How Long Is Conveyancing Taking At The Moment in 2021

How long is the conveyancing process in Adelaide?

Dial A Conveyancer's conveyancing process will normally take anywhere between 4-8 weeks ( as there many parties and variables involved in the conveyancing process, it is sometimes impossible to provide a definite timeframe).  Unfortunately, due to COVID 19 and delays in real estate processes, allowing a little extra time can be key to ensuring everyone’s expectations are met and settlement happens on the due date.


Is COVID 19 effecting the conveyancer process?

The impact of Covid-19 has been widespread and is continually evolving.  Most banks at this moment in time are having difficulty meeting their timeframes, approvals for loans are taking a significantly longer time than normal and discharges of mortgages are equally effected in time. This is partly due to Covid-19 issues and also due to the high increase of people in the market at this time.

The most common causes of a delayed settlement are due to late documentation and either the purchasers or sellers bank not being ready on time. At the time of writing  purchasers are now being advised to ask for a 60 or even 90 day settlement due to the property boom and banks just not being able to cope with the sheer volume of sales and purchases.


What delays a property settlement?

Unfortunately, delays to settlement are common and can be caused for a variety of reasons which may include:

  1. Bank delays: Incoming bank has not completed the mortgage process. Outgoing bank has not completed the discharge of mortgage process .The seller’s bank, for the existing mortgage is known as the discharging bank. The buyer’s bank, for the new finance, is the incoming mortgagee. The discharging bank usually requires a minimum of ten business days to prepare for settlement. Where a seller has multiple properties or complex finances, this can blow out to fifteen or twenty business days. Once the incoming mortgagee has issued finance approval, they then need to prepare mortgage documents.  The buyer must sign and return these to the bank before they can settle. Most lenders require ten to fifteen business days for this process.  However, depending on the complexity of the loan, even more time could be needed.
  1. Vendor’s conveyancer do not hold a copy of the Certificate of Title.

  2. Holidays or absences - Often, buyers or sellers are not readily available to sign the necessary settlement documents. Most paperwork can be prepared prior to departure, but advance notice will be required by your conveyancer to arrange this. To avoid holidays or work trips impacting on your settlement, be sure to let your conveyancer know that you’re going away.  By notifying them ahead of time the necessary arrangements can be made for you sign the paperwork. 

How long is a typical house settlement in Adelaide?

The settlement is the process of legally transferring a property from one person to another.

It is usually conducted by conveyancers and financial representatives of both the buyer and the vendor such as conveyancers. Settlement normally happens four to six weeks after both parties have signed the contract of sale.

The settlement date is included in the contract of sale and agreed to when you signed it. It is the date that:

  • the balance of the purchase price is to be paid to the vendor
  • all relevant legal documents like the memorandum of transfer, are completed and lodged with the appropriate agencies
  • the certificate of title is transferred into the buyer's name
  • the property is legally transferred to the buyer
  • the adjustments for rates and taxes are calculated.

How fast can conveyancing be done?

The conveyancing process starts when you make an offer on a property – or accept an offer on your home – and lasts until completion day when keys for the property are exchanged.

For every transfer Dial A Conveyancer will:

  • Offer independent advice on your Contract and Form 1 when prepared by an agent.    
  • Check that there are no outstanding charges and advise you in relation to encumbrances or easements.    
  • Calculate the amount of the rates and taxes payable by you.    
  • Prepare a settlement statement showing the net amount that you will pay or receive.    
  • Prepare the documents to transfer the property.    
  • Reserve bank will eft your monies to your nominated account. 
  • Liaise with the agent and obtain the details of the commission and other fees.
  • Pay any outstanding amounts to the Council, SA Water, Land Tax, Emergency Service Levy, Strata/Community Levy, etc

What can I do to speed up settlement?

Be sure to be proactive during the settlement process:

  • Sign and return your paperwork to your conveyancer and bank as soon as possible
  • Respond to emails and telephone calls promptly
  • Let your conveyancer know immediately of any changes in your circumstances or plans.

What are the benefits of electronic conveyancing during COVID-19?

The use of electronic conveyancing systems such as PEXA have many benefit:-

  1. Time- and cost-effectiveness: e-conveyancing avoids the need for travel and physical attendances involved in drawing cheques, attending physical settlement and lodging documents with land titles offices.
  2. Adaptability: errors can be corrected and documents can be added or removed from an electronic workspace quickly and easily as a transaction evolves, often without the need for documents to be physically printed and signed.
  3. Automation: documents are lodged and funds are dispersed automatically and immediately on completion of the electronic settlement.
  4. Simultaneous settlements: in the past, co-ordinating multiple settlements in different locations where each is conditional on the other (such as where a purchase is conditional upon the contemporaneous sale of another property) could be a major logistical hurdle. E-conveyancing systems allow this process to be automated, with settlements completing instantly and automatically only if and when each other “linked” settlement is also ready to complete.

 What our Clients say about Dial A Conveyancer's services and turn around conveyancing times. 

I've used Dial a Conveyancer on at least 4 occasions when buying and selling Adelaide residential real estate, over approximately a 14 year period.

Neville and his team are very experienced and provide exceptional service. For my first purchase, Neville took plenty of time to sit with me and go over important details relevant to my situation and what I was buying - I definitely went into the sale with my eyes opened thanks to Neville's advice. On a couple of occasions, Neville's team have assisted me in achieving settlement extremely fast - within 3-4 weeks.

I'm dealing with them right now on a purchase, and once again I've been delighted with the professional approach and how the settlement process has been made seamless and simple. And very, very fast.

Neville also helped me with a sale transaction once where he drew up the sale contract (I managed to sell without an agent) and provided conveyancing for me as seller as well as the buyer - seamless.

I've mentioned Neville's name to various real estate agents who have asked who my conveyancer is and most agents know who he is, and those who do know him express confidence in his abilities.

The best part about Neville's service is the price. It's absolutely reasonable - most banks and brokers will tell you to factor in around $600-$800 for conveyancing - last time I worked with Neville it was less than $400. That was a while ago - I'm not sure how much it is today.

Definitely recommend Neville Lea Dial a Conveyancer to anyone buying or selling real estate in Adelaide. 
adelaide conveyancer 5 star google rating  

Contact us today!

At Dial a Conveyancer we can assist you with your next sale or purchase, anywhere in Adelaide or South Australia.

 

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