- What is the role of a conveyancer?
- Are they the ones who sell you the house?
- Do they Convey the land or survey it or something?
- Isn’t buying a house like buying any item, why do I need someone to explain to me what I’m buying?
- Why do you charge that much, isn’t it just the same as buying (or selling) any other property?
The above are common questions we field daily from people looking to purchase or sell some of their life’s most important assets. Before talking about what Conveyancers do – it’s important to understand what Conveyancing is. As per Fair Trading NSW, “The legal work involved in preparing the sales contract, mortgage and other related documents, is called conveyancing.” Who can do that? Well, anyone can, though Solicitors and Conveyancers are the preferred service providers. There are self-service kits available for those willing to give it a shot – but as with anything, you assume the risk.
Solicitors and Conveyancers can both assist you to professionally and expertly handle your transactions from start to finish. There is very little difference between the two concerning what they can do regarding the actual conveyancing. We suggest, when you are doing your market research for service providers, you look carefully through cost agreements/quotes and ask questions. Also, worth checking is whether the practitioner is licensed with a valid license before proceeding.
How does it work?
Once you have selected a practitioner, you can expect the following services as depending on whether you are purchasing or selling a property.
Purchasing a Property
Once you find a property that suits your purposes, you should put your palm to your forehead and take a step back and confirm whether you have your finance in place to complete the purchase. Shameless plug: reach out to Uneek Mortgage Services if you have made this faux pas or if you are reading this and are curious as to how much you can borrow, they can help you out. Once you have your finance in place and have a property you wish to purchase, conveyancers will be able to help you:
- Review the sales agreement to make sure your interests are protected and there are no obvious nasty surprises.
- Arrange building and pest inspections or a strata inspection through reliable agents they may have or provide a list to you to arrange yourself. It is important to note that the inspectors are the experts in this field and the advice provided in the reports should be discussed further with them.
- Carrying out negotiations with the seller’s representative – questions such as: “Can I move in on this day to coincide with a religious holiday” or “Does that chandelier come with the house?” should be confirmed at this point.
- Ensure that any outstanding debts the Vendor has with the Water body, Council or Strata are not carried over to you and paid on or before settlement.
- Liaise with your banker or broker to ensure the bank has information about the property in a timely fashion so that the settlement happens smoothly.
- Keep a record of the transaction and send through a record for your safekeeping.
Selling a Property
- Prepare a sales agreement to provide your estate agents (or for you if you are marketing the property yourself) catering to all your instructions as to what is part of the sale and what isn’t
- When a buyer is found, negotiate with the Purchaser’s representative on your behalf
- Liaise with the bank if there is a mortgage on the property once you have advised them of the upcoming sale
- Ensure that any money you have paid to the Water body, Local Council or Strata body are recovered from the Purchaser on a pro-rata basis
- Keep a record of the transaction and send through a record for your safekeeping
In both cases above and the steps listed, some tidbits will need action from you as well of which the Conveyancer will advise you.
Conveyancers also provide a service in transferring businesses, but as each business comes with its nuance, specifics and leases, the fees can vary significantly.
If you have further questions or want to see how Uneek Conveyancing can help you with your Conveyancing needs, please contact us here.