| Conveyancing 101
Conveyancing is the transfer of legal title of property from one person to another.
Both the seller and buyer will engage a Conveyancer to act on their behalf. This ensures that the property transaction flows smoothly inline with the contract of sale, any misunderstandings are addressed.
Conveyancing is the transfer of legal title of property from one person to another.
Both the seller and buyer will engage a Conveyancer to act on their behalf. This ensures that the property transaction flows smoothly inline with the contract of sale, any misunderstandings are addressed.
Your conveyancer will manage most of the transaction steps and paperwork for you. This may include:
- Contract of sale
- Exchanging contracts
- Building and pest inspections
- Strata reportThe initial settlement statement
- Title Search / Certificate of Title / Transfer of Land.
- Identification of Encumbrances.
- Stamp Duty Application and payment / Electronic Advice of Sale (EAS).
- Authority to Proceed to Settlement.
- Attending the settlement
These vary from state to state.
Your conveyancer will take care of various rates and taxes. including.
- Ensuring there are no outstanding water or council rates owing.
- Check for outstanding special government levies.
- Ensure there are no outstanding strata levies.
Do I need a conveyancer or can I do it myself?
Technically you can do it yourself, although this is not recommended. For the few hundred dollars you would save, the risks and pitfalls are many and can be very expensive. Real estate law and property ownership are highly complex issues, and not adhering to the exact law or making even a small mistake can have serious consequences. Using a professional conveyancer is highly recommended.
A conveyancer is legally required to have professional indemnity insurance. This covers protects them against mistakes or omissions. Another reason to use a professional conveyancer.
How Much does a Conveyancer Cost?
Conveyancing costs can vary dramatically. This will depend on the firm and the services provided to you. Most conveyancers will charge you a flat fee, plus additional disbursement costs. This flat fee can be anything between $500 – $2000.
Do You need to Physically go to a Conveyancers Office?
No. Most conveyancers can offer you digital transactions along with the ability to digitally sign paperwork. Or if you require, documents can be mailed to you. There is no requirement normally for you to attend a Conveyancers office.
How Long does Conveyancing Take?
This can vary depending on the terms of the sale contract. But usually conveyancing services are completed in 4-6 weeks.
When do You Need to Engage a Conveyancer?
You are best to use a conveyancer for:
- Buying or selling land
- Subdividing
- Registering, changing or removing an easement
- Updating a title
NOTE: Laws and regulations regarding conveyancing and the settlement process vary from state to state. Make sure you understand your responsibilities.
Disclaimer: Although all care is taken. We do not give any warranty whatsoever to the accuracy of any content.
This is not meant to be financial or professional advice and is only of general nature. You must seek professional advice before taking any actions. The above information comes with no warranties whatsoever. We take no responsibility for any actions you may or may not take. All content is of general nature only and is NOT to be taken as advice whatsoever
JKL Real Estate is part of the JKL Property Group and was formed by John and Karen Hoswell, two highly successful reputable business people in the Local Forster Community. The JKL Property Group includes a range of businesses across different industries with a focus on having the ability to provide a holistic property solution for all of there clients. 