You may be buying your first home or be a seasoned investor, but we thought it might be helpful to do an overview on conveyancing and what you should expect from your conveyancer.
So here is a list of 3 things go go Conveyancing think it is important to look for in a conveyancer:
- Are they a conveyancer or a solicitor?
Wikipedia identifies a conveyancer as a practitioner trained in assisting only with the legal aspects of buying and selling a property. A solicitor can assist with the legalities of buying and selling a property, but they are fully legally trained to deal with any legal matter. This could be matters such as wills, court proceedings, etc.
You do not need a solicitor to oversee your conveyancing matter, however it helps to deal with a firm where a solicitor is available should any issues arise and sometimes do.
2. What is the experience of the Conveyancer or Solicitor
It is important to find out how experienced the conveyancer or solicitor is and how long they have been practicing. In particular you should ask about their experience with properties like the one you are buying or selling. For example, if you are planning on purchasing an off the plan unit, it is important to engage someone who has experience with this sort of property. Someone who is more experienced with off the plan purchases will have developed knowledge of the risks and details that are involved with the purchase.
If you choose a conveyancer over a solicitor, make sure you find out whether the conveyancer is supported by a solicitor. By engaging a firm with both conveyancers and solicitors, you have the piece of mind that should something arise that the conveyancer is not experienced enough to handle, they can seek the advice of a solicitor. At go go Conveyancing we are lucky enough to have a team of solicitors, headed up by our Principal Alex Martin of Martin Legal, to support us.
- What will it cost – and importantly, are there any hidden costs?
It is important to ask what the fees are that the conveyancer will charge. The conveyancing cost is generally linked to the difficulty of the transaction. Most conveyancers will be able to give you an idea of costs up front.
You should also ask what other costs are involved in your property purchase/sale, such as stamp duty, surveys, and disbursements so you know exactly what charges you are up for and you don’t get any nasty surprises at settlement.
Be wary of fixed fees, they may not be as fixed as they first appear.
And if you want a little more information on conveyancing, here’s some further reading:
What exactly 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 who can:
- provide information and advice about the sale or purchase of property
- prepare legal documentation for property transactions
- represent either the vendor or the buyer during the settlement process.
Conveyancers do not have to be legal practitioners but often conveyancing work is undertaken by solicitors. You do not have to engage the services of a conveyancer or solicitor but as conveyancing can be the complex legally, it is strongly recommended that you do.
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
So how can a conveyancer help me?
A conveyancer will:
- prepare and clarify legal documents – eg contract of sale, memorandum of transfer
- research the property on your behalf and its certificate of title, check for easements, type of title, and any other items that need addressing such as special clauses.
- represent you in preparing for and during settlement, liaising with your bank, real estate agent, and the other side’s solicitor or conveyancer.
- calculate the adjustment of rates and taxes when buying or selling property and notify you and your financial institution.
- contact you to advise when settlement or subdivision is complete
- submit applications for any grants you may be eligible for – eg home builder grant
- lodge all necessary documents with the relevant agencies.
This article is for informational purposes only. go go Conveyancing will not be liable for any errors or omissions in this information nor for any losses, injuries, or damages from the display or use of this information.