What is a Conveyancer?
The legal aspects to buying and selling a home can become quite a protracted process without some guidance. It’s not something for laymen to deal with on their own, because major mistakes could occur without consulting with an expert. While you may think you have no time for help, this is where a conveyancer comes in.
So what is a conveyancer, and who do they work with exactly? They help people selling their homes transfer property titles to buyers. As simple as it sounds, it’s more complicated than you think if you’ve never gone through the process.
Basically, you’ll find two types of conveyancers on the market: Those simply called “conveyancers”, and ones called conveyancing lawyers.
Which one you hire comes down to how complicated the legal work is when transferring your property to the buying party. It’s worth noting conveyancers without legal knowledge are going to have more limitations in what they can do.
You still have a lot to learn about this process since specific situations could arise during your home sale.
Here’s a more thorough look at what conveyancers do and which one to hire to avoid confusion.
Why It’s Important for Buyers and Sellers to Use Conveyancers
The paperwork involved in the transfer of property can have various complications from both sides. Just because you’re the seller doesn’t mean the buyer won’t have just as many legal problems to solve. It’s why many real estate analysts recommend buyers AND sellers hire a conveyancer.
While it’s not mandatory to do this, it’s going to facilitate a faster property transfer and avoid errors from misunderstanding the legalese.
Once hired, the conveyancer takes you through three steps. The first step involves all the procedures involved before making up a contract. Next, they’ll take you through sale completion. Then they continue working with you after the sale to assure a smooth transition without mistakes.
Keep in mind a conveyancer isn’t always about selling a house. You may need one if you’re subdividing land, updating a house title (due to death), or changing an easement. In the latter case, you may also need to register a new easement, as well as remove one.
So now that you know what conveyancers do, what steps will they take you through? Just like regular lawyers, they’ll work closely with you through each procedure.
How Much Will a Conveyancer Do?
They often work autonomously on your behalf to save you time dealing with overly detailed procedures when property transfers become complicated. Outside of preparing all your documents and contracts, they’ll put in time researching properties and the certificates of title.
They even become your representatives when preparing for property settlements. In addition, they’ll hold all your deposit money in trust accounts so you don’t have to bother with banking issues.
With their help, you don’t have to spend extra time calculating taxes or rate adjustments either. Just like normal attorneys, they make all the phone calls for you, including keeping contact with your buyer’s conveyancer. Other phone calls they’ll make include contacting your financial institution to deal with payment plans.
Of course, they’ll keep in contact with you regularly, so don’t fear giving them your smartphone number.
All mailings occur on their end, including sending appropriate applications and documents to government agencies.
Why a Conveyancer Lawyer is Sometimes More Beneficial
Property contracts often involve legal details potentially slowing down the final sale. For instance, your contract might have specific terms or risks associated with buying the property. A conveyancer lawyer has the expertise to understand the above terms and create a written document outlining these with more clarity.
You may need to create a Power of Attorney for signing when transferring a property title. It’s impossible to do this without a lawyer, and having a conveyancer lawyer present saves time seeking an attorney independently.
Don’t forget about your contract of sale and vendor’s statement. These need a lawyer for proper preparation. Hiring a conveyancer without a legal background for this and the things above means having to find a lawyer separately. When the conveyancer has to hire a lawyer, they’ll charge you an extra fee for doing so.
Vetting Your Conveyancer
As most people do with lawyers, vetting is important to find a conveyancer truly certified and capable. While you’ll find an overwhelming amount of conveyancers here in Australia, how do you go about finding one suitable to handle your property issues?
The best way to find one fast is to go through the referral process. Ask your family, friends, or neighbours who they go through when dealing with property transfers. Once you have a small list of possibilities, it pays to call each one and ask them some questions. Don’t hesitate to meet with your prospective conveyancer to gain an idea of who they really are.
When vetting, don’t be afraid to ask about cost, the type of properties they work with, and their success track record. Plus, scope out how they’ll best contact you if you start working together. You also need to know what their basic time frames are on settlements.
Here at Titlexchange, we use the latest technologies to bring our conveyancing services to you. Book a call with one of our specialists now to learn more about our products and services.