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Understanding the conveyancing journey: 6 FAQ’s answered!

Jul 14, 2023

As we traverse the intricate maze of the property market, I recognise that the process can often seem bewildering. At Essence Conveyancing, ensuring your understanding and ease is our utmost priority. Consequently, I have compiled and answered some of the most common questions that clients frequently ask. This resource is curated with your needs and concerns in mind, aimed to bring clarity to the conveyancing journey.

#1 What happens after I sign a contract?

Signing a contract is a significant milestone in your conveyancing journey, but it’s only the beginning. The journey following this step unfolds into several stages, title searches, securing finances, and settlement arrangements.

Your conveyancer will conduct thorough title searches to ensure there are no issues that could hinder your ownership rights. Simultaneously, you need to finalise your finances, which involves getting approval from your bank or lender if you’re taking out a loan. The journey culminates in the settlement stage where the final transfer of property ownership occurs.

#2 When should I notify my bank that I’ve sold my property?

The key rule here is – the earlier, the better. Depending on the specifics of your loan and the bank that holds your mortgage, it can take anywhere between 10 to 21 working days to prepare for settlement. Prompt notification to your bank about the sale facilitates a smoother transition, reducing the likelihood of last-minute hitches.

#3 I’m going overseas. Do I need to do anything before I go?

Yes, absolutely! It’s essential to notify your settlement agent if you plan to be overseas during the process. The requirements for verifying your identity and signing paperwork differ greatly when you’re abroad. I can guide you through this unfamiliar terrain to ensure that your conveyancing journey progresses without any obstacles, even while you’re away.

#4 My building inspection revealed several issues. Can they all be fixed?

Building inspection reports often highlight a variety of issues. However, many of these are routine maintenance items rather than substantial structural concerns. What can be rectified depends largely on your contract’s specifics. Remember, every contract is unique. If you need assistance interpreting the report or understanding your contract, don’t hesitate to reach out.

#5 When should I conduct my final inspection?

The final inspection should ideally occur once within the 5 business days preceding the date of possession, or settlement, whichever is the earlier date. If you’re due to take possession prior to settlement, make sure to conduct the inspection beforehand. This ensures any last-minute issues are identified and can be resolved before you formally take possession.

#6 Do I need to be present for the settlement and who hands over the keys?

You need not be present at the settlement. At Essence Conveyancing, I manage all the necessary tasks and ensure the process runs seamlessly on your behalf. As for the keys, they’re usually handed over by the real estate agent. It’s worth checking with your agent when exactly you will receive the keys – typically it’s either immediately after settlement or the following day.

Navigating the conveyancing process can be complex, but with the right guidance and information, it becomes much more manageable. Remember, you are not alone in this journey – Essence Conveyancing is here to guide you every step of the way.



Disclaimer: Please note, the contents of this article do not constitute conveyancing advice, are not intended to be a substitute for conveyancing advice and should not be relied upon as such. You should seek conveyancing advice or other professional advice in relation to any particular matters you or your organisation may have. To find out more, please contact us.