Tips for a Headache Free Conveyancing Process
Buying and selling property can be stressful, from the large amounts of money involved to the sometimes complicated and confusing paperwork and processes you have to undertake. It’s even more difficult to ensure your property transaction goes smoothly when you don’t have a lot of property experience.
However, there are plenty of things you can do to help make the process towards settlement smoother, faster and less stressful. From doing your due diligence to relying on the right experts, here are some tips to help the conveyancing process go smoothly.
Tips for Buyers
- Sort out your finances before making an offer, taking into account all the extra costs including stamp duty, legal fees, bank fees, council rates and more.
- If you need a home loan, make sure the contract is conditional on getting approved for finance so that you don’t lose your deposit if you are not approved for a loan.
- Do you due diligence before locking into a contact. This includes getting a property inspection report to check for pests, mould, water damage, leaks, structural damage and other issues that could cost you later.
- Make sure you’re familiar with all the necessary documents and know how to prepare them so you don’t make mistakes or use the incorrect documents, which can delay settlement.
- Ensure you know what entity you are purchasing the property in, e.g. through a trust, super fund, or as an individual or company.
- If you’re working with a difficult vendor, ensure you know what is and isn’t acceptable conduct. For example, you might be pressured into releasing your deposit too early or they might make other unfair demands.
Tips for Sellers
- Ensure you’re happy with the price you have set and whether it will give you enough funds to buy again. Ensure you allow enough time to sell and buy to guarantee that your property transaction goes smoothly.
- Consider the tax implications from surplus funds received from the sale if selling an investment property.
- Make sure you have all the documentation related to your property in order. In most cases, the seller has the responsibility of preparing the contract of sale. You also need to provide other documents such as a vendor’s statement, certificate of title, transfer of land and other ones specific to your property, e.g. approval for an extention or a pool compliance certificate if you have a pool.
Engage a Reputable Conveyancer
Whether you’re buying or selling property, the best way of protecting yourself and ensure the conveyancing process goes smoothly is to engage an experienced professional to help you.
If you need assistance with property conveyancing in Melbourne or property law advice in Victoria, talk to the experienced team at Just Conveyancing. Contact us online or call us on (03) 8580 2276 today.