The Basic Timeline of the Property Conveyancing Process in Burwood, Canada Bay or Canterbury
At All Districts Conveyancing, one of the most frequent questions we hear from customers deals with how long the conveyancing process will take. When clients engage our property conveyancing services in Burwood, Canada Bay or Canterbury, they want to know roughly how long it will take us to settle the property transfer and get them the keys to their new home.
The important thing to remember here is that every property transfer process is different. The length of the process can depend on everything from the parties involved in the transfer to the condition of the building itself. As such, we are unable to provide an estimate in regards to the ultimate length of the conveyancing process.
Key Dates in the Conveyancing Process
What we can do is illustrate the overall timeline that the conveyancing process tends to follow, with key dates in the process outlined and described. Here are the key dates that tend to occur during every conveyancing process.
- The Contract Date: Before this point in the process, a conveyancer will not have been involved in the process much. Searching for a home that you are interested in purchasing is a matter that typically plays out between you, your family and your real estate agent. Once you are ready to make an offer or sign a contract, though, you should engage the services of a property conveyancing firm in Canada Bay or Burwood. Your conveyancer will help you to draw up a contract that outlines specific clauses and points of sales—such as repairs that the seller has to complete before the settlement deadline.
- The ‘Cooling Off’ Period: In most cases, real estate purchases in NSW come with a ‘cooling off period.’ This period is a grace period of a few days in which the buyer can change his or her mind about a property purchase—even after signing a contract. Terms and conditions do apply to this period, but usually, a buyer will be able to escape a contract without penalty if they do so before the cooling off period has elapsed.
- The Inspection: All real estate buyers have an opportunity to order a professional inspection of the property they are purchasing before the final settlement date arrives. You are strongly encouraged to take this opportunity. The inspection is your opportunity to identify defects with your future property—including broken appliances, structure issues and more. As your property conveyancing firm in Canterbury or Canada Bay, All Districts Conveyancing may then be able to use the information in negotiations with the vendor. Typically, you must carry out the inspection before a certain number of days have elapsed since the contract date.
- The Property Settlement Date: The settlement date is the end of the conveyancing process and, provided that the buyer has met all clauses of the contract, the conclusion of the real estate transfer. Your conveyancer and lender will meet with the buyer and his or her representatives to finalise the paperwork, submit payment for the property and close out the transaction.
Hire a Professional for Help with Property Conveyancing in Canterbury, Burwood or Canada Bay
Engaging the services of All Districts Conveyancing for this complicated legal process will help you to ensure that your real estate transaction is settled without a hitch! Call us on 1300 139 360 to schedule a first meeting and start discussing your property transfer needs.