Peter Franke, Stacks Heard McEwan Lawyers, simplifies the legal process of buying a home so you know what to expect and can navigate your way through the process.
Conveyancing involves legally transferring home ownership from the seller to the buyer. It generally starts when your offer on a property is accepted and finishes when you receive the keys.
There are a number of steps which will need to be taken when you are buying a home:
| Step 1: Arrange your finances |
| Research your options; not just your current financial institution. Check out IMB’s range of home loans. |
| Step 2: Contact a solicitor or conveyancer |
| They will advise you and explain your contract in plain English. |
| Step 3: Order building and pest inspection reports |
| These should be completed to ensure the property is in good condition and to identify any potential problems up front. |
| Step 4: Organise a deposit |
| Depending on the financial institution deposits can be 10% or 20% of the purchase price. |
When these steps have been taken, signed contracts will be exchanged between you and the seller. Keep in mind having a legal professional guide you through this process is vital to ensuring the transfer of a clear title. After the exchange, your representative will work with you and your lender to prepare for settlement, which normally takes six weeks to finalise.
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On settlement day, your representative will do a final title search and arrange payment of money owning the property. Then you get the keys and can enjoy your new home.