FROM THE BLOG

Buying a house is one of the most significant financial commitments you’ll make, and ensuring a smooth transaction is crucial. One key professional in this process is a conveyancer, who handles the legal aspects of transferring property ownership. But when exactly should you instruct a conveyancer? In this post, we’ll explore the ideal timing for engaging a conveyancer and why their early involvement can make all the difference in your home-buying journey.

1. As Soon as You Start House Hunting

It’s never too early to start thinking about conveyancing. Instructing a conveyancer early in the house-hunting process can provide you with valuable guidance and peace of mind. They can offer preliminary advice on potential legal issues related to properties you’re considering and help you understand the conveyancing process. Having a conveyancer on standby means you’re ready to move quickly when you find the right property.

2. When You Make an Offer

Once you’ve found a property you want to buy and you’re ready to make an offer, it’s time to formally instruct a conveyancer. At this stage, your conveyancer can:

• Review the contract of sale to ensure it meets legal requirements and protects your interests.
• Conduct initial property searches to identify any potential issues with the property’s title or local authority matters.
• Advise on the terms and conditions of your offer, including any contingencies or special conditions you may want to include.

3. Before Signing the Contract

Before you sign the contract of sale, your conveyancer should have completed all necessary checks and searches. This includes:

• Reviewing the section 32 vendor statement and highlighting any issues that need addressing.
• Reviewing the property photos online to ensure the section 32 statement disclosures match the property.
• Explaining any legal jargon and making sure you understand your rights and obligations under the contract.

4. Upon Acceptance of Your Offer

After your offer has been accepted, the conveyancing process moves into high gear. Your conveyancer will:

• Confirm the seller’s legal ownership of the property and check for any encumbrances, such as easements or covenants, that may affect your use of the property.
• Liaise with the seller’s conveyancer to make any enquiries necessary in respect to title.
• Prepare a detailed report on the property and the terms of the sale, ensuring you fully understand what you’re buying.

5. During the Cooling-Off Period

In Victoria, buyers typically have a cooling-off period of three business days after signing the contract of sale. During this time, your conveyancer can:

• Advise you on whether to proceed with the purchase based on the findings from the property searches and inspections.
• Negotiate any last-minute changes to the contract if new information comes to light.
• Ensure all necessary documentation is in place to proceed with the sale smoothly.

6. Leading Up to Settlement

As settlement day approaches, your conveyancer will:

• Coordinate with your lender to ensure all financing arrangements are in place.
• Prepare and review the settlement statement, which outlines the funds required to complete the purchase.
• Arrange for the transfer of the property’s title into your name.
• Ensure all conditions of the contract have been met and that you’re ready for a smooth settlement.

Conclusion

Instructing a conveyancer early in the home-buying process is crucial for ensuring a seamless and legally sound transaction. Ideally, you should engage a conveyancer as soon as you start house hunting or at the latest when you make an offer. Their expertise and guidance will help you navigate the complexities of buying a property, protect your interests, and provide peace of mind throughout the entire process. Remember, having a professional conveyancer by your side can make all the difference in turning your dream home into a reality.

Further information on buying or selling property can be obtained from the State Revenue Office website here: https://www.consumer.vic.gov.au/housing/buying-and-selling-property or by contacting ConveyancingX.