We understand that when it comes to the legalities involved in buying a house, you want the process to be completed as smoothly as possible, with all the details taken care of. For those new to buying property, the process can at first seem a little overwhelming. We aim to help you understand how conveyancing works, break down the steps, and outline clearly in layman’s terms exactly what you need to do and how we can assist you.
Whether this is your first home, or you are an experienced property investor/buyer, Elan Legal will keep you informed each step of the way and make sure YOUR interests are represented and safeguarded from contract to settlement.
Unexpected issues can often arise that may adversely impact the property, or which may be related to the other parties, whether bank, vendor or real estate agent. As detail specialists and skilled negotiators, we can usually sort problems out quickly, without delaying settlement. Rest assured, we will give you the confidence and knowledge to allow you to make decisions that will have the best outcome for you.
6 Steps to an Easy Settlement
A real estate agent or seller will provide you with a copy of the Contract, which we will then thoroughly review to ensure there are no legal issues related to the Contract’s terms. We then liaise on your behalf with the seller’s conveyancer or solicitor to negotiate any amendments (if necessary). We’ll also forward a copy of the Contract to your lender or mortgage broker.
Pre-purchase inspections allow you to be fully aware of any faults and the cost of repairs, which can be extremely valuable knowledge in property price negotiations and future financial requirements. We are happy to assist you with organising the necessary inspections, such as building, pest and strata reports. To help streamline the process we can recommend a number of proven companies to undertake the required inspections, whilst you’re arranging the deposit and finalising finance and/or loan arrangements to complete your purchase.
We will negotiate any terms with the vendor’s solicitor or conveyancer and make any agreed amendments to ensure your interests are protected before Contracts are exchanged. Once you are satisfied with the inspection report, have confirmed finance and have organised the deposit (whether a deposit cheque or deposit bond) we will arrange for you to sign the Contract. The signed Contract and deposit cheque (or deposit bond) are then forwarded to the vendor’s solicitor to finalise an exchange of Contracts. If requested, a S66W Cooling-off Certificate can be arranged, which waives the standard 5-day cooling off period to help you secure the property. If the exchange of Contracts is completed by the selling agent (which commonly happens these days) we will keep you up-to-date throughout the process and liaise with your mortgage broker (if required).
We’re experts in the search process to investigate the title to the land, including government departments and local authorities and will be able to identify any warning signs or restrictions that may affect the property. We also make the necessary inquiries about zoning, land tax and council and water rates. As required, we’ll make any additional property inquiries that we feel are necessary so you are fully informed of any affectations (i.e. proposals from government departments and corporations over the property) prior to settlement.
As part of our service and commitment to your investment, we liaise on your behalf with your nominated financial institution regarding the required funds to proceed to settlement. Our involvement at this stage ensures the necessary lender requirements have been addressed and approved well before the settlement date.
The time period to complete the property purchase cycle can vary depending on whether you are purchasing an established property, an off-the-plan apartment, or a house and land package on un-registered land. On average, completion for an established property usually takes place six weeks from the date the Contracts are exchanged. In all instances, we will attend to settlement arrangements on your behalf to deliver you ownership of the property. We manage the settlement process to completion and arrange payment of any outstanding council, water authority and strata levies.
For peace-of-mind and a stress-free experience on your property purchase, contact Elan Legal now for a free contract review and quote.