If you are going through the property buying process for the first time, you may think that conveyancing is just another formality and expense that complicates the purchasing process. In fact, a good Conveyancer simplifies the process for you, explains the (sometimes complicated) legal requirements of buying a property and most importantly, protects your legal interests. In this article we will take a look at the process of conveyancing. 'Conveyancing' is the term used for the legal and statutory processes required to effect the transfer of the title of ownership of real estate from one person to the other. The preparation, execution, verification and lodgement of the very numerous legal documents required to actually make your new house yours, are all part and parcel of the conveyancing process. Because these processes can be detailed and time consuming, it is recommended that you choose a reliable Conveyancer or Conveyancing Solicitor to do the work for you. Although this is not a legal requirement, a professional Conveyancer will have the experience and specialised knowledge you need to navigate the specific regulations, laws and requirements unique to your state and local area. What will a Conveyancer do for me? A reliable Conveyancer or Conveyancing Solicitor will protect your interests during the transaction and make sure everything runs smoothly. In addition to ensuring your deposit is kept safe in an escrow account, they will conduct searches and inquiries on the property on your behalf. They do this to discover if anything affects the property, such as proposals by government departments, illegal buildings, boundaries, outstanding rates or taxes, liens against the property and to discover any other issues you may need to be aware of. It is recommended that you appoint a Conveyancer or Conveyancing Solicitor early on in the purchasing process so they can guide you through the legal requirements. They will immediately commence the preparation of all the necessary documents required to facilitate the sale and final settlement. What documentation is involved? Although there are a lot of details to cover off during the process of transferring a property title, a typical conveyancing transaction involves three stages where you may need professional advice:
- Before the Contract of Sale is signed
- Before completion of the transaction
- During/after the settlement of the Contract of Sale.
- What type of property do you specialise in?
- What will it cost?
- On settlement day, what time frames can I expect?
- How will you communicate with me, and how often?