Conveyancing is a necessary process in both buying or selling property. A professional conveyancer or conveyancing solicitor helps with the settlement and title transfer process by ensuring that their client is meeting all legal obligations and that their client’s rights are protected during this transaction. Both buyers and sellers will need to use the services of a conveyancing professional, because both sides will have certain obligations that they must fulfill in a Contract of Sale.
A conveyancer will typically perform the following tasks:
Drawing Up of Documents
One of the primary roles of a solicitor or conveyancer is to help prepare all of the legal documents that are part of any real estate transaction.
When you are selling your property this includes preparing the Contract of Sale and ensuring that any special conditions you require are included in this final contract. This will protect you from any potential conflict later. Sellers will also need to have the Vendor’s Statement prepared. A conveyancer will conduct all of the title and planning searches that go into this final statement, so that you have met all of the disclosure obligations according to the relevant laws in your state or territory. These are the two most important documents for sellers, but your solicitor or conveyancer may also be required to prepare further ancillary documents that are part of the settlement process.
Buying a Property
Buyers will need a conveyancer to prepare all of the transfer documents that ensure a property is rightfully and legally transferred to them. These important documents will include all necessary details to meet legal regulations in your state or territory.
A Conveyancer or Solicitor will also undertake a good portion of the legal leg work needed to help you make the right decisions and navigate this process successfully.
If there are any particularly conditions that must be included in the Contract of Sale, your conveyancer or solicitor will be able to advise you. The special conditions will be dependent on your circumstances. For example, if you wish for your settlement date to coincide with another purchase settlement, the conveyancer can arrange this for you. This is helpful if you are buying and selling at the same time. A conveyancer or solicitor can also help advise you regarding the legal documents that you will need to give to the buyer to complete the settlement. They can contact your mortgagee if necessary and arrange for this to be discharged on the date of settlement. The solicitor or conveyancer will have all of these necessary documents ready for you on the date of settlement, so that there is no confusion.
The conveyancer working on behalf of the buyer will give advice regarding terms and conditions of the Contract of Sale. They will point out any specific terms that you should be aware of. This also applies to the vendor’s contract. If there are any planning restrictions or other details out of the ordinary that you should consider, the conveyancer or solicitor should be able to help point these out to you. It’s always a good idea to let your solicitor or conveyancer read through your Contract of Sale before you sign it.
Although your conveyancer or solicitor will usually not be involved with the direct finance arrangements; they can help you arrange the settlement with your bank, facilitating this process by ensuring that your bank receives all the necessary title details and assisting them when the time comes to prepare mortgage documents. They can also help give the bank cheque details for the vendor. A solicitor will have the legal training necessary to help give you advice regarding your mortgage documents, which is why some will choose to work with a solicitor rather than a conveyancer.
If there are any adjustments needed before settlement, the conveyancer can assist you and make sure that you only pay the costs associated with the property from the date of settlement. This helps prevent you from paying for things such as council and water rates before the settlement date. Finally, the solicitor or conveyancer can help you determine what statutory fees need to be paid. These will depend on several factors, including the purchase price of the property and the state or territory in which you purchased the property.
One of the major roles of any Solicitor or Conveyancer is to help arrange the final details of the settlement.
The seller’s conveyancer will coordinate a proper time for settlement with the buyer’s conveyancer. The settlement day is laid out in the Contract of Sale, but the conveyancers can coordinate the ideal time for both the seller and purchaser. This will depend on the parties’ banks and mutual convenience. After the settlement has occurred, the conveyancer or solicitor will get in touch with your real estate agent and tell them to hand the keys over to the buyer.
The buyer’s conveyancer or solicitor will also help coordinate a good time for settlement on the allotted day. The conveyancer will contact your bank to make sure that your funds are in place to pay the vendor, booking settlement and providing the bank with any necessary cheque details. If you are holding the funds yourself, you need to bring these to the conveyancer at least 24 hours before the settlement date to ensure that there is enough time. The conveyancer will then contact the seller’s real estate agent and direct them to give you the keys and they’ll tell you when the home is ready.
All of these tasks can be complicated for buyers and sellers to complete on their own. By using a conveyancer or conveyancing solicitor, the process can be streamlined. Compare real estate agents’ fees and services upfront at LocalAgentFinder, to find the right agent with professional connections to conveyancers and solicitors in your local area.