Home ownership is a complicated process which isn’t made easier by the realtor jargon you hear. From sub-primes to defaulting, it can get a little hard to keep everything straight. Luckily, property conveyancing is far simpler than it may initially sound.
In other words, property conveyancing is the process of transferring ownership of a house. It begins when your offer on a house is accepted and ends when you’ve got the keys to your new home in hand.
However, there’s more you should keep in mind throughout the property conveyancing process.
Who Handles Conveyancing?
While many prospective homeowners think that the purchasing process begins and ends with a realtor, there are so many more professionals out there to help streamline the process. From mortgage specialists to home inspectors, there’s help every step of the way, even conveyancing.
Most commonly, the property conveyancing process is managed by a conveyancer. These individuals are also sometimes known as solicitors. They will be involved in most steps and will help to facilitate the transfer of the property to your ownership.
A conveyancer often takes most of the stress out of the purchasing process. This gives you more time to focus on the excitement of home ownership.
Finding the right conveyancer is an important step in purchasing a home and one that should not be taken lightly. When looking for Brisbane conveyancing solicitors, it’s important to consider reputation, reviews, and what fits into your budget.
Preparing for the Future
Remember that the conveyancing process isn’t just a transfer of ownership. It’s a great way to assess how you’ll be using your property and what steps you’ll need to take when contracts come into play.
Your conveyancer will also understand your unique goals and plans for the house. This will make it easier for them to assist you in making informed decisions, especially on the legal end of things.
Conveyancers possess a wealth of legal know-how. This can be incredibly beneficial when it comes to alternative uses of your home, such as rental properties.
For example, if you intend to use your new purchase as an income property, your conveyor will be an invaluable resource on landlord software to help you manage your tenants.
Regardless of your goals for your new property, it’s important to have someone on your side to assist in making it all happen.
After Your Settlement
While many people believe that the settlement process is one of the last pieces to the home ownership puzzle, there are still several important steps to consider. Much of this will be handled by your conveyancer for the smoothest transition.
This stage often includes the discharge of existing mortgages on the property or transfer to the new mortgage holder.
Your conveyancer will work with your local titles’ office to help legally change the ownership of your new property (though your bank will handle this if you are using a traditional loan). They will also assist with stamping and registering all applicable documents post-settlement.
Your conveyancer may also need to reach out to the applicable authorities. This could include any owners’ associations, or property managers for certain kinds of rental properties.
A Seamless Transition
While the homebuying process can be a little (or a lot) convoluted at times, it doesn’t have to be all that stressful. In fact, it should be more exciting than anything! When it comes to the conveyancing process, arming yourself with a little prior research – and finding a conveyancer or solicitor that you trust – can make a world of difference when it comes to finalizing the purchase of your new home.