CW Hooper & Hooper |
Conveyancing
We take care of the details during your transactions while reassuring and
coaching you through a technical and confusing process.
Conveyancing can be a horrific experience with a multitude of forms, remembering to cover all of the issues with banks and real estate agents, cancelling or connecting services - all the while trying to pack up and move! It is disappointing for these issues to take away from what is usually such an exciting time!
We alleviate the stress of conveyancing by providing you with the support and information you need to make sure your transaction is as smooth as possible.
We alleviate the stress of conveyancing by providing you with the support and information you need to make sure your transaction is as smooth as possible.
Conveyancing is the legal process of transferring property from one person to another. You may be part of this process by purchasing or selling the property. |
How does the process start?
What are conditions?
|
The first step usually involves a Real Estate Agent. The seller may list the property for sale with one or more Real Estate Agents and the buyer usually approaches the Real Estate Agent to "put in an offer". Once the price is agreed, the parties negotiate the terms and a contract is signed. You can call us before the Contract is signed for advice on what is, and what should be, included in the Contract.
There is space in the contract to include our details as your solicitor. The Real Estate Agent will send the contract to us and we will contact you to continue the process. Conditions in a contract are tasks that must be satisfied before either party agrees to move on to completion. It is unusual for parties to sign an "unconditional contract". Standard conditions included in the REIQ Contract include obtaining satisfactory finance approval, satisfactory building and pest inspections and pool safety certificates. Other Special Conditions may be included. These are particular conditions agreed between the parties which relate to the particular parties' circumstances or the property. These may include obtaining satisfactory soil tests, satisfactory searches (including details of building approvals) or selling another property prior to the settlement date. |
As a buyer, it is your responsibility to arrange the building and pest inspections, to read the reports and to advise whether or not they agree to continue. As the buyer's solicitor, we do not generally need to read the building and pest inspection reports unless there are issues you need to be rectified.
As a seller, all you need to do is wait! As the seller's solicitor, we will contact you when we receive notice from the buyer if they are satisfied with the reports or if they require issues to be rectified. |
Who arranges the building and pest inspection?
|
As a buyer, it is your responsibility to arrange your finance approval and to satisfy any conditions in obtaining that approval (such as liquidating other assets, securing guarantors, substituting securities or selling property). As the buyer's solicitor, we are not involved in this part of the process. However, it is imperative that you authorise your financier to discuss the loan with us or we may not be able to complete the process for you.
As a seller, you still need wait! As the seller's solicitor, we will contact you when we receive notice from the buyer if they are satisfied with their finance approval. |
Who arranges the finance approval?
|
As a seller with a mortgage on the property you are selling, you will need to contact your bank to arrange for the mortgage to be discharged. This will require you to sign a Discharge Authority. It is imperative that you include our details on this form or we may not be able to complete the process for you. For most banks, we can arrange for you to sign the Discharge Authority and deal with your mortgagee directly until settlement.
|
Who arranges the discharge of the current mortgage?
|
What happens after the contract is unconditional?
|
This process will vary depending on what has been agreed under each contract. Generally, this is where we take over the paperwork and you get involved in packing!
As the buyer's solicitor, we take care of all of the searches, calculations for settlement and make sure all of the money required to be at settlement is available. We discuss with you any adverse responses we may receive and any issues that may arise. As the seller's solicitor, we take care of obtaining the documents required for settlement and liaise with you for the best time to arrange execution of those documents. We take care of all of the calculations required for settlement, and make sure everyone is paid at settlement so that when you receive excess funds from your sale, there is no one else to pay. |
What happens at settlement?
|
You do not need to attend settlement at all. We will attend to all of the legal and financial paperwork for you. We also take care of the adjustments for settlement, generally, the seller is responsible for paying rates, water and rent up to and including the Settlement Date and the buyer is responsible for payments from the settlement date.
As a buyer, you will need to instruct us as to whether or not you are happy with your pre-settlement inspection. If all is okay, it is full steam ahead! As a seller, you will usually need to have moved out by the pre-settlement inspection so the Real Estate Agent can lock the house prior to settlement. |
What happens after settlement?
|
Generally, there are no untied ends after settlement. However, as a seller, you may receive a rates notice or water notice. This will happen if the transfer has not "gone through the system" and those entities have not been notified of the transfer by the Department of Natural Resources and Mines. If you receive a notice, just send it through to us and we will forward it to the buyer.
Also, there may be special conditions which will govern what happens after settlement. We will advise you of all of these things during the conveyancing process. |