When it comes time to buy or sell your home, you want to make sure you have a good conveyancer on your team. Transferring ownership of your chosen property is a complicated process that needs to take place each time your buy or sell a house, business or investment property.
If you are a first home buyer or looking to start up a property portfolio, property conveyancing may be new to you. And you may be confused by terms like unconditional, settlement, and ‘cooling-off’ period.
And even if you’re a seasoned property investor, you would have employed a conveyancer or solicitor to assist your sale or purchase, in which case you still might not be completely clear of exactly what the conveyancing process entails.
That’s why we’ve gone to the trouble of outlining the meaning of property conveyancing, giving you an insight into what a conveyancer does, basically their role in the buying and selling process. That way you will feel more comfortable moving forward with your purchase.
The process generally follows the below process. But may vary slightly in each state:
The role of a property conveyancer
Whether you are buying or selling a property, subdividing land, updating a title, or registering or changing an easement, a conveyancing transaction usually consists of three main stages:
Overseeing and managing the entire transaction of the sale of a property, your chosen property conveyancing team manages the preparation of any legal documents needed for the transaction. A conveyancer must also ensure the documents comply with legal regulations in your state or territory. Their role involves preparing or reviewing a sales contract, home loan, and other related documents needed when someone is buying or selling a home, land, or investment property.
Generally, a conveyancer will assist with the following:
⦁ Researching the property and its certificate of title – conveyancers check for easements, type of title, and any other information which is needed
⦁ Calculate any adjustments of rates and taxes, stamp duties, and other financial obligations
⦁ Property conveyancers prepare and lodge legal documents, such as a contract or sale, vendor disclosure, and memorandum of transfer
⦁ Place the deposit money in a trust account
⦁ Settle the property, acting on the buyer’s behalf
⦁ Property conveyancers advise when the property is settled
⦁ Contact your bank or financial institution when final payments are being made
What to look for in a good conveyancing firm
When you are searching for a conveyancing firm, there are a few things you want to make sure of. Check to make sure they offer a fixed fair fee, which is all-inclusive.
Look for a conveyancing firm that won’t charge you extra if you meet problems or delays in the conventional conveyancing process. If your transaction does not proceed, you should not be charged any professional fees. That way there are no hidden surprises at the end of your transaction.
Above all else, your chosen conveyancing firm should be reliable and contactable. Quite often you can hit a snag after hours when buying and selling property. You need your calls answered as soon as possible. Or you run the risk of losing property or a sale.
Geldard and Sherrington Lawyers are here to help
More than just your property conveyancing experts, we are Harvey Bay’s premier full-service law firm. Offering a multitude of legal services to fit everyone’s needs, give us a call at (07) 41 94 5422. Or view our service range online.