[url="https://www.conveyancingmelbournelawyers.net.au/"]Property conveyancing in Melbourne[/url] is the process of transfer of legal title of a property from one person to another. It happens in two phases. The first phase involves fixing of deal and exchange of contracts, while the next phase is the completion of the deal, after money and keys are exchanged; thus, formally the legal title is passed.

Once the buyer and the seller agree, the seller’s [url="https://www.conveyancingmelbournelawyers.net.au/"]conveyancer in Melbourne[/url] would draft a contract, outlining the clauses of the contract, including dates regarding payments and handing over of the property. The buyer’s attorney would check the contract and send enquiries if any. They could also put forward issues such as rights of way, boundary disputes etc.

The next step involves a survey about the state of the building, condition of surrounding land, information about surrounding buildings and other external factors, such as outstanding issues, flood safety etc. Both attorneys would negotiate terms on the draft contract, while the survey is being conducted. One of both parties are happy with the contract, they can sign it and exchange it with their counterparts.

This is the point when both the parties have agreed to the transaction. If they later back out or change the terms, they could face financial penalties. At the same time, the seller would check for any bankruptcy charges on the buyer’s name. This is to assure that they would receive money correctly. Once everything is clear, the deal can go ahead and is close to completion.

On the decided date, the seller moves out of the property and the money is handed to the seller. If any keys are in the picture, they are also handed over to the new owner.

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