29 Nov Why would you need Conveyancing Lawyers?
Many people in Australian suburbs are of the opinion that buying and selling property shouldn’t be as complicated as it is and that they may not need any Conveyancing Lawyers. Well, there’s nothing further from the truth. Dig deep into property related matters, and you will realize that there are plenty of other negotiations, transactions, and promises that must happen for all parties involved. It’s tempting to ignore the value Trump Lawyers can bring to the table, but conveyancing on your own will only cost you more in the long run.
So critical is the role of a conveyancing lawyer that the process of buying and selling property is defined in property law as conveyancing. Before signing a real estate contract or other property related matters, it is essential to seek legal advice from a solicitor.
Buying and selling property involves a complex matrix of relationships. Both the buyer’s and seller’s banks are fundamental to the purchase and sale, as are agents, insurers, local authorities, body corporate, mortgage brokers, tenants and neighbours, all of whom have their separate roles to play.
The conveyancing lawyer has the enormous task of bringing all those relationships together and ensuring each party’s concerns are met before the transaction is completed. Buyers and sellers are often blind to much of this activity, but it’s nonetheless critical to the transaction.
In a nutshell, a conveyance is a licensed and qualified expert whose job is to provide legal advice and information about the purchase and sale of property, prepare the documentation and conduct the settlement process. Conveyancers are therefore important mainly because of their expertise in matters regarding property transfer, as wells their organising capacity on behalf of both buyers and sellers. They make the process run smoothly.
What a conveyancer does for the buyer
- Prepare, clarify and present legal documents such as the memorandum of transfer or contract of sale.
- Calculate adjustments for taxes and rates
- Research the property and its certificate of title as well as any other information that needs to be addressed
- Put the deposit money in a trust account
- Arranging inspections and reports
- Represent your interests with an agent or vendor
- Act on your behalf, contact your financial institution or bank on when final payments are to be made and advise you when the property is to be settled.
What a conveyancer does for the seller
- Represent the seller and respond to buyer requests- for instance, any questions related to the title or request to extend dates
- Complete and ensure all legal documents are sorted out
- Advising you on the terms of the Contract
- Ordering necessary searches that go into the Vendor’s Statement, to ensure you have met all the disclosure obligations under relevant laws.
- Coordinating and attending on settlement with the buyer
- Ensure the fulfilment of all special conditions in the contract before proceeding to settlement.
- Preparing and attending settlement and completion
- Discharging your mortgage
- Prepare further supporting documents that are part of the settlement process.
How much does it cost?
The cost of hiring a conveyancer varies significantly from one business to another. However, it’s important to assess the services for which you’re being charged when hiring a conveyancer. Part of conveyance services will often include a service fee. You may also be charged for out-of-pocket disbursements for the conveyance, such as costs for the providing bank cheques and applying for land.
You may also have to pay a fee for the attendance of Settlement. The secret is to determine the cost of conveyancing services by asking the source directly. Consider fixed fee conveyancing services because you get an upfront fee with no surprises or hidden costs.
The primary benefit of working with a conveyancer lies in their expertise. Conveyancers are required to be well versed in all the intricate details of property transactions. They will be familiar with all the documents involved and can help you in their preparation, they will provide expert advice on the legal or financial implications of certain actions, and they are skilled at dealing with other parties involved in the transfer of property.
While you’re not legally obligated to hire a conveyancer when buying or selling property, their services can save a lot of potential expense and unnecessary stress.