How long does conveyancing usually take in Australia?
In a nutshell, conveyancing starts off when the contracts are now in place. During this phase, the sale agreement is now binding. This is also when a deposit is usually required. Afterward, the transfer of title then takes place after the balance is paid and settled. What follows after this is the change in the land registration details. Of course, this is a very brief description of what takes place in the process. There are so many things that take place in between. For example, a potential buyer makes an offer to the seller, and negotiations take place. There are also instances when the property is sold by auction and this setup will involve different regulations as well. When it comes to the contract, there are also several things to consider because it has to be as comprehensive as possible. What follows is the exchange of contracts, deposit payments, and then the so-called “cooling-off period” which allows the buyer to spend time conducting property assessment and inspection. What follows after this step is the signing of the transfer document. There are still some more steps after this, steps that involve matters like requisitions, discharge of mortgage, and other adjustments that have to be made. All these steps will end in a settlement where the remaining balance will be paid.
How long the entire process will take depends on several factors. According to LEAD Conveyancing, things such as:
- The time it takes to return documents to your lawyer,
- Return of searches,
- Availability of money for the settlement,
- Booking of settlement,
…, as well as other banking-related factors, play a role in determining how long a conveyance will take. One thing you can do to ensure that the process runs smoothly is by having a credible conveyancing solicitor. Visit this website to know how you can get in touch with the experts at LEAD Conveyancing Logan.
