| Conveyancing 101
Conveyancing refers to the legal transfer of property ownership from one person to another. Both the buyer and seller engage a conveyancer to ensure that all aspects of the transaction are in accordance with the contract of sale, and any misunderstandings are resolved.
Your conveyancer will manage most of the transaction steps and paperwork for you, including drafting and exchanging contracts, arranging for building and pest inspections, obtaining necessary reports such as strata reports, preparing the settlement statement, conducting title searches, identifying encumbrances, helping you apply for and pay stamp duty, and attending the settlement on your behalf. The specific requirements may vary depending on the state you are in.
In addition, your conveyancer will take care of various rates and taxes, such as ensuring there are no outstanding water or council rates, checking for special government levies, and ensuring there are no outstanding strata levies.
While it is technically possible to handle conveyancing yourself, it is highly recommended to use a professional conveyancer due to the complexities involved in real estate law and property ownership. A conveyancer is legally required to have professional indemnity insurance to protect against mistakes or omissions.
The cost of hiring a conveyancer can vary dramatically, depending on the firm and the services provided. Most conveyancers charge a flat fee plus additional disbursement costs, ranging anywhere from $500 to $2000. You do not need to physically go to a conveyancer’s office, as most firms offer digital transactions and the ability to digitally sign documents.
The duration of conveyancing services typically takes between 4-6 weeks, depending on the terms of the sale contract. It is important to engage a conveyancer when buying or selling land, subdividing, registering, changing, or removing an easement, or updating a title.
It is essential to note that laws and regulations regarding conveyancing and the settlement process vary from state to state. Therefore, it is crucial to understand your responsibilities and work with a professional conveyancer who is familiar with the laws and regulations in your region.
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