When you’re buying or selling a home, you’ll likely have to go through the process of conveyancing. But what is conveyancing? And what does a conveyancer do? In this article, we’ll answer those questions and give you a basic rundown of the conveyancing process. Keep reading to learn more.
What is conveyancing?
Conveyancing is the legal process of transferring ownership of property from one person to another. A conveyancer is a qualified professional who handles all the legal aspects of buying or selling a home. In most cases, you’ll need to hire a conveyancer when you’re buying or selling a property.
The conveyancing process
The conveyancing process can be broken down into a few key steps:
Title Search
The first step in the conveyancing process is to conduct a title search. This is basically a background check on the property you’re buying or selling. The conveyancer will check to make sure that the property doesn’t have any outstanding debts or legal issues attached to it.
Contract of sale
Once the title search is complete, the next step is to draft and sign a contract of sale. This document outlines all the terms and conditions of the sale, including the purchase price, settlement date, and other important details.
Settlement
Settlement is when both parties (the buyer and seller) finalise the transaction and the ownership of the property is officially transferred. This usually takes place on the day of, or a few days before, the scheduled moving date.
The conveyancing process can vary slightly from state to state, but the general steps are usually the same.
If you’re buying a property, your conveyancer will:
- Review the contract of sale.
- Request a title search from the Land Titles Office.
- Organise pest and building inspections (if required).
- Apply for any necessary approvals or permits.
- Lodge a caveat on the property.
- Prepare the transfer of ownership documents.
- Attend settlement and exchange keys with the seller.
If you’re selling a property, your conveyancer will:
- Review the contract of sale.
- Prepare the transfer of ownership documents.
- Organise pest and building inspections (if required).
- Apply for any necessary approvals or permits.
- Attend settlement and exchange keys with the buyer.
How does conveyancing work in Queensland?
In Queensland, you’ll need to have conveyancing carried out by a licensed professional, likely a solicitor. While a conveyancer will have specialised knowledge in conveyancing, engaging a conveyancing solicitor will give you the added benefit of having a lawyer on your side who can offer legal advice if needed.
A conveyancing solicitor in Queensland will:
- Check your sale contract before your sign and the disclosure documents.
- Provide advice about your mortgage contract.
- Carry out title searches and explain the results.
- Explain land tax and whether the purchase may affect your liability.
- Talk through mortgage insurance and your obligations if you receive a transfer duty concession.
- Liaise with the seller or their solicitor to fix any issues that arise in pre-settlement inspections, handle your final payment on settlement day and transfer the property title from the seller to you.
Conveyancers have a lot of responsibility when it comes to buying or selling a home. They need to make sure all the legal paperwork is in order and that everything goes smoothly on settlement day.
Hiring a professional to handle your conveyancing needs is always recommended as they will be able to offer legal advice if needed and take care of all title searches and paperwork involved.
When to hire a conveyancer
If you’re thinking of buying or selling a property, it’s a good idea to start looking for a conveyancer as soon as possible. Once you’ve found a few conveyancers that you like, be sure to ask them about their experience, fees, and services.
Is it better to hire a conveyancer or solicitor?
Property Solicitors or Conveyancing Solicitors have specialist knowledge when it comes to property law in Australia. If you live in Queensland or the ACT, you will likely need to engage a property lawyer to perform conveyancing. Property Lawyers are also more equipped to handle complex property matters.
On the other hand, a conveyancer is someone who focuses solely on conveyancing and is highly trained in that particular area. A conveyancer will ensure you meet all the legal obligations involved in the buying or selling process.
What are the responsibilities of a Conveyancing Solicitor?
The role of a conveyancer will differ when acting on behalf of the buyer or seller. However, in both cases the conveyancing solicitor will handle the legalities of buying, selling or transferring property, ensuring their client’s best interests are met and the Title is transferred between parties smoothly.
Common responsibilities of a conveyancer include:
- Facilitate with your financial institution
- Communicate with the vendor’s representative (and vice versa)
- Calculate adjustments of rates and taxes
- Ensure legal documents comply with state or territory regulation
Finding a conveyancer solicitor
There are a few things you should keep in mind. First, make sure you hire a qualified professional to handle the legal aspects of buying or selling your home. Second, be aware of the steps involved in the conveyancing process.
Most conveyancers will offer a free initial consultation, so it’s a good idea to take advantage of this and ask as many questions as you can. This is also a great opportunity to get to know the conveyancer and see if they’re someone you feel comfortable working with.
Once you’ve decided on a conveyancer, be sure to give them all the relevant information about the property transaction (e.g. purchase price, settlement date, etc.) so that they can start work on your behalf.
If you’re not sure whether or not you need to hire a conveyancer, we’ve put together a handy list of when it’s recommended:
- If you’re buying or selling a property
- If you’re not familiar with the conveyancing process
- If you’re pressed for time and need someone to take care of everything for you
- If you need legal advice during the conveyancing process
Need help with conveyancing in Queensland? Get in touch with our team of experienced conveyancers today. We can help you navigate the conveyancing process from start to finish, so you can enjoy a stress-free experience when buying or selling your home. Contact us now for a free quote.
