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It’s an area most like to look past and leave to the professionals. Whilst that sounds all well and good and possibly smart, property conveyancing is something you should know the basics of.
Let me try and explain in the least boring and insightful way possible below.
Conveyancing? What’s this?
Conveyancing is the process of transferring ownership of a legal title of land (property) from one person or entity to another.
I’m a big advocate for engaging a quality conveyancer to be by your side throughout the process.
- Your conveyancer should be engaged from the get go. When your finance is approved and you're ready to go house hunting, give them a call and fully brief them on your purchase. Give them as much detail as possible. It’s an important part of the process as they will be able to give you top level advice on the structure of your purchase.
- Ensure they are fully aware of your deadline and keep them abreast throughout the process.
- Once you find that diamond in the rough property, ask the agent for a copy of the contract and have your conveyancer look over this. They will tell you if anything requires amending and point out important things you should know about the transaction.
- If there’s any issues/problems that need to be amended, they will work with the seller's conveyancer to have these amended and updated on your behalf.
- When you agree to terms of the contract and sale price, they will work with you and the seller's conveyancer to exchange contracts. They will also liaise with your lender ensuring your finance is ready and cheque directions in order for settlement.
- Finally, they will manage the settlement process on your behalf. Their fees will normally be structured to be paid on settlement with everything else so it’s nice and clean.
On top of the above, they will also prepare land titles office transfer forms (inc. stamp duty payment) and notify authorities of the transfer of ownership of the title.
Importantly, you should be aware of your conveyancer’s fees from the start. Ensure you agree to this prior to engaging them. In most cases, they will give you a fixed fee based on the brief complexity, plus disbursements (they should be able to provide this to you too).
Milk Chocolate was founded seven years ago by Richie Ragel and Michael Cleary, to purchase residential and commercial property in Australia on behalf of our clients, looking for a home or investment property. To see how we can help you get in touch here.
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