So, you’ve finally found your dream home. It is the perfect size, with a brand new kitchen and in your dream neighborhood. Just when you’re ready to buy the property, you realise that it’s not that easy. You realise that you need a conveyancer. But what is a conveyancer? And why do you need one?
This is conveyancing 101, a quick blog to run you through the basics of understanding conveyancing.
So, what actually is conveyancing?
It seems simple. You find a home you want to purchase, you give the vendor the money and they hand over the keys.
What actually happens before any of that, is piles of legal paperwork. And this paperwork is definitely not simple. This is where conveyancing comes in.
Conveyancing is the legal process of transferring ownership of property from one person to another. It involves transferring a title deed from the property seller (vendor) to the purchaser.
This process involves preparation, execution, verification and lodgement of several documents. A conveyancer will also investigate the title of the property, search for anything that may affect the usage of the property.
Basically, conveyancing is the process of organising and working through all the complicated legal paperwork.
What does a conveyancer do?
A conveyancer helps you to prepare and process all of the legal documents associated with the purchasing, selling, or transferring of a property. Conveyancing can be undertaken by a licensed conveyancer, a solicitor or even the person who is buying, selling or transferring the property.
We believe that solicitors are ideal for property transactions because they have thorough understanding of the legal processes and relevant legislation such as the Sale of Land Act. A solicitor can also help you navigate your rights, can provide legal advice and will naturally cover more ground. To find out more about why we recommend solicitors, read this blog post: Conveyancer vs Solicitor- Who should I hire?
Can I do the conveyancing myself?
It’s possible for an individual to do the entire conveyancing process on their own, but we don’t recommend it.
Property transactions are very expensive and it may seem like a good idea to do the conveyancing yourself, to save on costs. However, if any documents are misunderstood or misinterpreted, this could end up in expensive and unnecessary litigation, loss of money or even loss of the property.
It is best to use an experienced conveyancer who knows what to look for, and who also carries insurance to cover any mistakes or oversights. If you do it yourself and make a mistake, then you are fully responsible.
What steps are involved in conveyancing?
Conveyancing processes may vary and will depend on the property involved. However, the stages can be divided into three majors ones: Pre-contract; Pre-completion; and Post-completion.
There is substantial legal and administrative work to be completed at each stage and while the conveyancing process is fairly similar from one transaction to the next, the actions required for each transaction will be dependent on the circumstances.
How quickly can conveyancing be done?
It will depend on the settlement date written in your Contract of Sale.
If your settlement is in 4 weeks or less, your conveyancer will have to prioritise your transaction. This is why it is always best to engage a conveyancer as soon as you can.
When should you get a conveyancer?
If you are buying a property, you should approach a conveyancer before signing the Contract of Sale so we can advise you on the contract, the Section 32 and negotiate any special conditions.
If you are selling, you should engage a conveyancer when you decide to place your property for sale so that we can help you prepare a Section 32 and have it ready by the time your agent commences your marketing campaign.
Can you buy a house without a conveyancer?
Yes, although you can’t avoid the conveyancing process. As the conveyancing process can be complicated and littered with legal wording, we recommend that you enlist the services of a conveyancer.
How much should I pay for conveyancing?
Conveyancing charges vary based on the specifics of the transaction. You should speak to your conveyancer early on to get a quote for their services.
At Mr Conveyancer, we offer a fixed fee conveyancing service as well traditional conveyancing services. For more information about our fees and other conveyancing-related fees, you can get a quote by contacting us here or by giving us a call at 1800 549 836.
How do I choose a conveyancer?
The process of finding a good conveyancer to assist you with buying or selling property is similar to the process of looking for a real estate agent- that is through word of mouth.
Here at Mr Conveyancer, not only do we have the credentials but we also pride ourselves on effective communication with our clients. We understand that the conveyancing process can be confusing and stressful, and we mitigate this by guiding you through each step of the process.
For more information about conveyancing and our services check out our FAQ here!