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The Steps In The Property And Home Ownership Process And How It Works

The property and homeownership process is the legal process involving the transference of ownership of real estate between owners/entities. The most common source that this process originates from is the sale of property in real estate and the transference of ownership of the property from vendor to the buyer.

This process starts with a contract for sale. This contract is disputed often and must contain specific documents, certificates, and disclosures. A trained professional should prepare this document.

When a potential buyer wants the property, an offer is made. If the owner likes the offer, they accept and a deposit is paid for the property. During this stage, contracts are exchanged and containing information such as the settlement date, agreed price, zoning restrictions etc. A cooling-off period is applied if the sale is brought about privately and not through action. A conveyancer then must prepare a transfer of title document, have the buyer sign it, and pay stamp duty. If a contract states that time is of the essence, a date can be nominated to have documents ready, and if this is breached, the party is allowed to keep the deposit and terminate the contract. The buyer’s conveyancer will normally make some more searches and requisitions about the property at this point. A settlement date is when the buyer pays adjustments and purchase money to the owner. After settlement, the transfer documents are registered and the Land Titles Offices advises the relevant authorities that the property has a new owner.

This is the process when purchasing a property, and can be long and arduous, but easier with a trained and professional conveyancer. It is important for a conveyancer to be organized, effective and efficient in order to perform their duty well, as the process has various steps with a lot of documentation/paperwork.