Buying or selling a home is a big decision. If you are buying a house for the first time, it means you are ready to be responsible since it brings you lots of responsibilities afterwards.
If you are selling, you might have a plan to move to a bigger house. Whatever your need, it has to be a careful decision and should be done with consultation of concerned professionals.
One of the professionals you need to contact is a property conveyancer. In fact, your real estate agent will ask you to contact a conveyancer to proceed with the deal whether you are selling or buying. It’s advisable you have necessary details and contacts in this regard.
Here you’ll find everything about property conveyancing and conveyancers, and why they are necessary.
What is Property Conveyancing?
It is a procedure of transferring possession of a property from one owner to another. This seemingly simple definition involves a great deal of documentation, and therefore, professionals are needed too.
Property conveyancing can be performed for subdividing land, updating the title (generally in case of owner’s death) and easement.
Stages in Property Conveyancing
In general, there are 3 main stages involved, which are as follows;
People & Institutions Involved in the Process
The following people and institutions are involved in the whole process.
- Bank (generally, in case of mortgage)
- Property conveyancer
- Finance broker
The Role of a Conveyancer
A conveyancer gives necessary advice and information to perform this task and prepares transfer documents till the final settlement.
Role for the Purchaser
- Preparation and clarification of legal documents
- Conducting research to ensure legality of the owner of the property to avoid any disputes later
- Putting the deposited money into a trust account
- Rate and tax calculation for adjustment
- Settling the property
Role for the Seller
- Sorting out all legal documents
- Act as a representative to answer buyer’s questions and requests
When you hire a conveyancer, ensure that he/she is an active member of Australian Institute of Conveyancers, and they have the right specialisation. You should also have an idea of the fee structure before going in.
Why is Property Conveyancing Necessary?
As a buyer, it is assurance of owning the property you have paid for. If this process doesn’t take place, you simply don’t own the property yet, so be informed to avoid becoming a victim of scams.
As a seller, you have to ensure that you have transferred the ownership rights to the purchaser. If it doesn’t happen, it means you still own the property, hence, its liabilities too. Would you like to pay the dues of a property you don’t own anymore? Of course, not!
This is an overview of how property conveyancing works and what role a conveyancer has to play. If you would like to have a thorough picture, I suggest you visit this online conveyancing guide, prepared by experienced property conveyancers at myplaceconveyancing.com.au. In addition, you will find many more resources of relevant information.