Understanding the Residential Conveyancing Process
Buying a house can be a complex process – there’s certainly more to it than just sorting out the finances and selecting a property. If you’re a first home buyer in particular, it’s important to understand the necessary steps involved with residential property conveyancing so you know what to do and what to expect.
Here at HomeLegal, our lawyers all know residential conveyancing inside out – it’s what we do. That’s why we’ve put together this residential conveyancing timeline to assist home buyers with the process of buying a house, helping you make more informed decisions along the way. Read our comprehensive residential conveyancing guide below:
1. Do your preparation work.
Before embarking on a big life decision such as buying your first home or investing in property, you should be prepared.
- Figure out how you’re going to finance a purchase. Below are the common options:
- Gifts from family
- Work out what sort of property you want.
- Calculate what you can afford.
- Engage a mortgage broker.
- Work out what due diligence will be required?
2. Identify the property you want to purchase.
Research your area of choice and search property websites to identify the property that meets your requirements.
3. Engage a lawyer to work with you.
Get a qualified property lawyer to advise you with all legal aspects of the transaction. Your lawyer is there to take care of the details for you so you can avoid any serious problems. Learn more about conveyancing services.
4. Let your lawyer advise you on presenting your offer and any conditions before you make your offer.
Your lawyer will help you with making sure the offer document is acceptable for signing and covers matters you need covered to best protect you with your purchase.
5. Satisfy any conditions.
Once your offer is accepted your lawyer will work with you to ensure that all conditions of the agreement are satisfied.
6. Confirm the contract.
As soon as all of the conditions are satisfied your lawyer will confirm the contract and your purchase will be ready to go ahead to settlement.
7. Complete any KiwiSaver/HomeStart requirements.
Your property lawyer will liaise with you on KiwiSaver withdrawals or the HomeStart Grant and with your bank if necessary to make sure all funding is in place on settlement.
8. Sign loan and transfer documents with your lawyer.
Once all of your finance is in place you will meet with your lawyer to go over all of the documents and sign them up.
9. Inspect property.
Before settlement you will have the opportunity to inspect the property to ensure it is in the same condition it was when you signed the offer to purchase it. If there are any problems your lawyer will liaise with the vendor’s solicitors to find a solution to the problems before settlement takes place.
10. Lawyer settles and reports.
At this final stage, your lawyer will settle the purchase, transfer funds and register your transaction. On the completion date you will receive the keys for your new home.
HomeLegal – The Property Conveyancing Experts
When it comes to property conveyancing, hiring a conveyancing expert to take care of the legalities is the best way to have confidence in your transaction. Which is why the team of qualified property lawyers at HomeLegal take care of the entire conveyancing process to ensure that one of the biggest transactions of your life is a straightforward and stress-free experience.
Contact us today at 0508 HOMELEGAL to get the best professional residential conveyancing services in the Greater Wellington area!