7 stages of conveyancing when buying property in VIC

Purchasing real estate or land is a thrilling and momentous choice, and this article is loaded with unfamiliar terminology and documentation. Rest assured, we are here to simplify the process for you in terms of buying property in Victoria.

Daily, we assist individuals in purchasing real estate, and we have simplified the process into seven straightforward phases. The procedure may not always be effortless, but our staff will be by your side during every stage of the journey.

Conveyancing process for buying in Victoria: 7 Steps of Buying

Stage 1: Obtain a contract review.

Before signing a contract and making a commitment to purchase a property, it is important to have it thoroughly examined by an expert. Our staff may assist by negotiating on your behalf to ensure that the contract is equitable and favourable to you, without any unexpected drawbacks. 

Upon reaching satisfaction with the contract, you may affix your signature to it. Subsequently, upon its exchange, whereby it is returned to the seller, the contract will acquire the status of a legally binding agreement between you and the seller.

Stage 2: Conveyancing the Initiation Kit

We shall despatch to you a document known as a 'conveyancing beginning kit'. Enclosed are several documents that require your careful reading and comprehension. Subsequently, there are further documents that necessitate your signature. Completing this form is your responsibility, and you must do it promptly. By doing this, we will be able to initiate the extensive procedure, which will increase the likelihood of you settling within the specified timeframe.

Throughout the journey, we will handle all the tasks that are within our control. Our experts will guide the process, ensuring that you are kept informed about progress and any intricacies or challenges that may arise.

Stage 3: Authenticate your identity.

Purchasing a property entails the legal process of registering oneself as the official owner. To accomplish this formally, you must obtain identity verification. This will ensure that the title deed is transferred to the correct individual, which is yourself. 

You will receive a Land Title Verification of Identity form, which you must complete. To verify your identity, you will need to present your passport or birth certificate, as well as a driver's licence or identification card.

Stage 4: Ensure that your money is prepared.

Next, you will need to organise and align all of your financial matters. By "that," we are referring to the necessity of organising and preparing all financial aspects. If you have obtained a loan from a bank, it is necessary to communicate with them and verify the availability of cash to settle the loan.

To enhance convenience and simplicity, we utilise electronic settlement for all parties involved. It helps in the automated and expeditious payment of payments.

Stage 5: Coordinate the pre-settlement inspection.

Before the completion of all formalities during the settlement process, it is advisable to schedule a property inspection. This will ensure that no significant changes have occurred since you signed the contract, such as any damage to the walls during the previous owner's move-out process. Additionally, it allows you to verify that the seller has fulfilled any necessary repairs or contractual obligations.

Stage 6: Final Closing Day

Today is the long-awaited day. All aspects of the matter have been completed and finalised as part of the process of buying a house, including the necessary signatures, official documentation, and delivery. 

The purchaser and vendor will convene with their legal representatives and the real estate agent to complete the transfer of final paperwork, facilitate the payment transaction, and transfer possession of the keys to your newly acquired residence. Although there are still some administrative tasks to be completed, you may already celebrate and unwind by opening a bottle of champagne.

Stage 7: Obtain a post-settlement letter and papers

The concluding phase of conveyancing occurs when you receive all the ultimate documentation. You have now assumed the formal ownership of the title deed, and all financial transactions and documentation have been finalized. It is advisable to organise and retain these significant papers.

Now is the opportune moment to contemplate hosting a housewarming celebration or simply take a moment to relax and unwind. You have reached your destination after a lengthy voyage. Congratulations on your achievement, and welcome back to your home. 

Besides the above, the internal heart and nub also include the below.

Contract of Sale and the Vendor's Statement

When you express interest in purchasing a home, the seller or real estate agent will provide you with a contract of sale and the vendor's statement as part of the buying conveyancing process. You need to check these documents carefully.

The contract should include:

• Property Specifications
• The names of both the buyer and the seller
• If you are utilising an agency, please include their details.
• Information on the legal practitioner or conveyancer representing both the buyer and the seller.
• The agreed-upon price with the seller
• The specified deposit amount
• The remaining amount of the purchase price is still owed at the time of settlement.
• The agreed-upon settlement term between you and the seller.
• Items at the property that are part of the purchase

Before selling a property in Victoria, the seller must provide the buyer with a vendor's statement, also known as a Section 32 statement. The statement must include information on the property’s title, including:

• Mortgages
• Covenants
• Easements
• Zoning refers to the process of dividing land into different zones or areas for certain purposes, such as residential, commercial, or industrial use. 
• Outgoings, such as rates, are expenses that need to be paid by property owners, often to local government authorities, for services provided in the area, such as garbage collection.
• Declaration if situated in a bushfire-prone region
• A vendor's statement is a legally binding document that must contain accurate and truthful information. If the vendor has provided insufficient or incorrect information, you have the option to withdraw from the sale or pursue legal recourse against the seller.

Final Words: Why Westgate Conveyancing?

At Westgate Conveyancing, we alleviate the anxiety associated with purchasing a home.

By now, you already know that the sale of the property is complete once you make the full payment for the purchase price, in return for the seller giving you the transfer documentation and the certificate of title. At this juncture, the ownership of the property is transferred to you.

The property must be transferred to the same state as it was on the day of its sale, as stated in the conveyancing process for buying in Victoria. As the purchaser, you should conduct an inspection within the week leading up to the finalisation of the transaction to verify this. Your legal counsel will notify authorities of a transfer of ownership.

As Victoria residential property buyers and sellers, we have extensive experience. All conveyancing laws are known to us.

Finish chores quickly and efficiently. We realise your time is precious; therefore, we don't want to delay buying your ideal house.

We are recognised for our "value for money" services that save clients money.

Outside of normal business hours, provide both in-person and telephone support. We strive to be accessible at all times since we know that purchasing a home does not adhere to traditional office hours.

Visit us or give us a call on 03 9917 8496