As conveyancers, one of the questions we are asked quite frequently is: so what do you actually do?
We thought we’d take this opportunity to explain a little about what a good conveyancer in Melbourne and Sydney can do for you, and how we can help you enjoy a smoother experience dealing with property overall.
A conveyancer is an essential member of your team both in buying and selling a property and they can do a range of things on your behalf, such as:
1. Prepare essential documents
One of the main tasks your conveyancer completes is to prepare all of the legal documents that form part of your real estate transaction. As part of this, your conveyancer conducts a range of title and property searches, which ensure you meet the relevant legal disclosure obligations in your State or Territory (if selling), or that you have done ample due diligence (if buying).
This is important because… the Certificate of Title and other relevant documents allow you to see whether limitations exist, such as easements and caveats. These types of encumbrances can restrict your use and enjoyment of the property, so it’s important to know about them prior to contract.
2. Review contract conditions from a legal standpoint
Most property sales contracts would include additional Special Conditions above and beyond the standard or general conditions of sale. Hence, regardless of whether you’re buying or selling, it’s essential that you fully understand these conditions – because the possible ramifications if you default can be significant.
For instance, most contracts have a ‘subject to finance’ clause. It may sound straight forward, but the wording used in a subject to finance clause should also be chosen with care. For example, there is a difference between the buyer seeking finance from the lender of their choosing; from a specific lender outlined in the contract; or from any and all finance providers in the market.
This is important because… you would not want to be caught in a position where you have unknowingly placed a restriction on the lender of your choice when proceeding with the purchase. As your conveyancer, we can provide guidance in this regard that may help you avoid falling into a trap.
3. Arrange financial adjustments
Are you selling a property, and you’ve only recently paid the council rates in advance for the next 6 months? In this situation you obviously want to claw those funds back upon settlement, which is exactly what your conveyancer will do on your behalf.
If there are any other adjustments required by settlement, your conveyancer can arrange for these, making sure you only pay the costs associated with the property up to the day of settlement (if selling) and from the date of settlement (if buying).
This is important because… It ensures every dollar is accounted for and all financial loose ends are tied up by the time your property settles.
4. Transfer property ownership
Your conveyancer prepares all of the transfer documents that enable a property to be rightfully and legally transferred into your name. These important documents will include all necessary details to meet legal regulations in your state or territory.
This is important because… This crucial step in the legal process ensures you take lawful ownership of the asset you’ve just paid for. I think you’d agree this is a fairly important step, right?
5. Attend settlement
It’s part of your conveyancer’s job to coordinate a settlement time with the other side’s legal representative, during which time the property is officially transacted and all paperwork and cheques are handed over. Upon settlement, your conveyancer will make contact with you and/or your real estate agent to confirm settlement and allow for keys to be handed over.
This is important because… This is the final step in the process of buying or selling a property!
This is just a snapshot of what a good conveyancer can do; there are a number of other tasks we perform to ensure your real estate transaction proceeds without a hiccup. If you’d like more information on our services at ThinkConveyancing.com.au or you have any questions about the process, feel free to contact us on 1300 932 738.