Here are the key steps in the Conveyancing process:
- Pre-exchange
In the pre-exchange period, the parties will negotiate the commercial aspects of the transaction such as the purchase price, the settlement period and any special terms and conditions.
- Exchange
You will be required to sign the Contract and the Sellers’ Disclosure Statement (if applicable) and pay the Seller the agreed deposit. Either the sellers agent or the solicitors first both parties will attend to formal exchange of contracts.
- Pre-settlement
It is common for the parties to agree that the Contract is subject to, and conditional upon, a due diligence period, a finance date and/or a pest and building date.
Note that all of these conditions are usually time essential, and you must ensure that the conditions are satisfied in a timely manner.
Each condition will set out the specific requirements that the Buyer must meet and the length of time that the condition will apply for. For example,a finance condition may require that the Buyer obtain finance for a minimum amount, by a specific date, and further specify a particular financier that the Buyer must obtain finance approval from.
For a commercial contract, we recommend that you conduct specific due diligence on the state of repair and condition of the property (consider a pest and building report or and/or strata report), obtain any relevant survey or contamination reports and make enquiries with a town planner. Further, we would recommend undertaking a legal review of the Lease if the property is tenanted and undertaking a financial analysis of the Lessee, including if security has been provided under the Lease, and if the Lessee has any arrears of rental payments and outgoings.
We will also provide you with a list of searches so that you may instruct us to obtain additional searches regarding the property, subject to your particular circumstances.
There will be additional tasks that you will need to undertake prior to settlement which we will guide you on through the conveyance process
- Settlement
We will arrange settlement with the relevant parties, including the Seller’s solicitor and the incoming financier (if applicable). We will attend settlement on your behalf and there will be no need for you to attend settlement.
We will inform you when settlement has taken place and we will ensure that any outstanding amounts due are paid on settlement.
We can assist with the following;
- Contract advice;
- Legal due diligence;
- Acting on your behalf in relation to the conveyance;
- Providing loan advice; and
- Witnessing loan documents.
Our team would would be happy to have an initial discussion with you about your plans and the right steps to take going forward.
Important Disclaimer: The content of this publication is general in nature and for reference purposes only. It is current at the date of publication. It does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.
