There are a number of professional services that you will use during the process of buying or selling your home. Real estate agents, mortgage brokers and building inspectors to name a few. You may also find yourself in need of a Conveyancer. Those that have not yet experienced property ownership may not know what a Conveyancer is or what their role is.
What is conveyancing?
Conveyancing is the process of transferring ownership of a legal title of land (property) from one person or entity to another.
A typical conveyancing transaction consists of three stages:
- before contract
- before completion
- after completion
What is a conveyancer?
A conveyancer is a licensed and qualified professional whose job it is to provide advice and information about the sale of a property, prepare the documentation and conduct the settlement process.
Conveyancers don’t necessarily have to be lawyers but solicitors often undertake this work.
The most common reasons you would engage a conveyancer is when you are:
- buying or selling a property
- subdividing land
- updating a title (i.e. registering a death)
- registering, changing or removing an easement
What a conveyancer does
For the buyer – a conveyancer will:
- Prepare, clarify and lodge legal documents – e.g. contract of sale, memorandum of transfer
- Research the property and its certificate of title – check for easements, type of title and any other information that needs addressing
- Put the deposit money in a trust account
- Calculate the adjustment of rates and taxes
- Settle the property – act on your behalf, advise you when the property is settled, contact your bank or financial institution on when final payments are being made
- Represent your interest with a vendor or their agent
For the seller – a conveyance will:
- Complete and ensure the legal documents are all sorted
- Represent you and respond to requests from the buyer – for example, request to extend dates, title questions, etc
For more information on Conveyancing, tips on how to find a conveyancer, and to read this full article, visit realestate.com.au