Buying or selling any property is often a very stressful time, whether you are a novice or expert, here at OCHS we can take all the hassle out of the whole process.
The legal transfer of title to a property involves many processes, two of the major ones are exchange and settlement. If you are a Vendor (the person that owns the property), then before either can occur we have to order all the required searches and a Contract of Sale, this can take some time depending on the local government area. After listing with an Agent and a purchaser is found and you both have negotiated a price, then the Contract can proceed to exchange. This process involves two copies of the Contract of Sale being signed and dated then exchanged between the Vendor and the Purchaser. If there is a mortgage on the property, then in almost every situation it will be discharged by the Lender on settlement. Generally for most settlements it can take approximately 4-6 weeks for completion.
If you are a Buyer and you find the right property to make your home, then it is up to you to ensure that clear title is obtained on the property free from all encumbrances. There could be restrictions on the property or easements on the title, therefore we conduct a number of searches so that as a Buyer you can secure legal title to the land.
Please contact our friendly team for further information.
