What is Conveyancing and how does it work?

Article by Shantelle Santos

Buying a home is an exciting achievement in life. When you find the perfect property it’s hard not to jump right in straight away without thinking of other important aspects, like finding a good conveyancer.

What is Conveyancing?

Conveyancing is an important process when buying a home. It essentially involves the legal transfer of Property ownership from one owner to another, regardless of it being a person or an entity. 

The process usually occurs in 3 stages. 

  • Pre contract

  • Pre completion

  • Post completion

Although you may be able to fill out all the documentation on your own, it is wise to enlist a Conveyancer. They will guide you through the process ensuring you are ready for critical dates throughout the settlement process and that you are aware of every detail within the contract.

What does a Conveyancer do?

As aforementioned, a Conveyancer assists in the process of transferring the ownership of the land to the homebuyer; essentially the settlement process. They are licensed professionals that have an expertise in providing advice and information on a property on the market ready to sell.

A Conveyancer can assist both buyers and sellers of properties.

Where they assist buyers in ways like:

  • Preparing all legal documents

  • Researching the property

  • Settling the property

  • Calculating the adjustment of rates and taxes

  • Representing buyers interest

And assisting sellers by:

  • Completing legal documents

  • Being a representative for sellers in the face of the buyer

Do you NEED a Conveyancer?

Having a good Conveyancer is important because they'll make sure your contract includes important clauses (e.g a sunset clause) or conditions and that you are not left open to un-necessary risk. Having a good understanding of the fine print in your contract is extremely important prior to signing. A good conveyancer is able to resolve any problems or issues that may arrise during settlement and ensure that you are meeting all the legal obligations. 

How can you find a Conveyancer?

Looking for a conveyancer is much like looking for property; scope out as many as you can to find the right fit. You can ask for recommendations from friends and family who have previously bought or sold a property. Asking your realesate agent for recommendations is a good place to start. 

Here are some questions you may ask a conveyancer to help you find the right fit.

  1. Are you a part of the Australian Institute of Conveyancers?

  2. What sort of property do you specialise in?

  3. What costs will I have to consider?

  4. How are we going to communicate and how often?

  5. How long will everything take on the day?

Conveyancing is an important part in the process of buying or selling a property. Ensuring that the adequate research is done to get the right conveyancer will make the process easier and less stressful for those interested.

Looking to buy an new or off the plan property and need a good Conveyancer? iBuyNew can help. Speak with one of our property experts today.

Published on 8th of October 2020 by Michelle Leftwich
Michelle Leftwich
Michelle Leftwich

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