In this video, CGW family lawyer Tiana Harris talks about the conveyancing process and how to transfer or sell your property.
VIDEO TRANSCRIPT
Hi, I'm Tiana, and I'm a lawyer here in the family law team at Cooper Grace Ward. Today I'm going to be talking about the family law property settlement and the conveyancing process.
How does the family law property settlement and conveyancing process work?
After a property settlement has been finalised there might be a real property that, as per the financial agreement or orders, might need to be transferred to one of the parties or sold. If the property is being sold the parties will need to engage a real estate agent, whether that be by private treaty or auction. The next step, and this is for properties that are being transferred or sold, is to contact the bank. If the property is being sold the parties will need to contact their bank and sign all the paperwork to discharge the mortgage in time for settlement. If the property is being transferred from one party to the other, the party that is retaining the property will need to contact their bank and refinance the mortgage if there is one into their sole name. You should note that the banks can take a long time to process the application, so it is best to contact the bank straight away as soon as the financial agreement is signed or the orders are issued. The parties will then choose a conveyancer or a solicitor who specialises in the transfer of property from the transferor, the seller to the transferee, the buyer. The conveyancer or solicitor will then assist you with the entire process, including preparing all the documents, including the transfer document, which formally transfers the property from the transferor to the transferee. The final stage of the property transfer process is settlement. This is where all the relevant parties, including the incoming mortgagee, the discharging mortgagee and the representatives of the transferor and the transferee all come together in one room and exchange the required documents and funds.
Cooper Grace Ward is a leading Australian law firm based in Brisbane.
This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.
