In legal parlance, the term conveyancing refers to the transfer of the lawful title of a property from the seller to the buyer or the transfer of any encumbrance related to that property such as a lien or a mortgage. The term is also often used while referring to the transfer of bulk good or any such products such as gas, electricity or water. The entire process is completed in three stages i.e. before the contract; before completion and after completion of the transfer. The aim of the entire process is to ensure that as a buyer of any real estate property, you are absolutely certain that the seller is the actual owner and has the legal right to sell his property and that there are no other impeding factors that would prevent you from reselling or mortgaging the property you just purchased.
Contract of Sale
The Contract of Sale is a document that delineates all the details related to the property, including the final price that both you and the seller have agreed upon. This document has to be signed by both of you. It will also clearly mention any other special conditions; for example if the sale is limited by financial approval or if it requires the involvement of a building inspector prior to the purchase. Sometimes, the final Contract of Sale is prepared by the seller’s real estate agent. However, if the sale has been through an auction and no real estate agent is involved, conveyancing Sydney CBD will take care of this process.