The term “conveyancing” is used when describing the method or process of placing a property on the market for sale, concluding the agreement to purchase and sell and finally, transferring property ownership from the vendor to the buyer. Below are general guidelines with regards to what you can expect when you hear the word “conveyancing.”
What a Conveyancer Does
A conveyancer is the person who compiles and prepares the required paperwork for the sale and transfer of a property. They are also able to offer advice regarding various aspects of a particular sale throughout the whole process. While some conveyancers are lawyers, others are not. However, all of them must be licenced to act as conveyancers.
Some of the tasks that a conveyancer will perform on your behalf include the preparation and lodging of all legal documents pertaining to the property in question – including the contract of sale. During this time, they will also research the title of the property to ensure that there are no hidden issues.
Other functions a conveyancer will perform include determining rates and taxes based upon the new sale price of the property, informing you when everything has been completed and advising your lender regarding when the final payment is going to be made to the vendor.
Is it Mandatory to use a Conveyancer?
Although it is not mandatory to hire the services of a conveyancer, you could find yourself in over your head with regards to all of the titles, contracts and other paperwork needed to transfer ownership of the property you are buying or selling.
What Costs are involved with hiring a Conveyancer?
Although some conveyancers advertise cheaper prices than others, pricing should not be your main reason for choosing a particular one. When looking to hire a conveyancer to handle your property-related paperwork, you can expect to pay anywhere between $1,000 and $1,500. It is important to remember though that there may still be a few out of pocket expenses that will not be included in this fee.
Potential Problems you may Encounter
Even when hiring a conveyancer, there are some cases where potential issues can arise. One of the most common issues that is encountered is when a problem occurs with the title of the property. This will cost a fair amount of money to rectify – over and above the conveyancing fees.
However, the main issue that is usually experienced occurs when lenders and banks aren’t ready to proceed on the settlement date. As a result, it is crucial to ensure that your finances are sorted before approaching a conveyancer.
Before working with a conveyancer, it is essential to ask if they are a member of the Australian Institute of Conveyancers. Before signing any paperwork, always ask if their fees are all-inclusive or if there will be other costs to pay upon settlement. Always ask your chosen conveyancer to compile a timeline so that you can see exactly what happens and what to expect at each stage of the property buying process.