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Understanding all the different parties involved in buying a property can be a minefield.
The real estate agent. The building and pest inspectors. The mortgage broker (hi there!). The buyer’s agent. The auctioneer.
Well, here’s another one to add to the list – the conveyancer. Conveyancing is an important piece of the puzzle to ensure things go to plan with your shiny new property acquisition. Let us explain.
What is a conveyancer?
Conveyancing is the process of transferring ownership of the title to a property from the seller to the purchaser. A conveyancer is a licensed professional who takes care of this for you.
In some instances, they may be a solicitor, but not necessarily. There are solicitors who specialise in conveyancing.
What do conveyancers do?
Conveyancers may perform a range of tasks for the buyer, including:
Preparing and lodging legal documents such as the sales contract and transfer of land document
Conducting searches about the property and its title (including easements, planning restrictions and zoning regulations that could affect the property’s value, plus other important information you need to know about)
Transferring your deposit into a trust account
Providing advice about your obligations under state and Federal law (stamp duty)
Working out the settlement adjustments (the splitting of rates, land tax, water charges and body corporate levies between the seller and the new owner)
Overseeing settlement, liaising with financial institutions, and acting on the buyer’s behalf during the sale process.
On the other side of the coin, conveyancers can assist sellers with things like drafting the sales contract and liaising with the buyer.
Why do you need a conveyancer?
How good are you at understanding complex legal jargon? How about nutting out adjustment calculations? Are you across all the latest laws surrounding stamp duty and taxes in your state or territory?
Don’t worry, most people would be drawing a blank here, which is why they’d enlist the help of a conveyancer.
While you can opt for DIY conveyancing, it isn’t advisable unless you are really across the ins and outs of property law.
Your conveyancer can decipher all the legal terminology and requirements for you, guiding you through the settlement process. They take care of the finer details so that you can concentrate on the fun stuff – like planning your housewarming.
How much does a conveyancer cost in 2023?
The cost of conveyancing depends on where you are, the type of property you’re purchasing and the complexity of the sale.
As what you can expect to pay can vary greatly, make sure to factor in additional charges such as disbursement costs, which are the costs incurred by the conveyancer to third parties for things like settlement fees, certificates and searches.
Finding the right conveyancer
We work closely with conveyancers to ensure our clients have a smooth experience come settlement time.
For tips on what to look for when choosing someone to help you with sale contracts and settlement, contact us today.
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