Conveyancing: How Does it Work?
Understanding conveyancing is important
Before you Sign a Contract
Whether you are buying or selling a home, the transfer of title and signing of legal documents forms an important part of the process. This is called conveyancing and it can be daunting, especially because each state and level of government has different laws and requirements on property purchases. What's more, 'legalese' is not the easiest language to speak. Conveyancers are qualified experts who handle these matters for you - but what steps do you still have to take?
It's a good idea to find a conveyancer before you sign your contracts, as they will deal with this through the real estate agent - for both buyers and sellers. Some deal in specific types of real estate, so make sure to get recommendations from friends on one, or check with your local real estate agency. Shop around to find the right conveyancer for you, and inquire about their fees up front. While you don't have to use a conveyancer, they will make the transfer process a piece of cake. Conveyancers are often lawyers, but not always - just ensure they are recognised by the Australian Institute of Conveyancers.
Before you Finalise the Deal
Once you have chosen your conveyancer, they can get to work organising your legal documents. For buyers this includes researching the property to find out if any title work needs to be done, taking care of fees and taxes and ensuring valuation is accurate. For sellers, they will act on your behalf in the sale process, dealing with questions from buyers and sorting through all of the legal paperwork. You'll be able to kick back and relax while they take care of the nitty?-gritty details of the sale.
After the Deal is Complete
A conveyancer should contact you throughout the negotiation process, and will be the one to notify you when the deal is settled. It is important to get a conveyancer who will communicate with you clearly, especially if you are working on a limited time frame. They will handle the transfer of funds and title between seller and buyer, and voila! The deal is done. However, if a buyer gets cold feet, the conveyancer will also handle the withdrawal of an offer, within the legal time frame.
Conveyancing is a important part of selling or buying property, as it ensures a smooth, legal transfer of title - you don't want to end up selling a house you didn't actually have the right to! If you aren't confident with handling the legal stuff yourself, seek out someone who can do it for you.