Modern Australian

Frequently Asked Questions about Conveyancing in Melbourne

  • Written by News Company


The buying or selling of property is a legal act. It’s therefore best to retain the services of a conveyancing lawyer if you need to engage in such a transaction. Conveyancing in Melbourne takes many different forms. You might be a private homeowner who’s looking to buy or sell a house, or the owner of a business who wishes to sell or buy real estate. No matter the specifics of your conveyancing needs, you must ensure that the exchange of contracts and transfer of titles is legally sound and binding. Read on to learn more about conveyancing in Melbourne with these helpful answers to frequently asked questions

What Happens On Settlement?

Settlement is legally defined as the point at which the ownership of the property is transferred to the buyer. This typically happens after the buyer has transferred the purchase amount to the seller’s account. The keys are then given to the buyer.

What Does an Exchange of Contracts Mean?

The solicitors of the two parties involved in the sale handle the exchange of contracts. Each confirms that their client has signed the contract. They also work out and agree on a settlement date. These arrangements tend to be made over the phone or through an email exchange.

When Does an Exchange of Contracts Take Place?

The simple answer is as soon as possible. The contract isn’t legally binding until it’s signed by both parties. Until that happens, the buyer or seller can seek to renegotiate the purchase price and other terms that have already been discussed and agreed to. Until the contract is signed, either party may pull out of the deal without penalty.

You should not allow too much time to pass once you’ve settled on a price and agreed to a settlement date. The other party might be tempted to find a better deal, which can throw your plans into disarray. You should instruct your lawyer to carry out an exchange of contracts within a few days of reaching a deal.

How Long Does It All Take?

A standard conveyancing transaction can normally be completed within 6 to 8 weeks. However, unforeseen complications or delays may arise which can slow things down when it comes to conveyancing in Melbourne.

What Are the Common Causes of Delay?

Your conveyancing lawyer has your best interests at heart and will want to get the deal done as fast as possible. However, some things can happen that they can’t control, such as:

  • *  A delay in one part of the chain, which will delay everyone else

  • *  Mortgage application taking longer than usual to process, which can happen if the mortgage lender is unusually busy

  • *  Mortgage offered with complicated or unforeseen conditions

  • *  An enquiry reveals something unexpected

What Enquiries and Searches Need to Take Place?

If you’re purchasing a property, you should learn everything about it. Your conveyancing lawyer should carry out an enquiry into the nature and location of the property. You should also know about any restrictive covenants, flying freeholds or other liabilities, such as if the property is at risk of being flooded. Your conveyancer should additionally know if the property has been exposed to past contamination or some other environmental hazard. This should all be sorted out before you get to the exchange of contract stage.

Business

Frequently Asked Questions about Conveyancing in Melbourne

The buying or selling of property is a legal act. It’s therefore best to retain the services of a conveyancing lawyer if you need to engage in such a transaction...

7 Career Options after Masters in Finance

Masters in Finance is one of the most reputable courses out there. The professionals who have gained a degree in Masters in Finance are considered to be an invaluable asset...

What You Should Know About Australian Property Laws Before Moving In

When you plan to move from your home turf to another nation, it helps to know the local laws, language, culture and social customs. Similarly, it is important to understand...

Is It Possible To Remove Negative Content From Google

Most of us have had to contend with negative content about us popping up on Google from time to time. This could be content you posted yourself such as a...

How Conversion Rate Optimization Can Improve Your Bottom Line

Before we examine the impact of conversion rate optimization on your bottom line, let us briefly understand conversion rate optimization and how it works. The process of improving the percentage of...

How SiDCOR’s SUPER7 framework will solve your accounting woes

SiDCOR is a well-respected firm of chartered accountants that operate across a wide range of regions, including Mossman, Port Douglas, Newcastle and many others. One of the key differentiators of...

Popular articles from Modern Australian

The Process Followed by Car Removal Companies5 Ideas for Small Melbourne BackyardsSplurge or Save: Our tips on what to Spend the Big Money on for your Wedding5 ways to make sure you have a good camping tripMouth Ulcer Treatment – The Easiest It Can GetLaser Treatment For Skin Tag RemovalThe Importance of Mental Health During PregnancyFavourite Pastimes for SeniorsHow to Dress for Work: Chic 9-5 StyleFind out how reading Funeral Poems can bring comfort to your griefWhat Men Like in Women’s FashionDocument you need for a divorce7 Steps Complete Guide to Sustainable Lifestyle5 ways to hydrate your hair and skin while you travelGreat Ways to Stay Fit When You are Busy