After countless inspections, you finally find your dream home. It’s close to your children’s school, comes with a dreamy backyard, and is well within your budget.
Now comes the paperwork and it is time for you to find a good conveyancer.
The settlement process is a complex task including various financial and administrative duties, so, you will need the right conveyancer to help you navigate the potential pitfalls.
It is not legally required, but for a reasonable fee you can have someone act on your behalf, leaving you more time to focus on moving.
Conveyancing is the process of transferring ownership of a legal title of land to the new owner, whether it be a from a person or entity.
Given the complexity of the legal work, it’s recommended that you hire a professional to conduct your conveyancing. Picture: Getty
As you can imagine passing a property to a new owner means a lot of work and a conveyancing transaction generally consists of three stages:
Typically, a conveyancer will do everything necessary and ensure you are prepared for critical dates during the process.
They are also in regular contact with the other party’s lawyers dealing with the nitty gritty issues.
Of course, you can fill out all the forms yourself and save a few hundred of dollars on fees.
But this is not recommended, as ensuring all the i’s are dotted and t’s crossed is no easy task.
Also, if something goes wrong, you run the risk of losing the property and forfeiting your 10 per cent deposit.
While, if you enlist the expertise of a conveyancer, should they make a mistake, you’ll be covered by their professional indemnity insurance.
Hiring a conveyancer means you’ll be covered by their insurance should something go wrong. Picture: Getty
A conveyancer is a licensed professional who specialises in providing advice and information about the sale of a property.
Conveyancers don’t necessarily have to be solicitors but they often undertake this work.
It’s recommended that you engage a conveyancer whenever you are:
As we pointed out above a conveyancer oversees the settlement process.
On the surface it appears easy, but in reality most home buyers and sellers do not realise the full amount of detail, documentation and work that goes into legally transferring a property to a new owner.
For someone who does not know how to navigate the process it could take weeks to find and lodge legal documents, let alone understand them.
And that is just a small part of conveyancing, so, let us look at what a specialist does for each party.
For the buyer, a conveyancer will:
For the seller, a conveyancer will:
Conveyancing is the final step towards buying your new home. Picture: realestate.com.au/buy
Just as you would interview prospective real estate agents, you should sit down and talk to multiple conveyancers before selecting one to oversee your settlement process.
A good place to start is by asking your friends and family if they can recommend a good conveyancer. If nothing comes from this, do some online research and ask for recommendations from your real estate agent, accountant and lawyer.
Once you have a list of prospective conveyancers, give them a call and ask a few questions (see below) to find one that meets your needs. Some conveyancers specialise in different types of real estate, which should help narrow your search.
When you think you’ve found a suitable conveyancer, run a background check to ensure they are legally allowed to carry out the work and have had no complaints made against them.