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About the Residential Conveyancing Process
Conveyancing is the process of transferring ownership of real property from one owner to another.
Residential or Cottage Conveyancing involves the following process:
Signing the Contract
Stop! You should seek legal advice before signing the Contract our Conveyancing Solicitor- Deanne Greig can help. You should take the opportunity to instruct us regarding any concerns that you have about the property so that your rights can be protected through special conditions in the Contract;
The purchaser is responsible for insuring the property once the contract has been signed. It is important to take out building and public liability insurance within 24 hours of the contract being signed.
The original contract should then be delivered to our office.
The Cooling off period
All contracts for the sale of residential property in Queensland are subject to a cooling off period of five (5) business days. You do not need a reason to terminate the contract during the cooling off period but a termination penalty will usually apply. Before terminating a contract you should retain Kroesen & Co. Lawyers to ensure that the contract is terminated in the correct way.
Your bank or building society will need a copy of the contract. Dealing with a financier can be slow and you should obtain pre-approval of finance where possible.
Once finance has been approved, the bank or building society will contact us advising whether finance has been approved. If finance is not approved, you must terminate the contract before the finance clause expires.
Your financier may also require you or your guarantor to obtain a certificate of independent legal advice, which is a service that Kroesen and Co. Lawyers provide.
Building and Pest Inspection
If the Contract is subject to a Building and Pest Inspection report you will need to arrange for a Building Inspector to inspect the property as soon as practicable.;
A Building or Pest Inspector may discover defects with the property that were not evident during your personal inspection.
Sometimes an inspection will reveal defects that warrant a price reduction or termination of the contract. This can be a tricky situation and needs to be negotiated carefully on your behalf.
In the ordinary course of a conveyance there are a number of searches usually carry out such as:
- Title Search;
- Registered Plan of the Land;
- Full Council Rates Search;
- Land Tax Certificate;
- Queensland Transport Search;
- Contaminated Lands Search;
- Body Corporate Information Certificate;
- Company Search;
- Bankruptcy Search;
- Court Register Search;
- Flood Search; and
- Title Search on the day of settlement.
There are a number of optional searches that you may wish to undertake on the property. All additional searches should be carried out whilst the contract is unconditional where possible.
The Unconditional Contract
Once the Contract is unconditional you will be required to complete mortgage documents and return them to the bank. We will also contact your financier to arrange a time for settlement;
We will prepare the transfer documents for settlement to have your name transferred onto title as the new registered owner.
We will then prepare the documents required to pay the necessary transfer duty to the Office of State Revenue. We will then calculate settlement figures and arrange for the necessary cheques that will need to be provided by your bank.
We will attend settlement on your behalf.
Once settlement has been effected we will contact you and the real estate agent.
Why Use Us
We are a boutique firm that offers personalised service. We are not a high volume impersonal Conveyancing firm and nor do we want to be. If you enjoy dealing with approachable and knowledgeable people, then Kroesen and Co. Lawyers is your first choice for Conveyancing.