Planning on buying a property? You should first be informed about the conveyancing process and what to expect. Discussing it with a licensed conveyancer in Cairns will not only make the process easier for you but will also give you more security. Your lawyer will help you navigate it from the first day through the settlement day.
Prepare the money needed for the settlement
If you haven’t taken out a bank loan, your lawyer will contact you to arrange for monies to be placed in the solicitor’s trust account so that they may draw the cheques required on the day of settlement. If you have arranged for a loan, your lawyer will contact the bank to arrange for the required cheques to be presented at settlement.
Your lawyer will ensure that the cheque has all the correct information. Simple spelling errors are enough to push back the settlement and delay the process, and it could cost you more.
Approve the settlement statement
The entire settlement process can take months to complete. Prior to settlement day, your solicitor will provide you with a settlement statement detailing the funds needed for the settlement that need your approval.
On settlement day
Settlement day is the last step in the transaction process, where you will pay the remaining amount of the purchase price to the seller and obtain the property title. Your lawyer will be the one to attend settlement to ensure that you get what you paid for.
Other things your conveyancer can do to help you out on settlement day include:
- making arrangements with your financier to confirm the settlement day and time
- finalise settlement
- provide the signed transfer documents
- ensure that no monies are owed to the local authorities, if applicable
Conduct the final inspection
On the morning of the settlement day, the property must be inspected one final time to ensure that everything’s in order, as stipulated in the Contract. If there are issues you want to raise, here’s the last time to do it.
Once the settlement is complete, you can finally get the keys, and you get to enjoy your new property!
Finding a qualified conveyancer in Cairns
If you are in need of help in conveyancing in Cairns, get in touch with Marino Lawyers today. Call our team at (07) 4081 6700 and meet with us to discuss how we can best help you out.
