Conveyancing process: 5 steps

The conveyancing process is usually quite easy, this is reliant on the fact that the title of the property was correctly handled at the last sale and there are no unapproved buildings or structures on the land. The conveyancing process can be divided up into 5 easy steps.

STEP : Contract of sale

Conveyancing as a process usually begins after the Contract of Sale has been sold. The conveyancer will usually be called into action when the buyer signs an offer on a house and the offer is accepted by the seller. The conveyancer will need to sight the contract to begin the process. If the conveyancer notices there is an issue with the contract of sale - i.e. there is no conditions of building and pest or finance, as long as this is within the contract cooling off period the conveyancer can usually begin to act on behalf of the buyer immediately to have the issue with the contract rectified.

STEP 2: Title searches

If there is no issue with the contract of sale the conveyancer will begin title searches on the property. The conveyancer will use the title office in the specific state in which the property is located to do this. If there was an issue with the title during previous transactions then the conveyancer has time to rectify this before the settlement period on the Contract of Sale has lapsed. If there are no title issues the conveyancer will lodge the correct forms to have the former title of the property transferred into your name upon settlement date.

STEP 3: Easements or covenants

The conveyancer will consult property records and area maps to determine if the property includes any council easements or specific building and renovation covenants.
If there is a council easement running through the property and this was not declared to the buyer upon signing the Contract of Sale or inspecting the property, the buyer may opt to have the contract fall through. Council easements can reduce the value of properties in the future, especially if they are slated for future use as transport or energy corridors.

STEP 4: Other concessions

Check if you are eligible for the first home buyers grant or other concessions. In Australia the federal government offers first home owners a sum of money to assist them with getting into the property market. The conveyancer will also check for other possible concessions that may be afforded to the buyer. These apply if the buyer is eligible for a public housing mortgage or suffers from a specific disability. If you suspect you may be eligible for the first home buyers grant or any other concessions, let your conveyancer know.

STEP 5: Settlement

A standard settlement process usually takes one month. This gives the conveyancer time to prepare all of the documents necessary to transfer the title on the home and ensure the property is not built on a Council easement or planned corridor. At the end of this month (longer or shorter settlements can be arranged if necessary), the conveyancer will prepare the documentation for the day of settlement - to ensure the process is smooth and you can move into your home on the very day you receive the keys as the new owner. It is worth checking with your conveyancer as to which processes they will undertake as part of their quoted activities.