What is the role of a conveyancer?admin
What’s the role of a conveyancer?
A Conveyancer is a property law specialist that will handle the transfer of the property titles. The conveyancer will lodge the paperwork with the relevant State Department, search the property title, enquire about zoning, rates and outstanding fees associated with existing body corporates (if applicable). They will liaise between the parties for settlement, ensure special conditions are fulfilled, liaise with the bank, prepare the settlement and attend the settlement on your behalf. They will also field any questions you have, which should include:
- What fees are associated with your service?
- How long will the process take?
- What experience do you have in property conveyancing?
- In case something out of the ordinary arises, do you have the support of a solicitor?
- To cover from any negligence, what insurances do you have?
Now, you could do your own conveyancing and in some states you can pick up a DIY conveyancing kit. If you can handle the legal mumbo jumbo, have time and are on a tight budget, it could well be an option. Although, seeing that this is your first time navigating the process, it might be best to leave it to the professionals.
To give you an idea of the process a conveyancer will run through let’s break it down into a rough timeline of events to consider during a settlement process;
- Contract agreed and an initial deposit will be paid (depending on what state you’re in).
- Mortgage broker/ financial institution are engaged to commence seeking finance. If you have pre-approved finance this will shorten the process.
- Conveyancer engaged.
- Building and pest inspection are organised.
- Organise insurance cover through your provider.
- Building and pest inspection will be complete.
- The respective buyer and seller’s conveyancers will have liaised regarding contract changes. Amendments and inspections are complete and once the deposit is paid, the cooling off period is waived and the contract is locked in and binding to both parties.
- Contract is binding and the settlement date will be known along with a figure on what stamp duty will need to paid.
- Being a first home buyer you will need to sign the required forms to obtain your buyers grant and/ or stamp duty concession.
- The conveyancer and bank will liaise, valuations will be completed and contracts exchanged.
- Transfer of the title deeds will also be lodged so the property can be listed under your own name.
- Finance will almost be finalised and cheques are close to getting written.
- It’s time to start arranging for utilities to be connected from settlement, along with redirecting your mail.
- If you are in a strata arrangement, the body corporate manager will need to be contacted to finalise levies and complete checks.
- Finance is approved and the conveyancer will liaise with the parties to ensure titles and finance is in place.
- The contract process is complete and the property is ready to be handed over. The conveyance will attend settlement on your behalf. This is the final step and you’ll be able to pick up the keys.
Conveyancing is a key role in ensuring the property you are buying is unencumbered and legally the transfer of properties titles is done correctly. Depending on the complexity of the property transaction the cost of this service can range approximately from $600 to $2000+.
If you are looking for a conveyancer, get in touch, we can give you access to our specialist providers. Oh yeah I almost forgot… they also do a great cup of coffee!