On a purchase (as opposed to a refinance) you’ll have a conveyancer or solicitor on your team as one of your key people who make the deal happen, and as your brokers we work hand in hand with them.
It can get a little confusing about whose responsibility different milestones are throughout the process so we’ve made a handy little guide to assist:
Your broker is responsible for:
- assisting you finding the right lender
- preparing an application for you
- answering all the bank’s questions
- ordering valuations for you on your purchase property
- they can run research for you on comparable properties
- confirming finance approval to you and your conveyancer/solicitor
- liaising with the bank to make sure all their requirements are met for your application and settlement
- following your application through to settlement (including making sure you’ve understood, signed and returned your loan documents!)
- post settlement checks they conduct ongoing to make sure you are getting the best out of your loan product
Your solicitor or conveyancer is responsible for:
- confirming your finance approval to the party you’re buying from (the seller’s solicitor / conveyancer)
- reviewing your contract for you and answering any legal questions in relation to the contract
- liaising with the bank to book in settlement after your loan is approved (they’re who you to go to if you have queries on your settlement date and when this will be)
- confirming that the settlement has happened with you
- assisting you with any issues with your pre-settlement inspection
- running all the various searches on the property to make sure there are no caveats, that boundaries are correct etc.
- confirming the exact amount needed dollar-wise from you for settlement and will oftentimes hold these funds in trust until settlement (always confirm these details securely – on a landline or in person at your solicitor’s office)
- attending the settlement on your behalf
If you have any further questions please let your broker know and if you need a recommendation for a solicitor or conveyancer we can also assist.