Processes in Conveyancing
This can certainly be a time of great anxiety and confusion, this we certainly understand and empathise with our clients. We go out of our way to treat the information we provide to you and any information you ask for with great care and due diligence. We believe good communication with our clients is vital to keep them informed and alleviate any additional stress.
With that in mind, here is an overview of the process involved in your settlement and will aid as a guide to assist with any basic enquiries you may have...
- Once you have signed the offer and acceptance contract with your real estate agent (if applicable), you need to notify your real estate agent of your nominated settlement agent and they will forward a copy of your contract through to our office in order for us to open your file and prepare your documentation.
- You will receive documentation based upon the status of your contract. For example, if your contract is pending finance approval, the first documents required for signing will be your conditional documentation (originals required). This will include our appointment to act and outline critical dates that we have diarised and will follow up on.
- Once finance is approved you will receive a second lot of documents considered unconditional documentation. This will include signing off on any special conditions pertaining to your contract and your initial settlement statement.
- Once your file is unconditional we will liaise with your nominated bank and/or broker to finalise funds required for your purchase or funds disbursed for your sale. It is at this stage we also liaise with other relevant parties including but not limited to; the Local Authority, the Water Corporation, the Land Department, and the associated settlement agent to coordinate the settlement date and time.
- Once all parties are ready, willing and able to settle (this includes both the seller and buyer's banks) we will book settlement and provide you with a final settlement statement to further outline how the funds are transferred between parties and/or banks.
- Once settlement has taken place you will be notified immediately as well as your real estate agent who can then make arrangements for key collection if applicable.
- Approximately 6 weeks after settlement, you will receive a letter from our office along with a Landgate search of the Duplicate Certificate of Title confirming the change in ownership and showing you as the registered proprietor of the property.
Communication is Key
We pride ourselves on our communication and providing clients with relevant updates pending settlement, but should you have any further questions please feel free to contact our office via phone or email at any stage. There is no such thing as a stupid question!
If you are an overseas client or plan to be travelling during the settlement process, please contact our office immediately to arrange signing of all documentation prior to your departure.
You will also find some handy information we have made available as downloads, here