In our last blog we shared what happens once the Contract is signed and on its way to your lawyer or conveyancer, and what you need to do in the interim. In this blog, we provide you with insight into what information your conveyancer needs, and what next.
Remember, your bytherules conveyancer can provide advice and guide you through the entire contractual process. Before you start, your conveyancer will need your confirmation to act on your behalf, plus all your instructions to be in writing (whether by email, text message). Unfortunately verbal instructions, especially regarding any contract conditions, just don’t measure up in our society anymore – sad but true.
What do you mean – Confirming my Instructions?
At bytherules we make this easy by having an online form. bytherules was one of the first conveyancing firms to introduce an electronic version of the Confirmation of Instructions form as per Queensland Conveyancing Protocol. This saves time, paper and cost, not to mention confusion, and is a friendlier way to receive your instructions and address any concerns you may have. Currently, the Queensland 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 computer in the comfort of your home.
Once that’s sorted, you will be provided with a Checklist of important dates when information is required by your conveyancer. This checklist includes Title Insurance Information, Stamp Duty Concession Forms and a Residential Conveyancing Booklet for you to refer to. To ensure the contract proceeds smoothly and on time, it is very important that you attend to what’s required as soon as possible.
What other 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, and details of your bank/lender, if applicable.
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. bytherules strongly recommends this as it 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. The Agent can arrange this once the Seller has vacated or if tenanted, after the tenant has received notice of your inspection. Always let your conveyancer know the outcome of your final inspection!
What does my Conveyancer do in the lead up to Settlement?
Your bytherules 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 property search results and a break down of the settlement figures, including rates/water adjustments. You could be asked to transfer any shortfall in funds to the trust account to draw on at settlement. Your conveyancer will attend settlement in person, on your behalf. Once settlement has been effected, you will receive a “Congratulations” phone call with directions on where you can collect your keys, usually at the selling agent’s office. Settlements generally only take a few 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.
Your bytherules conveyancer will work closely with you to ensure your rights and obligations are always met, and you are feeling safe and secure in the work being carried out for you.
You can be rest assured that your bytherules conveyancer will be with you all the way, right through til’ the champagne can be popped!