The process of purchasing or selling a property can be a rather draining experience and quite often difficult to understand. Carter O’Neill Legal is committed to helping you along every step of the journey as you buy or sell property.
Whether you are a buyer or seller in the current market, you will need to engage a solicitor well versed in conveyancing to ensure the process is completed smoothly and efficiently.
Put simply, conveyancing is the transfer of ownership of legal title from one party to another. At Carter O’Neill Legal, it is our job to advise on sale information, document preparation and conduct the settlement process.
In most conveyancing matters, the process can be divided into 3 main stages:
- Point of Contract
- Conditional Period
- Unconditional period through to settlement
The contract sets out obligations of both parties and we will explain those obligations to you. When contracts are exchanged – that is when we swap the contract signed by you for the contract signed by the vendor and pay the deposit – the agreement becomes binding and neither party can change their mind.
This is the “cooling off” period, which is usually used to obtain final finance and building and pest reports.
On the day of settlement you are entitled to possession of the property. Settlement may not proceed if the vendor has not moved out or if there are possessions still at the property. The property is also purchased in its present condition and state of repair. Therefore just prior to settlement a final inspection is warranted to ensure the property is vacant and in the same condition as it was when first inspected, subject to fair wear and tear.
If you are ready for practical, down to earth advice, contact us to arrange an initial consultation with one of our property lawyers in Mona Vale, NSW.