Common steps associated with a conveyancing transaction in Australian real estate market

When you are thinking of buying or selling a property in Australia, you should get in touch with a law firm that can help you with that. A leading conveyancing Brisbane law firm has got the experience and skill needed to handle such cases efficiently so that you do not have to ponder deeply about the whole legal process. With the steady expansion of the real estate market in different parts of Australia, there are now many law firms that offer smart end conveyancing assistance to clients who are looking for such services.

There are two parties in any conveyancing transaction; the buyer and the seller. The lawyers from both ends represent their clients so as to make sure that the transaction is handled smoothly. Here is brief outline of the legal process associated with conveyancing. 

• ·         The first step involves drafting the contract which is performed by the seller’s lawyer after an initial offer from the buyer’s side has been accepted. This contract is going to mention the primary conditions of property sale, the various terms associated with the deal, such as the price and other factors. The seller is also going to provide with all the related information regarding the property. The solicitor representing the seller is going to check through all the details and then present with the proof of the seller’s legal ownership of the property.

• ·         The buyer’s advocate will then check through this initial paperwork drafted by the seller’s lawyer and make preliminary enquires about the property as well as the current possessor of the property. If there are any issues found with the basic draft papers, then the buyer’s solicitor is going to ask questions to the seller’s lawyer about that. The goal here is to resolve all the issues so that both parties can be on the same page.

• ·         The next stage is going to involve a thorough survey of the property in question. The conveyancing Gold Coast solicitor working with the buyer is going to explore the property and examine its state, the surrounding land’s condition as well as other external factors like the building’s drainage system. The lawyer will also check to see if any kind of further developments have already been planned for the future. The lawyer will also see to it that there are no issues with this house. These may include unsettled issues and problems with local authority, planning problems, flood risk issues, land contamination and other types of environmental considerations

• ·         Once the basic survey has been carried out, the terms of handover will be discussed by both parties and their lawyers. Once the conditions that make both parties satisfied have been negotiated, the contract will be made official. Both the parties will then have to put their signature on a copy so that they can be exchanged. 

• ·         You must apply for mortgage offer if you want to obtain a mortgage. In such cases, the lender is also going to have a lawyer handle the mortgage transaction.