Conveyancing is the process that transfers ownership or legal title of property from one entity to another. In order to buy a home or real estate, you will need a professional solicitor or a licensed conveyancer to help you complete this process. They are lawyers who specialize in this specific sector of law.
Who can do it?
There are three different ways that you can approach the conveyancing process.
Lawyer – A lawyer has the legal authority to act as your conveyancer. This is one way of going about the process. Many lawyers have the knowledge and training to carry out this kind of work, and if you can find one for the right price it might make sense for you. Nevertheless, lawyers who are not strictly conveyancers may have relatively broad training, and might not be the best candidate.
Licensed Conveyancer – Most people choose to work with a licensed conveyancer rather than a lawyer. They are specially trained to analyse your contract and ensure that it is fair. Since the property laws are constantly being rewritten, a licensed conveyancer is the best option if you want the process to run as swiftly and painlessly as possible. At the same time, they are not a general lawyer, and will not be able to help with any other legal matters you might need to face.
DIY Kits – Avoid these at all costs unless you’re a lawyer. If you want to be sure that your contract is fair, that there aren’t any loopholes that could hurt you, and that you aren’t breaching the law, you will need a legal professional.
What are the Three Stages of Conveyancing?
Conveyancing can be divided into three different stages: before the contract, before the contract is finished, and after the contract is finished.
- During the first stage, the conveyancer determines how the contract should look.
- During the second stage, the details are worked out and negotiated over.
- In the final stage, the paperwork is submitted and property documented.
What is the Process?
One of the most important aspects of the process is the title search. This is where everybody who will be involved in the transaction is listed. A Certificate of Title is created, and who pays for what is written up and signed by all parties involved.
Some of the other elements of the process include:
- Searching for encumbrance or restrictions to the property
- Enforcing special conditions of the agreement
- Ensuring that water, rates, land, taxes, and the transfer cost are paid for
- Setting up the payment and fee structure
- Writing and submitting the necessary legal documents
The quality of the title will typically need to be investigated. Negotiations may take place. There may be other legal issues that need to be addressed, as well as legislation that is currently being passed. In most cases, investigation is the part of the process that takes up the most time. Occasionally, foreign language documents can also slow down the process.
In all, you will usually need to wait between four and six weeks for the conveyancing process to be completed.
How Much Will it Cost?
Before 1994, the costs were legally defined. Today, supply and demand is typically used to determine the costs. Costs can vary quite dramatically, but they typically amount to roughly a thousand dollars in all. The prices are generally fixed, but in some cases additional searches may be necessary that will drive the price up. Obtaining a firm quote is strongly advised for anybody working with a conveyancer.
The exact process and costs will vary depending on where you live. It is a good idea to check with several different conveyancers in order to make sure you are paying a good rate.
Find The Right Conveyancer Today!
Mortgage Broker Australia can help you find a good conveyancer! They have brokers specialising in mortgages Australia-wide and can help you with all your mortgage concerns. Looking to buy a property?
You can enquire online for information personalised to your needs.
