Conveyancing Explained

If you are going through the property buying process for the first time, you may think that conveyancing is just another formality and expense that complicates the purchasing process. In fact, a good Conveyancer simplifies the process for you, explains the (sometimes complicated) legal requirements of buying a property and most importantly, protects your legal interests.

In this article we will take a look at the process of conveyancing. ‘Conveyancing’ is the term used for the legal and statutory processes required to effect the transfer of the title of ownership of real estate from one person to the other. The preparation, execution, verification and lodgement of the very numerous legal documents required to actually make your new house yours, are all part and parcel of the conveyancing process.

Because these processes can be detailed and time consuming, it is recommended that you choose a reliable Conveyancer or Conveyancing Solicitor to do the work for you. Although this is not a legal requirement, a professional Conveyancer will have the experience and specialised knowledge you need to navigate the specific regulations, laws and requirements unique to your state and local area.

What will a Conveyancer do for me?
A reliable Conveyancer or Conveyancing Solicitor will protect your interests during the transaction and make sure everything runs smoothly. In addition to ensuring your deposit is kept safe in an escrow account, they will conduct searches and inquiries on the property on your behalf. They do this to discover if anything affects the property, such as proposals by government departments, illegal buildings, boundaries, outstanding rates or taxes, liens against the property and to discover any other issues you may need to be aware of.

It is recommended that you appoint a Conveyancer or Conveyancing Solicitor early on in the purchasing process so they can guide you through the legal requirements. They will immediately commence the preparation of all the necessary documents required to facilitate the sale and final settlement.

What documentation is involved?
Although there are a lot of details to cover off during the process of transferring a property title, a typical conveyancing transaction involves three stages where you may need professional advice:

• Before the Contract of Sale is signed
• Before completion of the transaction
• During/after the settlement of the Contract of Sale.

In addition to the title searches and background research your Conveyancer will conduct on the property, your Conveyancer will make sure the Contract of Sale is correct and that it lays out all the property details and conditions that have been agreed upon by you and the vendor.

In many states of Australia, the transaction will also require a Vendor’s Statement. In this document, the vendor is required to disclose any details of the property which may affect the sale. This can include body corporate fees, special conditions, encumbrances, taxes and rates and anything else that may affect the price or your decision to purchase. Your Conveyancer will investigate this document and verify the legal aspects of each detail against their research to ensure the vendor has made full disclosure.

Another important part of the process is the Transfer of Land. It includes all the particulars of you and the vendor and is submitted to the relevant state revenue office in your area, where it will be stamped after the payment of stamp duty and then lodged in the Land Titles Office.

Please note that the laws, procedures and documents involved may vary depending on where the property is located. A good Conveyancer will explain the meaning and importance of each process to help you completely understand what’s involved.

How do I find a reliable Conveyancer?
As we all know, the best way to find a reliable professional is to ask people you know. We will be able to give you a referral to a Conveyancer or Conveyancing Solicitor, but you should probably check out several and compare prices. Here’s some questions you should ask prospective Conveyancers:

• What type of property do you specialise in?
• What will it cost?
• On settlement day, what time frames can I expect?
• How will you communicate with me, and how often?

if you need to get started on locating a reliable Conveyancing professional, or you’re on your way to your first home purchase, please give us a call. We’ll be happy to help

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