Buying or selling a property can be an incredibly stressful experience. There are so many things that need to be considered.
One such aspect that can be rather confusing is property conveyancing and the details that surround it.
Whether you are purchasing an investment property or an owner-occupier, employing the services of a conveyancer can help you save time and money.
What is conveyancing?
Conveyancing is an aspect of law that handles the transfer and ownership of property. Therefore, a conveyancer is someone who will help you when it comes time to buy, sell, transfer or subdivide property.
A conveyancer is a licensed professional whose speciality is providing advice. Conveyancers are not always solicitors but it is not uncommon if they are.
What do they do?
When buying a property, a conveyancer will:
Prepare, clarify and submit legal documents
Research the property and its certificate of title
Place your deposit money in a trust account
Calculate the adjustment of any rates and taxes
Represent you with a vendor or their representative
Help with property settlement.
For the seller, a conveyancer will:
Complete all legal documents
Represent you in dealings with the buyer.
There is no universal pricing system for conveyancing services. The cost can greatly vary depending on the business though.
As with all aspects of property, who you hire should be researched to make sure you are getting a competitive rate.
Conveyancers will charge a fee for their services. There will also be charges for any disbursements which are out-of-pocket expenses for the conveyancer, like the costs of applying for land certificates.
You can also be charged a fee for the person attending the settlement for you. However, with the rise of online settlement this is becoming less prevalent.
In order to determine precisely what the cost of conveyancing services will be though, it is best to get multiple quotes or research online.
The services of a conveyancer can often be cheaper than a solicitor.
Do you need a conveyancer?
While there is no legal obligation to hire a conveyancer, doing so can save you much stress and potential costs that can be unseen for those without the proper training.
A conveyancer can assist you in the preparation of documents and aid with any processes that you are not familiar with.
A prime example of this is when you are selling a property, you must disclose certain things about that property in a Section 32 Vendor’s Statement. Your conveyancer can get the relevant documents and information for this.
If you are selling and you want to make use of your deposit before settlement, you will need to prepare a Section 27 Early Release Deposit Statement. Your conveyancer will not only be able to prepare this document but can also advise you on whether the purchaser will agree to this or not.
There are many other things that a conveyancer can help you with and with their expertise, you can be sure that they will make the process much smoother.
Like most things in real estate, conveyancing has made the move to the digital world. One such company that has utilised this change is Property Exchange Australia (PEXA).
PEXA is an online property exchange network. For its members, PEXA allows for the lodging of documents with Land Registries and means financial settlements can be completed electronically. Its members include lawyers, conveyancers and financial institutions that are experts in the simplification of the exchange process.
Home buyers and sellers are able to search PEXA’s extensive network of conveyancers and lawyers to find the conveyancing professional that is the best fit for them in order assist in their settlement.
This shift online has lead to a streamlining of the conveyancing process for both clients and professionals in both workload and work time.
Finding a conveyancer
As with all aspects of real estate, you should do your research. A great way to start is to actually sit down and speak with a few conveyancers before choosing one to help with settlement process.
Conveyancing professionals can also be found using PEXA.
As well as online, asking the people close to you if they can recommend a conveyancer is a good step to take. If this is fruitless, talking to your real estate agent, accountant or lawyer can be very helpful.
Some conveyancers specialise in specific aspects of real estate, so be sure to be thorough is your research and questioning.
Checking whether the conveyancer you like is legally allowed to perform the work and has no complaints against them is another vital part of selecting such an important part of property.
Rules surrounding conveyancing may vary from state to state. Do your research before making a decision about whether to use one or not.