The transfer of property from one person to another is called conveyancing. As with all purchases, a buyer has to be beware. As purchasing property is a long term investment you must be aware of any long term legal issues or financial consequences to your purchase.
It is then quite important to have a general idea of the property purchase process. The Property Purchasing Process generally follows the following order:
- Find a suitable property to purchase.
- Negotiate and agree on the price with the vendor or real estate agent.
- Receive and Review Contract of Sale.
- Conduct pre-exchange searches such as building and pest inspections or strata inspections.
- Sign and exchange the contract, and pay the deposit.
- Wait for the cooling-off period to expire.
- Conduct Post-Exchange Due Diligence Searches and prepare for Settlement
- Attend Settlement.
- Move In.
This process is a general guide only and may not apply to your specific situation – each property transaction is a little different. For instance, a vendor may insist that the purchaser waives their cooling-off rights if the purchaser has had the opportunity to conduct pre-property searches.
While it may initially seem daunting and complicated, we at Phang Legal can guide you through the whole process and put your mind at ease.
While it is possible to carry out the property purchase process on your own or with the assistance of conveyancing kits, you may want to free yourself from the stress of this procedure by obtaining processional assistance. At Phang Legal, we can alert you to the presence of unfavourable terms in the contract or identify issues raised in the due diligence searches. We at Phang Legal can provide you with peace of mind when going through your transaction.