45 Cameron Street, Launceston Tasmania

Phone: (03) 6332 9353

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Conveyancing in Tasmania – What happens after signing a Contract?

We are often asked ‘I have signed a contract to buy a property, what do I do now?’ Accordingly, we have prepared a simple outline of the steps that occur from when a Contract is signed up to the settlement of your purchase.

The agent who has sold the property will normally email or mail a signed copy of the Contract to your nominated solicitor. We prefer that contracts are emailed to us once they have been signed by both the buyer and seller.

Once a contract is received we will carry out a title search of the property to check the ownership; with a bit of luck the owner noted on the title will match with the seller noted on the Contract. The title search will show the registered encumbrances on the property and if there are any noted that have not been disclosed in the Contract, we will let you know.

The title search will have a copy of the plan for the property you are buying.

We will send you an initial letter (if possible by email) within 24 hours of receiving the Contract informing you of the important matters in the Contract including:

  • relevant dates by which any conditions in the Contract are to be satisfied;
  • how much stamp duty is payable by the purchaser;
  • confirmation of our fee estimate;
  • information about insurance, encumbrances noted on the title; and
  • other relevant information relating to the Contract.

We will monitor and contact you regarding the date that you need to obtain finance by (if applicable) and any other conditions as and when they become due.

Once the Contract is unconditional, we will make the necessary arrangements with your financier (if applicable) for settlement.

When we receive our searches we will let you know if there is anything unusual that may impact on your purchase.

Usually a week or so prior to the settlement date (we will give you as much notice as possible) we will provide you with the settlement figures prior to settlement for your approval.

If your financier is not providing all the funds required to settle, we will request the balance settlement funds from you approximately 3-4 days prior to settlement.

We will then arrange the time and place for settlement and attend on your behalf (you are not required to attend) with both your financier and the seller.

As soon as is practicable after settlement we will contact you by phone to advise that settlement has taken place. Normally the keys to the property can be collected from the agent as soon as settlement occurs.

We strongly recommend that you discuss with us any contract you are thinking of entering into, for some handy tips please see our article that can be found at http://www.cormistonlegal.com.au/services/contract-basics-part-1

If you are buying or selling a property in Tasmania and would like a quote or any advice, please contact us on 03 6332 9353 or use our Conveyancing Quote form http://www.cormistonlegal.com.au/conveyancing_quote

 

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