How we wish buying a property could be so simple! You see your dream home, you have the money for the deposit, you easily outbid your competitors at auction and move in the following Saturday – what a dream!
Unfortunately, we all know the process isn’t so simple, and there is a bit more that goes into transferring the home from one owner to the next. This is why we conveyancers: they are experts in the field who can help make the transfer process as smooth as possible.
However, this is a field of law that is often misunderstood, and one that people mix up with other fields of real estate law, like that of construction law (which is based upon the process and parties involved with building a property).
With this in mind, we’re here to answer three important questions about conveyancing and what the experts do:
Question 1: how does the conveyancing process work?
The best conveyancer Perth has will help transfer the property from the previous owners to you. This includes handling the admin, investigation and any unseen legal information.
The process runs as follows:
Choose the best legal rep to review the transfer details and do so to ensure:
There are no unwanted legal clauses;
Confirmation of the title search and correct zoning being detailed;
That there is the provision any investigations or reports that might be vital to the process;
That the contact is clearly explained and prepared for you;
That they negotiate any better terms on your behalf.
Exchanging the contracts
Once they have reviewed the contracts, they will then assist you with singing and exchanging the contracts. Once they have been exchanged you will then be required to pay the full deposit to the previous owner.
Settling the transfer
Yes! The last stage! That house is nearly yours – all you have to do is pay the purchase price balance, become the property’s registered proprietor and pick up the keys. You will most likely have a mortgage and this means your home’s title will be part of that mortgage until you have paid off your home loan, but, all the same – the house is now yours – congratulations!
Question 2: what kind of ID do I need to provide to settle the process?
Yes, you will have to verify your ID. Typically speaking, you are required to provide at least two ID points to meet the minimum verification standard. Furthermore, there is usually the requirement of a face-to-face verification in Western Australia, as this reduces the reliance of verification on documents that are easy to obtain, like previous bills.
Question 3: why should I need a conveyancing expert?
Because – as with anything that contains legal clauses – the home buying process is a complex one, and one that requires an experienced legal professional to complete the process. Having an expert in your corner will provide you with the peace of mind that your contract works for both parties and that the transfer will run smoothly.
They will ensure that the contract doesn’t contain any unwanted clauses, as well as ensuring that the right reports, enquiries and documentation has been completed to ensure that the contract is fair for you. This is why WA home buyers regularly enlist the services of a professional property conveyancer, as they know that they will ensure the transfer is fair and reasonable for them.