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 are experienced professionals who take care of the legal matters involved in transferring property ownership from one person or entity to another. Not only do they keep an eye on all the paperwork and documents, but they provide valuable advice on any legal matters related to the purchase, as well as coordinate with Landgate in registering ownership changes.
For buyers, a conveyancer can draft and lodge the sales contract, transfer your deposit funds into a trust account and provide advice about state and Federal law obligations such as stamp duty. They can also calculate settlement adjustments between seller and buyer, oversee settlement negotiations, liaise with financial institutions and act on behalf of the purchaser throughout the process.
On the other hand, for sellers a conveyancer can assist in drafting sales contracts and liaising with other parties involved in the transaction.
By enlisting their expertise during this important process, you can ensure that all relevant laws and regulations are followed, so your property purchase goes smoothly from start to finish.
Why do you need a conveyancer?
Navigating the legal complexities of a property purchase can be an overwhelming task for anyone. It’s no wonder so many homebuyers enlist the help of a conveyancer to guide them through the process and take care of all the details.
Conveyancers undergo extensive training and have a thorough understanding of contracts, contract law, taxation laws, stamp duty and more. They are experienced in deciphering complex legal jargon and nutting out adjustment calculations to ensure all requirements are met for a successful transfer of title.
Opting for DIY conveyancing is not always advisable, unless you feel fully confident that you understand all aspects of property law. Working with an experienced professional can save you time, stress and money – leaving you free to focus on planning your housewarming celebration!
How much does a conveyancer cost in 2023?
The cost of conveyancing depends on where you are, the type of property you’re buying and the complexity of the sale. In most cases, you should expect to pay additional disbursement fees for things like certificate searches and settlement fees.
Finding the right conveyancer
It’s essential to choose a reliable conveyancer who understands state and federal laws regarding stamp duty and taxes in your area, as well as any other relevant regulations that could affect the value of your new property. Make sure you know exactly what services they will provide before settling on a professional. To find out more about what to look for when choosing a conveyancer for your next real estate purchase, get in touch with us today – we’d be happy to help!