Buying or selling a new property is an exciting milestone, but it comes with a lot of legalities and paperwork. This is especially true during the conveyancing process. Here is a guide on what property conveyancing is and what it involves.
What is property conveyancing?
Whether you are buying or selling a property, conveyancing is an important process which involves transferring the legal title of a land from one owner to another. The process often starts from the contract date right through to the date of settlement. People often hire conveyancers to ease the process and to perform the more complicated tasks involved in an ownership transfer, such as preparing and reviewing important documents and contract conditions, coordinating a settlement time, making financial adjustments, and more.
What does conveyancing involve?
Conveyancing can include a range of procedures. The process primarily involves researching the property, preparing relevant documentation, and reviewing and overseeing the transfer of ownership. The tasks involved in conveyancing range from examining the contract for sale and arranging building inspections to overseeing the change of the land title and attending the final settlement.
Do I need a conveyancer?
You are not legally obligated to hire a conveyancer. However, having a licensed conveyancer can be extremely helpful when navigating through all the formalities and paperwork and ensures a smoother and less complicated process. This is especially helpful when you need to prepare critical documents such as the Statement of Adjustments for Settlement, which a conveyancer is trained to prepare. When hiring a conveyancer, it is important to do your research and speak with a few before you make a choice.
What are the fees involved in conveyancing?
Conveyancing fees depend on a range of factors such as the location of property, the type of property and whether you choose to hire a conveyancer or not. In Australia, the fees of hiring a conveyancer range between $500 - $1200. On top of these fees, it is important to note other fees such as the mortgage registration, title search, inspection fees and more.
Property conveyancing can seem like an overwhelming process, especially when it's your first time buying or selling a home. It is important to know that there are resources and people that are qualified to make the process easier so you are more free to enjoy your exciting milestone.
To learn more, contact a resource that offers conveyancing services near you.Share