A guide to conveyancing and residential conveyances
Conveyancing is the legal transfer of property from one person to another. Typically, a transaction has two phases within the process: the exchange of contracts and the settlement phase, which sees the legal title pass and rights merged with the legal title.
Property lawyers and licensed conveyancers are the go-to for buying and selling property as they are experienced and experts in their field. As buying and selling property is quite a significant financial move, it is important to feel confident throughout the whole process and ensure that you have the best people working on your behalf.
What services do they offer?
Conveyancers can assist with services such as the following:
- Buying and selling a home
- Buying off the plan
- Company title properties
- Investment properties
- Strata title properties
- Assisting with mortgage documentation
In Australia, most land is privately owned, and while there is a process for buyers and sellers to complete the process themselves, the complexity of it from start to finish can often mean that it is usually not recommended.
What is involved in conveyancing?
A typical conveyancing process can include the following steps:
- Checking the property for restrictions
- Ensuring any special conditions are contractually obliged
- Confirming rates, land taxes and water charges are paid correctly
- Arranging for the payment of fees and charges
- Preparing legal documentation
The conveyancing process requires attention to detail and the correct advice to ensure the best outcomes. A typical conveyancing process consists of three stages: before contract, before completion and after completion.
How can you find a conveyancer?
It is important to find the right person for the job when it is as important and as personal as purchasing or selling property. Start by asking friends and family for their contacts as these people are generally the most trustworthy.
You can also turn to the internet, the real estate agent or lawyers and accountants that you may know to find a list of contacts to begin the process of deciding who to go with.
Once you have a list of your potential conveyancers, write up a list of questions and give them a call.
Take a look at the bullet point list below for some suggestions of questions to ask:
- What property do you specialise in?
- What are the fees and charges associated with this process?
- What is the time frame of settlement?
- Do you have any legal background?
This process will lead to you find the perfect conveyancer for your property needs.