Purchasing a property is one of the biggest decisions you will make in your life. There is nothing quite like the rush of walking through a home inspection, asking the real estate agent questions about the property’s history and surrounding areas. And when you are just about ready to lock down the deal, there is always something that comes along to spoil the entire experience – having to understand the numerous legal documents associated with the sale.
You won’t be the first or last interested buyers overwhelmed with the number of forms and filing required in purchasing a property. This is why it is important to engage the services of an experienced conveyancing solicitor who can guide you through the process. This is someone who can represent you in the transaction, ensuring both you and the vendor comply with any legal obligations to protect your rights.
The conveyancing solicitor at Terry Johnson Legal have come together to help you get an introductory understanding of the many mortgage & conveyancing documents you will encounter when buying a home.
Unless you have managed to save the entire asking price for a property, you will likely engage a lender for the remaining sum. A loan contract is between you and the lender, like a bank, that will outline the important details of the arrangement, such as the amount borrowed, the fixed or variable interest rate, and the expected loan periods.
Certificate of Title
This is the important document stating the current owner of the property. This will be produced by the seller for reviewal by you and your conveyancing solicitor before signing the contract to ensure appropriate change of hands has occurred in the past. This will also outline if there are any special conditions or points of interest with the property, such as easements, caveats, or heritage overlays.
You will not automatically be the owner of the property once you have signed the contract. A Settlement Statement will outline the final purchase price, deposit amount, stamp duty, government fees and rates estimate, as well as the date of settlement when the keys can be handed over. This is generated and provided by the vendor to give you ample time to establish moving arrangements, the transfer of utilities, and any other issues you may wish to address.