Newspaper article News Mail Bundaberg Qld.

How Conveyancing Works

Newspaper article News Mail Bundaberg Qld.

How Conveyancing Works

Article excerpt

Byline: Charlotte Cossar

WHAT a roller coaster it has been - you have gone to loads of open for inspections and finally have found 'the one', the dream home.

And now comes the formal stuff - the legal part of the process, where you actually buy or sell the property.

It is wise for both parties - the buyer and the seller - to engage a conveyancer to navigate this process, as it needs a bit of a legal eagle to decipher the jargon.

You don't legally have to engage a conveyance, but knowing the ins and outs of property agreements can be quite hard for the layman.

Both buyers and sellers will be asked by the real estate agent to provide contact details of your conveyancer for the sales and purchase agreement, so it is best to do your homework upfront and have one already chosen.

What is conveyancing?

Conveyancing is the process of transferring ownership of a legal title of land (property) from one person or entity to another.

A typical conveyancing transaction consists of three stages:

before contract

before completion

after completion

What is a conveyancer?

A conveyancer is a licensed and qualified professional whose job it is to provide advice and information about the sale of a property, prepare the documentation and conduct the settlement process.

Conveyancers don't necessarily have to be lawyers but solicitors often undertake this work.

The most common reasons you would engage a conveyancer is when you are:

buying or selling a property

subdividing land

updating a title (i.e. registering a death)

registering, changing or removing an easement

What a conveyancer does

For the buyer - a conveyancer will:

Prepare, clarify and lodge legal documents - e.g. contract of sale, memorandum of transfer

Research the property and its certificate of title - check for easements, type of title and any other information that needs addressing

Put the deposit money in a trust account

Calculate the adjustment of rates and taxes

Settle the property - act on your behalf, advise you when the property is settled, contact your bank or financial institution on when final payments are being made

Represent your interest with a vendor or their agent

For the seller - a conveyance will:

Complete and ensure the legal documents are all sorted

Represent you and respond to requests from the buyer - for example, request to extend dates, title questions, etc

How to find a conveyancer

As with most professions, not all conveyancers are equal. …

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