You want your property transaction to be as smooth and quick as possible, but there are things that take a certain length of time. You also don’t want to rush into one of the biggest financial decisions you may make in your life. Taking time to ensure that every box is ticked and everything is lodged correctly will save you a lot of headache in the long run. 

So, what kind of timeframes can you expect in the conveyancing process? We’re going to break it down. 

 

How long does conveyancing take?

If you are buying property, the entire conveyancing process should take just 4-6 weeks. For selling property, the length of time can be a bit more unpredictable, as you will be relying on a buyer to enter into the sale. 

Unfortunately sometimes things don’t go as planned. As much as you plan and organise, it’s important to keep in mind that unforeseen issues can arise. You may have found your dream home or think you are selling to the perfect buyer, but there are many things in the process that can go wrong.

 

The conveyancing process

The process looks quite different for buyers and sellers, but they can be broken down into key phases. Take a look at the conveyancing process that you can expect.

 

For buyers, it can be broken up into four phases:

1. Before you exchange contracts with the seller

This includes organising a pre-approval from your lender, reviewing the contract of sale and negotiating any amendments, organising pest and buildings reports, and organising your deposit. 

2. After you exchange contracts

This phase includes organising loan documents with your lender, completing the First Home Grant if you are eligible, organising funds for the payment of stamp duty and settlement monies, liaising with the seller to coordinate settlement, and arranging the final inspection of the property on the day of settlement. 

3. Settling the property purchase

This involves organising with the agent to collect keys to the property, attending settlement and receiving the certificate of title and signed transfer, and informing the agent that settlement has taken place.

4. After settlement

This final phase includes lodging any necessary mortgage documentation, arranging payments of any rates and levies, and providing a letter reporting on the settlement. 

 

For sellers, it can be broken up into two phases:

1. Contract preparation and marketing

The initial phase involves preparing the Contract for sale before you put your home on the market, ordering any searches that are required in the contract, provide the contract to your agent so they can start marketing the property for sale, responding to any legal enquiries from prospective buyers, negotiating any amendments to the contract, organising the exchange of contracts. 

2. After settlement and exchange

This final phase includes many steps, including letting your lender know that you have sold your property and organising the necessary forms, replying to the purchaser’s requisitions on title, preparing transfer in readiness for settlement, coordinating settlement and finalising the figures, attending on settlement day and collecting the monies as well as delivering title and transfer documents to the buyer, notifying you when settlement has taken place and organising for surplus funds to be deposited into your bank account, providing a settlement report. 

 

What does a conveyancer do?

Conveyancers can act on your behalf throughout the transaction process. They will provide the services and support needed for your property. The precise things that your conveyancer will do will depend on what is required, but they generally undertake the following tasks:

• Handling sales contracts and legal documents, including preparing the Contract of sale for sellers, and thoroughly reviewing it for buyers.
• Managing the timeframes and key dates, ensuring that everything is lodged correctly and on time. 
• Liasing with the other party, including negotiating any amendments or special terms.
• Attending settlement and representing you in the transaction, and then helping you finalise everything after settlement.
• Advising and guiding you along the way, including providing advice on how to best resolve issues if and when they arrive. 

This is just a brief overview of conveyancing services. They are there to support you along the way and take the hassle out of buying and selling property.

 

At Pitt Street Conveyancing, we take a proactive approach to conveyancing. We work hard to push your transaction along. After 24 years in the industry, there aren’t many situations we haven’t seen when it comes to conveyancing. We will communicate with you, your agent and your lender promptly and regularly throughout the transaction to make the process as smooth as possible. We aim to make the process as stress free for you as it can be. 

 

If you’d like to talk to us about how long you can expect your conveyancing to take or would like to enquire about any of our services, get in touch with us today.