Once you have found the perfect home, either on your own or with the help of a real estate agent, it is time to take the plunge and commit to buying the property. Before you make a purchase agreement you will compare the market data of recently sold properties and have an inspection of the home done to find any potential hidden problems. Once you are satisfied and have reached an accepted sales price with the seller, it is time to turn things over to the process of conveyance!
The term Conveyancing means to transfer property. In other words, this could mean the buying and selling of land. In Melbourne, lawyers or licensed conveyancers will typically handle these transactions as there is a good deal of detailed legal work to be done in preparing for the transfer of property. A majority of the work is done to ensure that the buyer is obtaining good and marketable title to the land.
Good and Marketable Title
The term “good and marketable title” means that it has been confirmed that the seller does, in fact, own the property and is able to sell it. It ensures that there are no unknown liens or encumbrances on the title that would prevent the buyer from purchasing it, using it, or selling it later.
Conveyancing Unique to Australia
In Australia, much of the land, first colonized by the United Kingdom, is Common Law. The Torrens Title Act of 1858 makes the land transferable by conveyance. The whole process can take about 4-6 weeks and is very extensive.
What to Expect
The majority of the 4-6 weeks is spent on various searches, gathering information to ensure the good and marketable title. The solicitor or license conveyancer will conduct title searches and look for encumbrances on the properties. Then there is the preparation of legal documents and making sure all the bills and sums are paid to the correct people. While time consuming and complex, the experts are experienced and able to navigate the process with great confidence.
Wrapping Things Up
After all the work is completed to secure the title and write up the contracts then the Vendor and the Buyers Representative will sit down together at a table and finalize the deal by signing paperwork and passing checks. It is not customary practice in Australia for the buyer to be present but it isn’t forbidden either. The buyer is free to attend if they wish to. If there is a home on the land the keys will also be exchanged at this time and possession can take place once the deal is funded.