Conveyancing is the process of transferring ownership of a parcel of land from one person to another. It is a legal process that is performed by a legal conveyancer. In a property transaction there is a buyer and a seller and each party should have their own conveyancer. Because we are talking here about transferring land, I'll use the term land conveyancer here.
It costs nothing to get started with your conveyancer. You only pay a fee upon settlement. If you wait, you could find yourself under stress if you have to secure your favourite property in a hurry!
conditional or unconditional contract
When you find a block that is perfect for you, you can purchase it using an conditional or unconditional contract. For example, a condition could be subject to your finance being approved. When you buy something ‘subject to finance’ you are not penalised in the event that you are unable to secure your finance within the specified timeframe—usually fourteen days. However, one of the aims of this system is to avoid such heartache. So, if you are in any way unsure about any changes that might occur in your financial position, include the condition ‘subject to finance’ in the contract. Then take the contract of sale to your chosen home lender and make an application for finance.
Your conveyancer is the best person to discuss whether you should use a conditional or unconditional contract with.
You can't buy a block of land without having first engaged the services of a land conveyancer. You won't pay any money until you settle your block so there's no reason not to find one right now. That way, there there when you need them. They'll be the first person to look at your contract.
Conveyancing separates fact from fiction
- Natalie Stevens
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