What an exciting time for you! Buying a property is one of the greatest achievements of your life. It is also likely to be the most expensive so please consider legal advice before buying.
Conveyancing is the legal term for transferring ‘title’ of a property to someone else. If buying by private treaty, it usually involves inspecting a property, getting a copy of the contract, getting advice from your lawyer about the contract and, if you want to buy it, paying a deposit (usually 10%) on exchange of the contract.
Once you’ve exchanged the contract, there is usually 42 days/6 weeks to ‘settle’ or ‘complete’ the sale. This is when the balance of the deposit is paid and you receive ‘title’ to the property.