Property Conveyancing and Settlement
What exactly is involved when talking about property conveyancing and settlement? We explain it for you.
What is conveyancing?
Conveyancing is a term that refers to the transfer of ownership of a property.
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.
Most property buyers enlist the services of a conveyancer or solicitor to handle this process on their behalf. While you are able to act on your own when making a property purchase, the process of documentation and settling can be complicated - and may seem daunting. Bringing in support and assistance from a qualified expert familiar with legal documents and legislation can make the process easier.
Before you finalise the deal
Once you have chosen your conveyancer, they can get to work organising your legal documents. As a buyer 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 and ensuring you comply with any conditions outlined in the contract.
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 an important part of selling or buying property, as it ensures a smooth, legal transfer of title - you don't want to end up buying the wrong property! If you aren't confident with handling the legal stuff yourself, seek out someone who can do it for you.