Not sure what Property Settlement really involves? Let us give you an idea.
Purchasing a property, vacant land or commercial property is one of the biggest investments you will ever make. While it’s an exciting time for all involved, what happens on the ‘big day’ – property settlement day?
Although you may be caught up in the hype and excitement, there is a range of processes and procedures that take place.
Buying or selling is much more than simply handing over the keys and carting your belongings in or out of the house; there is far more to the process, and every sale requires expert legal support to ensure every step is carried out legally for the sale to be approved.
What happens on settlement day?
Settlement day is when legal ownership of the property is transferred to you. The outstanding sale price balance is moved from you (or your bank) to the seller’s bank.
On this day, your conveyancing solicitor will meet with your bank or chosen lender to exchange documents and organise for any outstanding balances to be settled. Once all these steps are carried out, the property is yours!
What does your property conveyancing solicitor do?
There are many important checks and balances that need to be run to ensure that everything goes off without a hitch.
Your solicitor will ensure any existing mortgage(s) are removed from the title of the property. They will also make sure any third party or person who has rights over the property is removed.
You most certainly don’t want people making a claim on your property after you and your family are living in your new home. A conveyancing solicitor ensures all the proper legal steps are carried out to protect you!
The next step is registering your property and its transfer of land and mortgage with the title office in your chosen state or territory. This ensures that everything, as far as the governments are concerned, is moved into your name.
Do I need a conveyancing solicitor for my property?
The short answer is yes. All properties that are bought or sold need legal support to ensure the sale is legal and all elements are ticked off the list.
Ensuring that all clauses in the sales contract are reviewed, obligations are met and fulfilled is vital and all part of the conveyancing service. The focus is to ensure you have nothing left out and no loose ends when going through the sale. This could delay the sale going through for either party.
Finally, a skilled and competent property conveyancing team will make sure all you need to worry about is signing the contracts and enjoying your new property.
If you are in the market to buy or sell a property, ensure you have professional and competent legal support on your side to ensure every element of the sale is legal and watertight for your protection.
To find out more contact the professional legal team from McClure Law today.