Conveyancing on the Sunshine Coast is a detailed legal process that buyers and sellers of land must go through to transfer land from one person to another.
The Sunshine Coast conveyancing processes help provide concrete proof of land ownership.
It may sound hard to believe, but there was a time where people would ‘buy’ land and then find out many years down the track that they did not actually own the land.
We have a number of great local property and conveyancing solicitors on the Sunshine Coast.
What is Conveyancing on the Sunshine Coast?
A conveyancer supports clients through the conveyancing process.
Conveyancers are not necessarily lawyers – however they must be employed and supervised by a lawyer.
A conveyancer guides clients through the conveyancing transaction and provides advice throughout.
What is the process of buying a house and how does conveyancing fit in?
Step 1: Making an offer
First of all, the buyer inspects the property. Then, price negotiations occur – oftentimes through a real estate agent.
At this stage, all defects in title must be disclosed to the buyer.
Step 2: The Contract of Sale
Next, the contract is drawn. The conveyancing contract is a standard form contract that was developed by the Real Estate Institute of Queensland and the Queensland Law Society.
Generally, the real-estate agent will prepare the standard contract for you to sign. It is recommended to have a conveyancer check the terms of the contract prior to signing.
Furthermore, the standard contract is not wholly suitable to all situations and a solicitor can insert specific provisions relevant to the property and your circumstances.
Signing the contract of sale means the buyer has inspected the property and agrees to the price and conditions. The buyer signs the contract and pays the deposit before the seller also signs the contract. Both parties receive a copy of the contract.
In Queensland, there is a ‘cooling-off period’ after signing the contract. This means that the buyer has up to five days to change their mind before proceeding with the purchase.
If the buyer decides not to go through with the sale, the seller has the choice to apply a 0.25% penalty. However, one should note that it is generally undesirable to sign a contract that you are not completely satisfied with.
Step 3: The Deposit
The due date for payment of the deposit will be specified in the contract of sale.
However, the payment of the deposit is generally due when the contract is signed.
Step 4: Fulfil Buyer’s Obligations
In Queensland (unlike other states and territories in Australia), the buyer of the property is expected to ensure all necessary conditions for the transfer of title have been met.
The solicitor (or the buyer if proceeding without legal advice) will also run a search on the title of the property to ensure that no-one else has any rights to the property.
The search is made with the Department of Natural Resources and Mines and determines whether there are any mortgages, charges or other encumbrances registered to the property.
Any issues surrounding the title are addressed prior to settlement.
Prior to settlement, a buyer must take building insurance over the property. Proof of insurance must be provided to the bank.
Step 5: Settlement
Settlement day is the date you become an official homeowner. It generally occurs six weeks after paying your deposit.
On settlement day, the buyer pays the remainder of the purchase price and the title of the property is transferred to the buyer’s name.
The buyer and seller themselves are not required to be present. Generally, there is a meeting between the conveyancers and the banks of both the buyer and seller. The money for the property is exchanged for the certificate of title.
After settlement, you are a homeowner. Congratulations!
Professional Conveyancing on the Sunshine Coast
Some people do decide to do their own Conveyancing on the Sunshine Coast. However, this is not recommended as misunderstanding any contractual clause or document may lead to expensive litigation.
Further, failure to adhere to any time provision in the contract provides the seller a right to terminate the contract of sale.
If you do decide to complete your own conveyance, it is imperative to seek legal assistance upon the first sign of misunderstanding or dispute.
Conveyancing Sunshine Coast
Buying a new home is a huge investment and can feel very overwhelming.
There are a number of qualified conveyancers on the Sunshine Coast to guide you through the process. Provide your details here for a free referral to one our trusted local conveyancers.