Would anyone living in Qld and doing their own conveyancing offer me some steps to follow. Here is the story.
My son is buying my PPOR from me which is currently rented out but has a mortgage on it. Although he is an expat currently living and working in the US, he has received preapproval from his bank to buy it.
Because he knows the property well and we have a trusting relationship the usual circumstances of search/legal protection don't really work in this scenario. So while some may give me warnings about this I'm not sure it's really necessary in this case. Typical things like building/pest inspections have already been done as a course of rental responsibility.
At this stage, I have purchased a contract from REIQ and done the latest Title Search. Those have been emailed to him for his signature.
So where do I go from here? I am concerned about how it all comes together. My questions are -
Do I need to do any other searchs on my son's behalf or the bank's behalf? I read on the forum here about "Transfer" Documents. What are they? He will pay me the Stamp Duty and I will go and do that on his behalf and do the change of Title. When do I do that? Or who should I ring to get the info.
I'm presuming I have to contact my bank and advise them of the sale which should happen about mid December and arrange settlement with them. Does anyone know what documents I need there apart from a current Title Search done on the day?
I'm retired and have to the time to do all this. And I did my own conveyancing many years ago but then I needed to do all the proper procedure.
This just seems to me to be a pretty smooth changeover. I'd rather people didn't post and say things like the risk, get a solicitor, convancyer, or whatever.
My son is buying my PPOR from me which is currently rented out but has a mortgage on it. Although he is an expat currently living and working in the US, he has received preapproval from his bank to buy it.
Because he knows the property well and we have a trusting relationship the usual circumstances of search/legal protection don't really work in this scenario. So while some may give me warnings about this I'm not sure it's really necessary in this case. Typical things like building/pest inspections have already been done as a course of rental responsibility.
At this stage, I have purchased a contract from REIQ and done the latest Title Search. Those have been emailed to him for his signature.
So where do I go from here? I am concerned about how it all comes together. My questions are -
Do I need to do any other searchs on my son's behalf or the bank's behalf? I read on the forum here about "Transfer" Documents. What are they? He will pay me the Stamp Duty and I will go and do that on his behalf and do the change of Title. When do I do that? Or who should I ring to get the info.
I'm presuming I have to contact my bank and advise them of the sale which should happen about mid December and arrange settlement with them. Does anyone know what documents I need there apart from a current Title Search done on the day?
I'm retired and have to the time to do all this. And I did my own conveyancing many years ago but then I needed to do all the proper procedure.
This just seems to me to be a pretty smooth changeover. I'd rather people didn't post and say things like the risk, get a solicitor, convancyer, or whatever.