Mott and Associates have been serving Cleveland and the Redlands since 1970. In that time, we have successfully completed thousands of settlements. These sales include land, house, apartments, units and pretty much any residential property you can think of. We also act on special arrangements between buyer and sellers and will custom draft agreements [not included as fixed fee].
Step 1: We will review your contract documents. This service is included in our fixed price quotation for a standard residential conveyance (contact our office for conditions). If you are selling your property, we will look at the agreement between yourself and the agent as part of our fixed fee service. If you are selling and an agent is not involved, we will also draft the contract for an additional fee.
Step 2: Once the contract is signed, we will start the process of guiding you through the transaction. We will send you a comprehensive letter and booklet describing what will occur during the transaction and ensuring we have all the information required to complete the conveyance. The documents will provide a comprehensive list of all dates you need to diarise. We will also provide you a list allowing you to select what additional searches you would like to be conducted during the transaction (these costs are in addition to our fee). Any cooling off period or significant events such as finance or building and pest dates will be highlighted to you.
Step 3: From contract signature to an “unconditional contract”.
During this period we will liaise with you regarding any building and pest issues or ensuring the finance date is met. We will also contact the solicitor acting for the other party and advise you as to the requirements regarding any discharge of mortgage (if you are the seller). It is a legal requirement that we identify you adequately as per the Title Office so will need you to send in certified copies of your identity documents. The lawyers acting for both parties will confirm identification to protect the parties involved. We understand this can be inconvenient, but it is an essential step in protecting both yourselves and the other side from fraud.
Step 4: Preparing for settlement.
During this period, we will ensure all requested searches are returned and any adjustments to the purchase or selling price are taken care of. Rates and water charges need to be calculated up to the settlement date to ensure the buyer and seller are only paying for these charges during the period they own the property. Also, transfer form or “Form 1” will need to be signed. This form an essential document that is handed over at settlement. During this period, we will advise on funds required for settlement to be effected.
Step 5: Settlement
Settlement (or completion) is when the actual transfer of the property occurs. The buyer hands over the funds to the relevant party and the seller hands over the fully signed Form 1. The form one will be lodged with the Titles Office to ensure the Title of the property is changed from the name of the seller to that of the buyer. Currently until electronic settlements become commonplace in Queensland, we attend settlement on your behalf and either physically had over the funds, if you are the buyer, or hand over the Form 1 if you are the seller.
That’s it. If you are the seller you are probably dreaming of your next property venture or if you are the buyer you are moving into and enjoying your new home!
Call us now for further information on your conveyance.