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PO Box 854
Ipswich Qld 4305

Conveyancing Truths

Conveyancing is a necessary part of the sales process, and one that we assume all conveyancers will do well. It can feel like one of those necessary bills that pretty much anyone should be able to do and do properly. Most of the time this is true. However, when things do go wrong that’s when experience and professional expertise come into play.

Prevention is better than a cure

First of all, the job needs to be done with precision to make sure you’re not open to potential problems. Dates need to be set and adhered to. It’s really as simple as that, but if you miss a crucial deadline it can cost you. When your representative does an outstanding job this is your best chance of a smooth headache-free process.

When things go smoothly

Settlement is the formal change of ownership of the property. This is what the settlement process looks like when things go smoothly.

Adjustments

When the settlement cheque is finalised the amount is slightly different to what you would have signed on your contract. The settlement amount includes rates, water, insurance and body corporate fees as well as the price of the property. The figure is calculated based on whether these bills are paid and when unpaid bills fall due.

WARNING

If any of these steps is not processed properly this gives the buyer and/or the seller the opportunity to pull out of the sale. This may cost either party significantly both financially and emotionally. This is one of the reasons why it’s important to have a quality professional handling your conveyancing.

When things go wrong

Here’s a list of some of things that can go wrong during conveyancing:

Problems selling the property

  • The buyer does not pay the deposit on time
  • Your bank is not able to settle time
  • The buyer isn’t ready to settle on time
  • The buyer refuses to settle

Problems buying the property

  • You’re not able to obtain finance
  • The bank is unable to settle on time
  • The property is not in the same condition as when you signed your contract of sale

False Economy

Where you may save by using a cheap and cheerful conveyancer, it could cost you your beloved dream home, or in the seller’s case an opportunity to move on or perhaps finalise your next new dream home. For the investors it can cost time, money and considerable energy. Our advice is not to quibble over small amounts for experienced professional services when there is hundreds of thousands at stake.

Sometimes the value of a quality conveyancer may be overlooked, and we strongly urge you to take heed. Hopefully the process runs so well that it feels like your conveyancer hardly did anything. This is the true measure of a conveyancing job done well.

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