Conveyancing Gold Coast

The conveyancing process in Queensland involves several key steps:

1. Instruction and Initial Checks: Upon being instructed, your conveyancer or solicitor will conduct initial checks, verify your identity, and prepare for the necessary legal and administrative tasks.
2. Contract Review and Adjustments: The conveyancer reviews the contract of sale, and the property disclosure statements, and negotiates terms as necessary. They will also ensure that special conditions are met.
3. Searches: Various searches are carried out, such as title searches, local government searches, and environmental searches, to identify any legal issues or encumbrances associated with the property.
4. Financial Arrangements: If purchasing with a mortgage, the conveyancer will coordinate with your lender to ensure all mortgage documentation is in order and conditions are met.
5. Exchange of Contracts: Known as “contract signing” in Queensland. Both parties sign the contract, and the buyer typically pays a deposit.
6. Settlement Preparation: The conveyancer prepares for settlement, including calculating adjustments for rates and taxes, and ensuring all financial arrangements are ready.
7. Settlement: The conveyancer attends the settlement meeting where documents and funds are exchanged. They ensure that the property is transferred to the buyer’s name.
8. Post-Settlement: After settlement, your conveyancer will ensure that the transfer is registered with the Land Registry and that any Stamp Duty is paid.

The conveyancing process typically takes about 4 to 6 weeks from the date the contract is signed to the completion of settlement. This timeframe can vary depending on factors such as the efficiency of parties involved, financial arrangements, and whether there are any disputes or unusual circumstances.

To commence the conveyancing process, you will generally need to provide:

• Proof of Identity: Government-issued ID like a passport or driver’s license to meet legal verification requirements.
• Contract of Sale: The signed contract of sale which outlines the terms and conditions of the property transaction.
• Financial Details: If obtaining a mortgage, details of the mortgage agreement and lender information.
• Other Relevant Documents: Any additional documents relevant to the property, such as prior sale contracts or planning permissions.

Before forwarding the building and pest report to your Arcuri Turnbull Law conveyancer for either rectifications or a reduction in purchase price, please include a further explanation or instructions surrounding negotiations with the building and pest condition. These need to be itemised and written instructions forwarded along with the report before we can make any requests.  The seller can either deny the request, negotiate further or agree to the request.

Late payment of deposits to stakeholders (especially the balance deposit) means the Buyer will be in default of the contract if the deposit is not paid on the date shown in the reference schedule.  Evidence of an electronic transaction can be provided to the deposit holder and this is taken as being received on the due date.

We recommend that you advise the Agent of our contact details now so that our details can be inserted into the Contract once you have verbally accepted an offer. If you are unsure of the terms of the Contract and would like our office to review the Contract, please ask the Agent to email the Contract to us prior to signing. Once the terms have been agreed upon and a Contract has been signed by both parties, the Agent will send our office a copy of the Contract and we will open a file and email you our initial information pack.

As settlements nowadays are conducted electronically (via the PEXA platform), your sale and purchase settlements can be “linked” making it is a seamless process to utilise any surplus funds from your sale towards your purchase settlement, payout any existing mortgage/s on the property you are selling, and for your financier to advance any additional funds required for your purchase, allowing for both transactions to occur “simultaneously” and for you to be able to move into your new property on the day of settlement, once settlement has been effected.