How solicitors/conveyancers assist in a property sale or purchase
Reports are now indicating that property prices in the Wollongong regional area have corrected in the last quarter 2022.
It is a similar story for other locations in the Illawarra, with Kiama and Shellharbour median prices experiencing a slow-down amid the community’s hesitation about real estate. From late 2021 to early 2022, NSW market conditions had peaked with many experts indicating that further growth is not expected throughout all of 2023 and possibly into 2024.
The real estate market experienced a near-perfect storm, with recent fires and floods, the COVID-19 virus, high inflation, an election, and a war overseas, all of which put pressure on the Reserve Bank of Australia to increase interest rates.
Despite prices adjusting and the market slowing, property remained reasonable for homebuyers and sellers with recent statistics indicated that there was a levelling out in December 2022.
Solicitor & Conveyancers:
Having a trusted Solicitor/Conveyancer is a must as they work with you from start to finish. They are needed at all stages of a sale.
Vendor: A solicitor/conveyancer will order the contract of sale for vendors. real estate agents are required by law to have a contract of sale before advertising the property for sale.
Purchaser: After putting an offer on a property, you should engage your solicitor/conveyancer to advise them that you are actively placing offers on properties, so they are aware.
Vendor: Once your solicitor/conveyancer has received the sales advice from your real estate agent, they will organise the contract to be sent over to the buyer’s solicitor/conveyancer for review. Once reviewed, they will organise for you as vendors to sign the contract.
Purchaser: A solicitor/conveyancer will review the contract of sale before exchanging the contract. Having them review the contract ensures that the clauses are in line with what you are after. Once reviewed, they will organise you as purchasers to sign the contract.
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Vendor: Once the purchaser has conducted any pre-purchase inspections and their loan arrangements have been finalised, they will contact your solicitor/conveyancer to exchange the contracts. Once exchanged, you will be bound by the terms of the contract. It is at this stage that your solicitor/conveyancer can confirm the settlement date with you.
Purchaser: Once you have received your formal finance approval and satisfactory pre-purchase inspections, your solicitor/conveyancer will exchange the contracts. Once contracts are exchanged, your solicitor/conveyancer will be able to tell you your settlement date.
Vendor: On settlement day you will need to hand the keys into your real estate agent. This is also when you will receive the balance of the purchase price from the buyer.
Purchaser: Settlement day is when your solicitor/conveyancer meets with your lender to hand over the balance of the purchase price to the vendor’s solicitor/conveyancer. Once settled, they will contact you to advise and you can then collect the keys.
