How Conveyancing works.

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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

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