Part 3: Buying a Property? – what now?
Last Bulletin we shared what happens once you have signed the Contract, you have taken out insurance cover (if Buying) and the Contract has now been received by your Lawyer/Conveyancer.
Depending on whether you are buying House, Land or Unit your conveyancer will provide advice regarding the Contract.
At bytherules, you will receive a Checklist of Important dates information required by your Conveyancer to ensure the contract proceeds stress free. The checklist includes Title Insurance Information, Stamp Duty Concession Forms and a Residential Conveyancing Booklet for you to refer to. It is important that you attend to any requests made of you as soon as possible. Your conveyancer will need your confirmation to act on your behalf plus all your instructions to be in writing (whether by email, text message) – verbal instructions, especially regarding satisfaction of any contract conditions, are not reliable especially when there is more than one buyer on the Contract.
What do you mean – Confirming my instructions?
At bytherules we make this easy by having it all online with our easy online form. bytherules was one of the first firms to introduce an “electronic” version of the Confirmation of Instructions form as per QLD Conveyancing Protocol. This saves time, paper and cost (not to mention confusion) and is a more friendlier way to receive your instructions and address any concerns you may have. Currently, the QLD Conveyancing Protocol is 19 pages in length – something most people don’t want to receive in their mail box! We have turned this into a simple link you “click” on and answer the questions simply on your Ipad or Home Computer in the comfort of your home.
What information do I need to provide?
You will need to provide things like: copies of your ID, whether you are buying the home to live in or for investment purposes (to help calculate stamp duty if any), if there are any concerns regarding the property, if buying with another person – how you will hold the tenancy of the property, whether you are satisfied with the building/pest inspection reports, what searches you want carried out, details of your bank/lender (if you are seeking finance). Your conveyancer will need to work closely with you throughout the contract period to ensure your rights and obligations are always met and you are feeling safe and secure in the work being carried out for you.
What do I need to do in the lead up to settlement?
Under a REIQ Contract, you are entitled to do a final inspection of the property, in the company of the Agent, prior to settlement. This gives you an opportunity to have a final look through the property to ensure nothing has changed, been removed or damaged since you first made the offer. bytherules strongly recommends that you carry out this inspection once you know when the Seller has vacated or in the case of an ongoing tenant, once the Agent has provided the tenant required notice of your inspection. Always let your conveyancer know the outcome of this inspection!
What does my Conveyancer do in the lead up to settlement:
Your conveyancer will work with your bank/lender and provide all title details, arrange settlement and provide cheque directions. You will also be provided with a copy of the search results regarding the property, a break down of the settlement figures (including rates/water adjustments) and be asked for any shortfall in funds to be transferred to the trust account to draw on at settlement. As most settlements occur manually (ie: person attending exchanging bank cheques, title documents etc) it is not practical for you, the client, to attend settlement in person – this is what your conveyancer will do on your behalf. Once settlement has been effected, you will receive a phone call to “Congratulate” you on your settlement and where you can collect your keys (usually at the selling agent office). Settlements can only take a matter of minutes however, if there is an unforeseen error or hiccup, it may need to be rescheduled to another time. Provided settlement is effected before 4pm (for REIQ Contracts), you are not in breach of your contract obligations.
Next week’s bulletin: Checklists for Buying/Selling a property