Acquiring a property is one of the biggest decisions you will make in your lifetime, so don’t be surprised by how convoluted and lengthy the process can be. With advice from a realtor like Lion Land Marketing, your chance of landing the property that suits your every needwill be higher. Especially when it comes to conveyancing, you will need the aid of someone who’s well-versed in the legal aspect of land ownership transfer.
This, however, doesn’t mean you don’t need to know at least a thing or two about conveyancing. Understanding the process is the best way to protect yourself against shady deals and to ensure the quick transfer of the land title to your name. Here’s what happens during the conveyancing phase when you are purchasing land for sale in Queensland.
You and the seller shall sign an agreement drafted by your chosen solicitor, which contains all of the terms and conditions of the property transfer. This can be tricky as the document may come with jargons that you might misinterpret. It’s highly recommended to seek legal advice before signing the contract.
Cooling Off Period
After the contract is signed, it is subject to a cooling off period of five business days. During this period, both you and the seller can decide to terminate the contract. Remember, though, that terminating the contract normally entails a penalty.
Financing the Purchase
The next step is getting approved for financing. Your financer must have a copy of the contract and they must inform both you and the solicitor if the finance is approved. Finance approval must not be subject to valuation or contain special conditions conflicting with the contract. In other words, it has to be unconditional.
While the contract is underway, you can start searching for essential documents related to ownership of the property, such as registered plan of the land, land tax certificate, body corporate information certificate, court register, and the like. Of course, your real estate agent can help you out. It’s crucial that you know every detail of the land you are buying to avoid future problems.
Settlement and Post-Settlement
Once the contract has been made unconditional, you can proceed with settlement. During this step, the seller agrees to execute the terms and conditions of the contract, which means you now hold ownership of the property. Then the solicitor will advise all relevant authorities of the title transfer to secure your full ownership.
It may sound a bit straightforward but the process is actually quite tedious. Depending on the condition of the property and the available documents defining the ownership, the process might take several weeks to a couple of months, or even years if disputes are involved. This is why it pays to hire a real estate agent like Lion Land Marketing when you are acquiring land for sale in QLD.