What are the steps involved in transferring ownership of a property?
The steps involved in transferring ownership of a property in New South Wales, Australia, include:
Pre-contract stage: This is the stage where an offer is made on the property and the terms of the sale are negotiated.
Contract stage: Once the terms of the sale have been agreed upon, a legally binding contract of sale (also known as a Section 32) is prepared and signed by both parties.
Pre-completion stage: During this stage, the conveyancer will carry out various checks and searches to ensure that there are no issues with the property, such as outstanding mortgages or planning permission.
Completion stage: Once all checks have been carried out and any issues have been resolved, the final paperwork will be completed and the property will be transferred to the new owner on a specific date agreed upon by both parties, known as the settlement date.
Post-completion stage: After the property has been transferred, the conveyancer will register the new ownership with the Land Registry and deal with any other post-completion formalities, such as transferring the mortgage and discharging any outstanding mortgages on the property.
It's important to work with a qualified and experienced conveyancer throughout the process to ensure that everything runs smoothly and to identify any potential issues early on.
It's also important for the parties to ensure that all the necessary documents and funds are prepared and ready for the settlement date, as the process may be delayed if any of these are missing.
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Lorraine and her team have worked with me on several sales and purchases. They always kept me informed through the entire process and made it a stress free exercise, I would like to thank them for all their hard work