A real estate transaction can be one of the most important types of financial transactions that you undertake in your life. Whether you’re a buyer or seller, it’s important to have the right team of professionals to help you through each step of the process. This includes a conveyancer or solicitor in most cases. Although many people think of conveyancing as coming at the end of a real estate transaction, there are some benefits to engaging the services of a conveyancer earlier on in the process.
(A good real estate agent will have professional connections to conveyancers and conveyancing solicitors, you can compare real estate agents upfront at LocalAgentFinder and get the expert advice to help you sell your property.)
In addition to a conveyancer or solicitor, most sellers will want to work with a licensed real estate agent. You can compare local agent fees and services upfront at LocalAgentFinder, which is free and no-obligation.
Selling a Property
If you have made the decision to sell your property, one of the first orders of business should be to choose a conveyancer or solicitor. It’s best not to wait on this action because you can’t go through with a selling transaction without the right Vendor’s Statement. This must be prepared by a conveyancer or solicitor, so it’s best to instruct them to take care of it on your behalf as soon as possible. In some cases, sellers will also use a conveyancer or solicitor to help prepare the Contract of Sale. You won’t want to spring this task on them at the last minute, so it’s best to do this early on and give them plenty of time to prepare this important document accurately.
Another reason to hire a conveyancer or solicitor early on in the selling process is so that they can help you choose the most advantageous settlement date before any offers are made. Your conveyancer or solicitor will need time to arrange the discharge of your mortgage with your bank, if you hold one. The bank may need more time than you would initially think to take care of this. If you were planning on an early settlement, you’ll need to keep these bank time requirements in mind. It’s best to discuss whether or not this will apply in your situation. Many sellers will also want to work with a real estate agent early on in the process and choose to compare their options using the free online dashboard at LocalAgentFinder.
A further example of the need to hire early is if your property is being sold under specific circumstances such as by way of a deceased estate. If so, more time is needed to get the proper Grant of Probate. You won’t be able to set a settlement date until this is received, so your conveyancer or solicitor will be the best individual to discuss a realistic settlement date with. There may need to be special terms and conditions built into the Contract of Sale as a result of the need for a Grant of Probate. These are just a few specific situations in which you would need more time to work with a conveyancer or solicitor, but because there are many things that can go wrong with conveyancing it’s always helpful to have one on hand from the beginning.
Buying a Property
Buyers will probably want to choose a conveyancer or solicitor before any Contract is signed. It’s a good idea to have your professional of choice go over your Contract and Vendor’s Statement ahead of time, so that they can point out any intricacies that you may have missed. There may be unusual terms or conditions that you haven’t noticed, for example. A conveyancer or solicitor can also go through the Contract and Vendor’s Statement to make sure that all specific details pertaining to the property, such as planning restrictions and restrictive convenants, are fully disclosed. This will prevent you signing a Contract only to find out that a proposal is underway to build a freeway right behind your property.
There are distinct advantages for both buyers and sellers to hiring a solicitor or conveyancer as early as possible. This can ensure that you have time to negotiate special terms or conditions of the purchase. Buyers may wish to arrange for finance approval conditions or pest and building inspection conditions, for example. Having time on your side can prevent you from rushing through this important transaction.
If you are going to be using a real estate agent when you are selling your home, you will want to hire an agent as early on in the process as well. Most Australian real estate agencies have provided their information at LocalAgentFinder, so you can start comparing local agent fees and services to find the right agent for your needs.
The following related article contains more information about conveyancing: