Are you interested in investing in real estate? This is one of the best investment options that promise huge returns in the years to come,
given you have done your homework well and are making the right decisions.
So, if you are planning to buy or sell a property, it’s essential to know about the term ‘residential conveyancing. In this article, we will discuss what it means and what are the processes involved in residential conveyancing in Adelaide.
A Brief About Residential Conveyancing
Residential conveyance refers to the process of transferring the ownership and legal title of residential property from the seller to the buyer at the cost of a fixed fee. It is a legal process that every buyer and seller needs to undergo while transferring the ownership
rights of the concerned residential property from one party to another.
In other words, residential conveyancing is the legal transfer of a particular
residential property from the seller to the buyer while following certain stages while exchanging the contacts. Every party involved in the process needs to play an active part to make the transaction proceed towards completion efficiently.
Processes Involved in Residential Conveyancing
A conveyancer or a property solicitor carries on the residential conveyancing process. It begins right from the moment when an offer regarding the concerned property is accepted by the buyer and ends when the buying party receives the house keys.
One needs to go through three significant steps while buying or selling residential property, including –
- Agreeing upon the sale of the property
- A proper exchanging of the necessary contracts between the buyer and the seller
- Closing the sale
The process of residential conveyancing usually takes around 8 to 12 weeks until completion, depending upon specific conditions and situations of the buyer or seller. If there are specific issues involved, the process may take even longer.
Yes, transferring the ownership rights and legal titles of a property from one hand to another is undoubtedly a complex process and takes time. However, to ensure successful completion of the residential conveyancing procedures,
each and every step should be followed with care to prevent any delays in the process.
Key Steps to Complete the Residential Conveyancing Process
The entire property purchase and conveyancing process includes these major stages –
- Getting an initial quote.
- Supplying and distributing the memorandum of sales to various parties (it includes complete detail about the transaction, allowing solicitors or conveyancers to begin with the transaction).
- The conveyancer opens and analyzes the purchase file.
- The conveyancer receives a draft contract pack from the solicitor of the seller.
- Checking documents, ownership rights, and title (done by your conveyancer).
- The conveyancer begins the property search procedures.
- Checking the mortgage offer (if any).
- The conveyancer provides expert legal advice.
- Your conveyancer estimates and pays the stamp duty bill and performs other responsibilities on your behalf.
- The conveyancer will ask you to transfer a certain amount of funds (usually 10% of the purchase price), which will be further transferred to your seller’s solicitor after the completion.
- Contracts are exchanged.
- After the exchange, the residential conveyancing process is completed.
- In the post-completion period, your conveyancer will register your property ownership rights by applying to the land registry authorities, which may take up to a few months.
Needless to say, there is a good deal of administrative and legal work required to be done before exchanging the contracts and completing the transfer. We hope you have learned about the processes and steps involved in residential conveyancing in this article.
If you are looking for a reputed company dealing in residential conveyancing in Adelaide, you can trust Key Conveyancing with all your property transfer procedures and other legal work involved.