Conveyancing: The Facts
Mon July 09, 2018
Anyone partaking in a property transaction most likely have had to deal with a Conveyancer.
A Conveyancer is the person who oversees and manages the actual sale transaction; their role differs from state to state, but essentially, they are involved in preparing and/or reviewing the sales contract and other legal documents involved in buying or selling a property.
You can select the Conveyancer of your choice prior to buying or selling; it’s never too early to be prepared. For sellers, a conveyancer can help prepare the sales contract as well as organise any other legally required documentation. They can also assist in determining the most advantageous settlement date long before negotiations with any prospective buyer begins.
For buyers, a conveyancer often only becomes involved when a contract of a sale has been signed; however, their legal expertise should be utilised beforehand to verify such issues as boundaries or planning restrictions which can drastically alter a property’s potential.
The process involves transferring title deeds from seller to buyer, in addition to discharging the mortgage (if applicable) at settlement. In most cases, the process is undertaken upon execution of contract; however, a Conveyancer’s services can also be used prior to signing to check on elements of the transaction including: establishing legitimate ownership of the property, searching for covenants/caveats and whether the property meets council building standards, and so forth.
How much will it cost? Legal practitioners and conveyancers must disclose their costs to clients, including the client’s right to negotiate a costs agreement, receive bills and be advised of changes.
The conveyancing fee may vary from conveyancer to conveyancer and may be determined by the value of the property or its complexities such as if its off-the-plan. Some conveyancers may also charge a flat fee. The average cost of conveyancing can be between about $900 to $2,200.
Some people chose to self-act, as opposed to using the services of a Conveyancer, but most real estate agents would strongly advise against this; purchasing a property is a major transaction using the expert services of a Conveyancing professional is well worth the fee.