Understanding all the different parties involved in buying a property can be overwhelming.
There’s the real estate agent and then you need to think about engaging building and pest inspectors. Your mortgage broker (hi there!). You may have used a buyer’s agnet or even an auctioneer.
Well, another important person to add to the process of buying a property is the conveyancer. Conveyancing is an important element of the sale process and can ensure things go to plan to get you into your new property in a timely manner. Let us explain.
What is a conveyancer?
Conveyancing is the process of transferring ownership of the title to a property from the seller to the purchaser. A conveyancer is a licenced professional who can take care of this for you.
Conveyancers also known as settlement agents and in some instances, they may be a solicitor who specialise in property conveyancing.
What do conveyancers do?
Conveyancers may perform a range of tasks for the buyer, including:
- Preparing and lodging legal documents such as the sales contract and transfer of land document
- Conducting searches about the property and its title (including easements, planning restrictions and zoning regulations that could affect the property’s value, plus other important information you need to know about)
- Transferring your deposit into a trust account
- Providing advice about your obligations under state and Federal law (stamp duty)
- Working out the settlement adjustments (the splitting of rates, land tax, water charges and body corporate levies between the seller and the new owner)
- Overseeing settlement, liaising with financial institutions, and acting on the buyer’s behalf during the sale process
- Providing you with a statement showing your contribution funds for settlement and where these need to be ie The settlement agents trust account or a nominated account with your bank that is funding the loan
Another vital area a conveyancers can assist in is ensuring the offer and acceptance (contract of sale) is completely correctly and you understand your oligations.
Why do you need a conveyancer?
It is of course possible to do all these tasks yourself. However, you would need to have an understanding of all the complex legal jargon. Be able to do all the adjustment calculations and ensure that you are across all the latest laws surrounding stamp duty and taxes in your state or territory. At a stressfull time of going through the sales process it’s definitely an area where it pays to get in a professional.
Your conveyancer can decipher all the legal terminology and requirements for you, guiding you through the settlement process. They take care of the finer details so that you can concentrate on the fun stuff – like planning your housewarming.
How much does a conveyancer cost in 2023?
The cost of conveyancing depends on where you are, what type of property you’re purchasing and the complexity of the sale.
As what you can expect to pay can vary greatly, make sure to factor in additional charges such as disbursement costs, which are the costs incurred by the conveyancer to third parties for things like settlement fees, certificates and searches.
Finding the right conveyancer
We work closely with conveyancers to ensure our clients have a smooth experience come settlement time.
If you’d like some assistance in choosing a conveyancer, we are happy to give you some pointers based on our experiences.