What Is The Process Involved In Transfer Of Property Ownership?
August 9, 2017 by Bradley Thompson
There are many procedures involved in either purchasing or selling a house. One of the more complicated aspects of this, however, is the transfer of ownership. This is when the title for the property is moved from the seller to the buyer. While this may sound simple enough, there are actually numerous steps included in this process. To give you an idea of what this entails, here are some things that you should be aware of:
The Initial Stages
Once the early stage arrangements have been made between the buyer and the seller, it is time to move onto the legalities. This is when the contract of sale is drawn up, with the terms that both parties have agreed included here. Here, there are also certain obligations mentioned. These must be met by both parties over a set period. Only then, will the contract be considered valid. It is now when most people decide to hire a conveyancer Darwin. This expert will review the document and ensure that you requirements are being met and that your rights are being protected. After this, a deposit will be paid to the bank by the buyer. This is usually about 10 percent, although this amount can vary. Once the payment has been established, the contract can be signed. Then, the buyer is free to insure the property, which is often something that is required by banks and other lending establishments.
The Cooling Off Period
Even though the contract has been signed and a deposit placed, buyers still have a right to walk away from the deal. This can only be done within a certain amount of time. The precise period can change from state to state. If the buyer decides to not continue with the purchase, the contract becomes void.
The Transfer of the Title
If the buyer wants to go ahead with the process, the transfer of title document is then created by those involved in the conveyancing. The stamp duty for the document must be paid. After this has taken place, the solicitors can set it up so that the transfer can occur almost immediately after the settlement has happened.
This is the final part of the process. Leading up to this, the final arrangements regarding the purchase are made. This includes asking pertinent questions and examining the property for any structural or other defects. The final payment is then calculated and eventually paid. After this, the title can be transferred to the buyer.
This is the process that is involved when a seller wishes to transfer the title of ownership to the buyer. Due to the complexity involved, it is always important to get the advice of licensed professionals near you.
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