The experience of buying a first, second, or even third home is an exciting yet stressful one as a property purchase is likely to be the biggest asset purchase most people will make in their lives. The initial joy of finding that dream family home or investment property is often followed by the stresses of having to comb through property legislation and conveyancing law. However, once you’ve found that ideal property, you should get in contact with a conveyancer or property lawyer to handle the legal processes of the property purchase.

Many people enter a property purchase unaware that the transaction is extremely complex and can be incredibly confusing even for the most seasoned property investors. If we take the auction process for example, as this is the most common method of property sale, your purchase of the property at the auction is an unconditional purchase.

Meaning that, if you’re lucky enough to be the highest bidder and your bid has met the reserve price, you’ve effectively made a cash offer. Once the auction is over, the sale that you’ve entered into is legally binding, meaning that you cannot attach further conditions or contract stipulations after the auctioneer’s hammer has fallen.

This means that before you step into the auction room for that property you’ve got your sights on, you need to do all the relevant research and due diligence that will pertain to your purchase. It is best to ensure that you have received finance approval from your chosen lender before you approach the real estate agent to discuss anything binding.

However, it can be helpful to discuss the difference between the asking price and the selling price for the property before you approach your lender. The most important research you ought to do on the property is getting a LIM report before the LIM auction agreement and seeking information on the property’s title before committing to a title agreement.

Completing this research and doing your due diligence is essential to ensuring that the property you’re wanting to purchase meets your necessary expectations. These steps and the actual process of legally transferring ownership of property from one party to another constitute what is branded, conveyancing.

Conveyancers are a type of legal specialists who handle this process and make sure it is all done smoothly. Conveyancing solicitors will assist you in undertaking the conveyancing process as they will do the following:

• Check the property title
• Check the particulars and conditions of the auction
• Get a builder’s report
• Organise pests and property inspection
• Get a LIM report
• Ensures the undertakings of each party are upheld and met

The conveyancing process is something that is often overlooked, and a conveyancing lawyer is a severely underrated asset to have when you’re undertaking a property purchase. Put simply, there is far too much at risk to be taking shortcuts as a buyer, as once you’ve entered an Agreement for Sale and Purchase of the property there is no going back or altering any conditions of the agreement, it’s therefore essential to get conveyancing assistance before committing pen to paper.

So, before you head to an auction room contact a conveyancing lawyer to assist you with pre-purchase conveyancing as this will safeguard your buyer’s rights and ensure an efficient and effective property transaction.