If you’re new to the home buying process, you seem to be not familiar with what conveyancers actually do as well as how they can assist you with the process of buying a home.
In legal terms, conveyancing is the legal process of granting ownership of a property from the owner to the other party.
Some people would take the risk to do the process by themselves, however, this is prone to giving some misunderstandings in the future. With that said, hiring a professional conveyancer will contribute a lot of sense.
The law and statutory elements for conveyancing are not ordinary yet it’s very complex, which means that it’s beneficial for both parties of conveyancing to hire such a professional.
A great conveyancer will be able to explain to you the definitions and importance of each step in the process. For them to be better understood by people, a conveyancer will use plain English which includes not any single complicated legal terms. With this, they can help you comprehend what’s exactly involved in the process.
Usually, choosing a conveyancer is the best option since some of them will offer a cheaper price per process. A conveyancer mostly will charge you a fixed fee of less than $1000, but when the price transaction will become complicated, a solicitor is a great help.
Revealing all the important information
The major responsibility of every conveyancer is to plan, prepare, and confirm all legal certificates that’ll transfer the title of the property from the owner to the purchaser.
Not only that, the process of conveyancing also involves doing a background check over the property. With this, some unpleasant information may reveal. Common issues that can be detected are include unpaid council rates and the illegal or not approved building permits.
Investigating the property’s title is one of the most vital aspects of conveyancing. They’ll do the appropriate checking, reviewing and inquiring on the property to ensure that there’ll be no issues down the road.
The aforementioned terms above include the following;
- Certificate of Title searches,
- Searches of government departments and local authorities,
- Advice on the effect of the contract,
- Preparation and certification of legal documents,
- Stamping of required documents,
- Calculation of adjustments of rates and taxes,
- Preparation of settlement statements,
- Liaison with mortgagors and financiers, and
- Attendance at settlement.
Have the Contract Reviewed Before Signing
The very important thing you should not forget when talking about property contract is that you should always do the reviewing before signing.
Once you have already decided to purchase the property, you can request your conveyancer to do the checking, rechecking and a lot more of checking. It’s indeed a great idea to choose your trusted conveyancer to help you in reviewing the contract prior to signing it.
Your conveyancer will go through again with all the paperwork and every process as it comes back with a fine-toothed comb. When they see any unnecessary phrase in the contract, the conveyancer may raise any questions and queries.
The questions or rechecking may range from any discrepancy on the contract down to the property itself. When doing the contract review, it’ll also include rechecking of the property.
The process of reviewing the contract before signing may cause delay, however, these delays are somewhat blessings in disguise which are beneficial to both of the parties.
The usual delays in this process are the following;
- Owners or managing agents being slow in reverting information or questions about the property.
- Delays from any third parties which the owners have applied just to provide the necessary documentation.
- Some local personnel or authorities are taking too long to revert any searches related to the contract.
Hiring a Conveyancer
You can look for a professional conveyancer in the Australian Institute of Conveyancers Inc. (AIC) and choose which professional you like in your area. Also, you may ask for any referral from your colleagues, or friends.
Sometimes, referrals are a great way to engage with the right licensed, reputable conveyancer since your referral already has an idea with their work capabilities.