The conveyancing process in Victoria can sound confusing, but it’s quite simple to navigate with the right information. Here’s everything you need to know about the process, from start to finish, so you can understand the steps we take to get you into your new home.
Conveyancing is the legal process of transferring ownership of property from one person to another. In Victoria, the conveyancing process is overseen by the Land Registry Services (LRS), which is a government organisation.
Once you’ve decided on the property you want to buy, the first step in the conveyancing process is to engage one. A conveyancer is a specialist who will handle all of the legal aspects of your property transaction. They will also be able to provide you with advice and guidance throughout the process.
In Victoria, they will quickly begin to work on your behalf. The first thing they will do is carry out some initial checks on the property. This includes checking that the property is registered with the LRS, and that there are no outstanding debts or encumbrances on the property.
They will also obtain a copy of the contract of sale from the real estate agent. This contract will outline all of the terms and conditions of the sale, including the purchase price, settlement date, and any special conditions that have been agreed upon.
Once the contract has been reviewed, your conveyancer will request a title search from the LRS. This search will reveal any information about the property that is registered with the LRS. This includes who owns the property, any easements or covenants that exist, and any planning restrictions that may be in place.
Your conveyancer will then prepare a report on the title, which will outline all of the information that was revealed in the title search. They will also provide you with advice on any issues that may impact the sale of the property, such as encumbrances or easements.
At this point, you will need to sign the contract of sale and pay a deposit. The deposit is usually 10% of the purchase price, and is paid to the real estate agent’s trust account. Once the deposit has been paid, the contract is legally binding.
Your conveyancer will then request a settlement date from the other party. Settlement is the date on which the legal transfer of ownership takes place, and is usually 6-8 weeks after the contract is signed.
Leading up to settlement, your conveyancer will carry out a number of tasks on your behalf. They will liaise with the other party’s conveyancer to organise settlement, and will also request a statement of adjustment from the LRS. This statement will outline any rates or taxes that are payable on the property, and how they will be split between the buyer and seller.
You will also arrange for a building and pest inspection to be carried out, if this has not already been done. At this point, if there are any issues with the property, you may be able to cool off and have your deposit returned. They will also ask you to organise insurance for the property, to then liaise with the lender to ensure everything is on track for settlement.
On the day of settlement, your conveyancer will ensure that the funds are transferred from their trust account, to the seller of the home, then will transfer ownership of the property to you. Once this has been done, you will officially be the new owner of the property!
If you have any questions regarding the process of conveyancing in Victoria, don’t hesitate to reach out! Ownit helps buyers move in happy,
Settle it, anywhere, anytime with OwnIt