Buying or selling property can feel overwhelming without understanding how the legal side works. That’s where conveyancing in Melbourne comes in. This article will outline each stage of the conveyancing process, breaking it down from contract signing to settlement, so you know what to expect every step of the way.

Step 1 – Reviewing the Contract of Sale

The first step in conveyancing in Melbourne begins with the Contract of Sale. This document outlines key details such as the purchase price, settlement date, inclusions and special conditions. For buyers, it’s essential to have the contract reviewed before signing to ensure it accurately reflects the agreed terms and doesn’t contain any unfavourable clauses. For sellers, having a professional review the document before listing the property can help avoid future disputes.

Step 2 – Conducting Property Searches and Checks

Once the contract is signed, property searches are conducted to verify the legal standing of the property. This is one of the most important stages of conveyancing in Melbourne, as it ensures the buyer knows exactly what they’re purchasing.

Searches may include:

• Title and ownership verification
• Zoning and planning restrictions
• Outstanding land tax or council rates
• Easements and covenants affecting the property

These checks confirm that the seller has the legal right to sell and reveal any issues that could affect ownership or future use of the land. If any concerns are identified, a conveyancer can negotiate amendments or request repairs and adjustments before settlement.

Step 3 – Managing Finance and Deposit Requirements

Finance approval is often a key condition of the sale. Buyers typically have a set timeframe to secure loan approval, and missing this window could risk losing the property. During this phase of conveyancing in Melbourne, the conveyancer will ensure all finance-related conditions are met and liaise with the lender to coordinate necessary documentation. They’ll also confirm that the deposit has been paid to the correct trust account and that the terms surrounding it are clearly defined. If financing issues arise, your conveyancer can communicate with the vendor’s representative to negotiate an extension or variation, helping to prevent the deal from falling through.

Step 4 – Preparing for Settlement

In the lead-up to settlement, both parties must finalise all outstanding matters. The buyer’s conveyancer prepares the transfer of land documents and confirms settlement figures with the lender and the seller’s representative. This includes adjustments for council rates, water charges and any other relevant outgoings up to the settlement date. At this stage, a final inspection is usually carried out to ensure the property is in the agreed condition. The conveyancer coordinates with all involved parties to ensure funds, documentation and keys are ready to exchange. This coordination is a critical aspect of conveyancing in Melbourne, as even small delays can impact settlement timing and result in penalties.

Step 5 – Completion and Post-Settlement Matters

Settlement marks the official transfer of property ownership. Once the funds have been transferred and documents lodged, the buyer becomes the legal owner of the property. However, conveyancing in Melbourne doesn’t necessarily end there, as post-settlement checks are often required. These include confirming the change of ownership with relevant authorities, ensuring mortgages are registered correctly and verifying that all rates are transferred into the new owner’s name. Sellers can expect to receive the balance of the sale proceeds once settlement is complete, finalising their legal obligations in the transaction.

Conclusion

Understanding each stage of conveyancing in Melbourne is the key to a smooth and successful property transaction. From reviewing contracts and conducting due diligence to managing settlement and post-completion details, every step plays an important role in protecting both buyer and seller. With a clear understanding of how conveyancing works, Melbourne property buyers and sellers can move forward with confidence.