Understanding Australian Law

If you've finally found the home of your dreams, or you've found a buyer who's making a lucrative offer for your home, you may be looking to finalise the transaction as soon as possible. However, the conveyancing process tends to be lengthy, complicated and sometimes expensive.

To avoid pulling your hair out when buying your dream home, preparing early will be key. It takes a few months to fully complete the property transfer from a buyer to a seller. This means that you should know what steps are necessary to facilitate a smooth conveyancing process. Timely preparation will help you avoid delays and ensure that you don't run into complications down the road.

Advice for sellers

As a seller, you may be excited that you've finally received a competitive offer for your home. The next step is to gather all the information pertinent to your property. At the very least, you should have the following information handy:

• Title deeds
• Information on previous owners
• Land surveys to establish the boundaries of your property
• Land registry records
• Building inspection reports

Collecting as much information as possible will help streamline the conveyancing process while boosting confidence in the buyer. You may also be able to identify any potential issues with your home and fix them in good time. For example, a home inspection report reveals the current state of your HVAC unit, walls, floors and other critical elements that may affect the market price of your property.

In addition to gathering all documentation, consider having a conveyancing solicitor and real estate agent by your side. These professionals will help you find the right buyer, prepare all necessary documents and avoid delays during the property transfer.

Advice for buyers

The conveyancing process can also be complicated for buyers. Preparing early is the best way of avoiding last minute hitches that may affect your moving timelines. Furthermore, you'll be able to ensure that the property you purchase is in good condition and in correct legal standing.

When shopping around for a property, buyers should be aware that they might need to verify their identity and source of funds. This is critical because every property that changes hands will need to be duly registered in the municipality's lands records.

Buyers should also have a qualified conveyancer and agent by their side during the entire process. In this way, all documents provided by the seller will be verified and checked for any errors that may cause ownership disputes down the road.