Thinking about buying property in Queensland or selling property for the first time? Then you might be wondering how a solicitor or conveyancing lawyer can help you and what exactly your solicitor will take care of.
There are a number of steps involved in buying or selling so here’s an overview of what does your solicitor will do when you buy or sell your Queensland property.
Watch our director Brad Mifsud talk about how a solicitor helps you buy or sell property in Queensland and read the full post for more details.
1. Help Make or Accept a Watertight Offer
Whether you’re buying or selling a house or other property the first stage is either making an offer if you’re a buyer, or looking at and accepting offers if you’re selling the property.
If you’re selling rather than buying it’s important to make sure that you only accept written offers with a legally binding contract.
For both buyers and sellers, deciding what conditions to put on the contract is essential to make sure the property transaction goes smoothly from the beginning and avoid problems later in the conveyancing process.
2. Meet Contractual Obligations
Once an offer has been accepted both parties need to make sure they meet all the conditions under the contract. When buying property you nearly always need to make sure you pay the deposit on time, obtain any finance needed and book a building and pest inspection.
If you’re the seller there are usually fewer contractual obligations to meet but you will need to ensure the mortgage is released in time for settlement. You may also need to take care of property repairs and start preparing for your move so that you can vacate the property in time.
3. Take care of the paperwork
Once the clauses in the contract have been met and the offer goes unconditional there are a few more things your solicitor will need to do:
- Liaise with the bank;
- Prepare the legal documents to transfer the property into or out of your name;
- Order all the property searches and make sure they happen on time;
- Book a time for settlement.
4. Attend to the financial details
Just before settlement occurs your solicitor will:
- Prepare the settlement figures;
- Complete the financial adjustments in relation to rates, water and body corporate levies;
- Liaise with the real estate agent to organise a pre-settlement property inspection for the buyers.
5. Settlement day
On settlement day your solicitor will:
- Check the title to make sure the seller can transfer the property title to the buyer;
- Talk to your bank and order cheques or obtain the mortgage pay out figure depending on if you’re buying or selling the property;
- Attend settlement and hand over the legal documents and money.
- Lodge the legal paperwork to transfer the property into the buyer’s name. This then also transfers the rates, water bills and body corporate levies to the new buyer.
- Pay the transfer duty to the government;
Whether you’re buying or selling property your solicitor’s job is to make sure everything goes smoothly. There’s a lot to take care of but a specialist conveyancing lawyer will make sure everything happens as planned and on time.
Contact us now for a free consultation
If you’re buying or selling property contact us now for a free consultation using the form in the footer. Or add Charter Conveyancing to your contacts list so you can easily phone us when you find the right property and need help buying or selling your Queensland property.