Conveyancing refers to the legal transfer of property ownership and is required for all residential sales and purchases. It's typical to hire a conveyancing solicitor to handle all aspects of conveyancing, as there are many steps involved at each stage of the process and conveyancing solicitors specialise in the transfer of property ownership. The main stages can be split into pre-contract, pre-completion and post-completion, and a conveyancing solicitor will carry out different tasks depending on whether they are assisting buyers or sellers.
Conveyancing For Buyers
When you are buying a property a conveyancing solicitor will prepare and lodge the legal documents pertaining to the purchase, such as the contract of sale, and they will review the title deeds to determine whether there are any discrepancies or areas that need to be addressed before the purchase completes. They will also arrange for your deposit to be held in a trust account and calculate any deductions or additional charges, such as taxes, required to complete the transaction. Finally, they will settle the purchase on your behalf and liaise with the solicitor for the seller to ensure the final payments are made when they should be and ownership is passed to you as soon as the seller's solicitor receives the balance due to complete the transaction.
Conveyancing For Sellers
When you are selling a property a conveyancing solicitor will draw up a contract of sale that will become a binding contract between you and the buyer. They will deal with all buyer requests via the buyer's conveyancing solicitor and represent your interests throughout the process. Examples of requests they may deal with include extending the completion date, altering a condition of sale or answering questions relating to the title deed for the property.
Finding A Conveyancing Solicitor
Conveyancing is a popular area of law and most high street solicitors will have a conveyancing department. However, as buying or selling a property is a major decision and often one of the biggest financial transactions a person will be part of in their life, it's a good idea to take your time and do a little research before selecting a conveyancing solicitor. You should check they are a member of the Australian Institute of Conveyancers and determine their fees and the type of property they specialise in. As your conveyancing solicitor will be communicating on your behalf, you will be reliant on them keeping you informed at each stage of the process, so you should also confirm with them ahead of time how they will communicate with you and how often you can expect to hear from them.
Your conveyancing solicitor is there to assist you, so don't hesitate to ask them any questions or raise concerns throughout the buying and selling process.
Share30 August 2022
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