Conveyancing may defined as the exchange or transfer of real estate.
It is very important that when purchasing a property that you exercise due care. The process for investing in your new home or real estate is very straightforward and involves a few steps:
- Search for the property using a realtor and ensure you have secured financing through a loan institution or sufficient savings.
- After you have viewed the property, you may decide to make an offer. Once the offer is accepted then seek the assistance of an Attorney at Law.
- Instruct your attorney to act on your behalf to handle the purchase of the property. Please note that legal fees are usually between 3%-5% of the purchase price of the property.
- You should conduct a title search, caveat search, valuation and a land surveyor’s report.
- Your Attorney will receive the Agreement of Sale also known as the Contract which is prepared by the vendor’s attorney. Your attorney should exercise due diligence and make the relevant checks. Your attorney will also vet the documents and negotiate terms and act in your best interest to protect you during the transaction.
- Upon signing the Agreement for Sale, you will be required to pay the deposit which is usually 5%-10% of the purchase price depending whether cash sale or purchasing using a mortgage or loan institution.
- You are required to pay taxes and fees. This includes fees such as stamp duty and registration fees which is paid by both vendor and the purchaser. You will have additional fees like the cost for letters of possession and the Sale Agreement which is also borne equally.
- Your attorney will guide you through the process for the duration of the transaction.
- Once all parties have fulfilled their obligations based on the terms of the Sale Agreement then the attorney will receive the final documentation and keys and present it to you.
Although the process may appear to be simple it can be quite intimidating due to the large amount of paperwork involved.
Written by:
Arianne Barrett
Attorney-at-Law
