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Conveyancing refers to the process of legally transferring home ownership from the seller to the buyer. The process generally starts when your offer on a property is accepted and finishes when you receive the keys.
Here are some steps which will need to be taken when you are buying a home:
Step 1: Arrange your finances
Research your options, and not just with your current financial institution. Check out IMB’s range of home loans.
Step 2: Contact a solicitor or conveyancer
They will advise you on the process and explain your contract in plain English.
Step 3: Order building and pest inspection reports
These should be completed to ensure the property is in good condition and to identify any potential problems up front.
Step 4: Organise a deposit
Depending on the financial institution, deposits can be 10% or 20% of the purchase price.
When these steps have been taken, signed contracts will be exchanged between you and the seller. Keep in mind that engaging a legal professional to guide you through this process is vital to ensuring the transfer of a clear title. After the exchange, your representative will work with you and your lender to prepare for settlement, which typically takes six weeks to finalise.
On settlement day, your representative will do a final title search and arrange payment of money owning the property. Then you get the keys and can enjoy your new home.
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