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What is Conveyancing?

If you are asking yourself this question, then rest assured you are not the only one out there!

Many people are shocked when they reach the stage of buying or selling a property for the first time are asked by the Afent, "So which Solicitor is acting for you for the Conveyancing?", to which most first home buyers just like yourselves may reply, "I wasnt aware I needed a Solicitor, let alone someone who does this Conveyancing?".

Conveyancing is the process by which the ownership of a property is transferred to the other party being either the Buyer or the Seller. This will then be finalised by the registration of the new title details with the Land Titles Office who maintain a record of land interest in Queensland. 

Here are the basic steps to a standard Conveyance:

1. The fun begins when you have a fully signed Contract of Sale and we will obtain a copy of thie Contract.

2. We then ensure that you meet any due dates under the Contract such as:

          i. Cooling Off Period

          ii. Finance Approval

          iii. Building and Pest Inspections

          iv. Any other Special Conditions you may require in the Contracts.

Time is off the essence with all due dates under the contract so it is important that we keep in touch to monitor the progress of your contract.

3. We then conduct the appropriate Searches on the property as recommended by the Queensland Law Society. These will provide you with peace of mind in relation to Council requirements, Main Roads, Land Tax and any other additional searches which you may request that we order on your behalf that you may have particular concerns about.

It is important to remember that if you do not include the appropriate special conditions in your contract you may find that you do not have any rights to end the contract so it is improtant to contact your Conveyancing Solicitor well before you sign the Contract in case you need some personalised Special Conditions included in the contract.

4. The next step is to start preparation for Settlement which includes calculating funds required and making adjustments for outgoings such as rates, water, body corporate and many other various adjustments. We also book your banks, attend settlement on your behalf and ensure that all required forms are prepared and signed in readiness for Settlement as required by the Land Titles Office Queensland and any other associated bodies at the time of settlement.

5. Lastly, we arrange for payment of any Transfer Duty payable under the Contract. We will advise you of the amount payable and attend to stamping on your behalf with the Office of State Revenue.

6. Post settlement, it is important to note that if you have an advancing bank taking a Mortgage over the property that they will usually attend to the transfer of the title with the Land Titles Office on your behalf. Should you require, we are able to advise you once registration has occured and forward a copy of the title search noting your ownership.

If you are buying a property in cash, then we will look after the Registration of the Transfer and any other relevant documets required after settlement is affected. Once the Transfers are lodged and registered with the Land Titles Office this is when the Local Authorities will be notified of the change of ownership on the property. Usually the Local Authority will also issue a change of ownership fee payable by the new owner of the Property.