To find your perfect home you'll need a comprehensive check-list of things to go over. You'll start with the banks and lenders to secure a loan and repayment schedule that fits your family income. Then you'll scour the desirable neighbourhoods to see if the setting is right for you. What works for you depends entirely on your family and personal preferences such as proximity to work, schools, shops and public transport. After this, you'll be looking at the details. The home layout, bedroom, bathrooms and parking. Space, functionality, atmosphere and budget will all come into play here. After all those important things get the tick, you'll move into property checks that include independent pest and building inspections.
If everything is still going swimmingly you'll be ready for the paperwork. Wait...what? You are about to sign a legal and binding contract on a very large investment, are you sure you are ready? What about submitting the transfer paperwork to the land office, are you set up with an authorised e-signature to be able to perform these conveyancing tasks?
Once the contract is signed both the owner and buyer need to go through the process of legally transferring ownership of the land over. This process is known as conveyancing. In Australia, conveyancing must be completed using an online platform with a valid e-signature to prove your identity.
With changes brought in in the last few years to streamline conveyancing and settlement to reduce manual error, only those with certified legal training can now perform conveyancing tasks and lodge the online instruments to trigger a land transfer. The online platform also connects conveyancers to lending banks and the other party's conveyancer so the buyer, seller and money lender can all see the settlement standings and progression.
A conveyancer is a licensed professional who specialises in providing legal information and advise about the property sale, to either a buyer or vendor. They oversee settlement and represent the property parties for a smooth transition.
Conveyancers are skilled in the legal and administration for:
First things first. Your conveyancer will be able to help you get the most out of your property sale contract.
A conveyancer is there to help make sense of all that fine print. They specialise in the legal aspects of buying and selling property and know all the ins and outs of what should be, and should not be included in your property contract. Unless you have a law degree or you already own a large number of properties, chances are you are going to need help with understanding your buying contract, not only what's in it, but also identifying any absent items that are part of your right as a new homeowner.
A conveyancer is a legal assistant needed when buying or selling property.
As well as looking over the contract for the property you are going to buy, a conveyancer can also assist you in making changes that reflect any agreements you and the vendor have made about the sale. This might be around some of the fixtures staying behind or being taken, changes to the settlement period or repairs that will be made before you take ownership.
As well as helping you make head and tail of the contract before you buy, a conveyancer is also essential for your settlement to take place. Because of errors that can be made by submitting your purchase or property sale as an individual, it is now mandatory to get a licensed, legal representative to lodge your forms and complete the sale after contract.
A conveyancer or solicitor are both able to do this if they have E-conveyancing set up to lodge online. They will oversee everything including the payment from the purchasing party to the homeowner.
A conveyancer has legal knowledge specific to property. They do not deal in anything else meaning they have more experience and understanding of property transfer than most solicitors who have short training on a wide range of legal settings.
Hiring a conveyancer to look over the contract before you sign is essential. Once you sign, the contract is locked and any mistakes you have purchased stay with you.
Owning my own conveyancing business for over ten years I can't even tell you how many times I have clients come to me to lodge their settlement only to see that their contract isn't set-up in their best interest. At this point, it's too late, if the contract has been signed it's not possible to go back and make amendments, even if it's for items that were agreed verbally between the seller and buyer. If it's not in the contract, it's not legally binding.
Many people think that signing the contract is the last piece of the property puzzle, this is where they put their feet up and pour a glass of champagne and celebrate. Even though what's left of the running around is now up to your conveyancer, the celebration only really begins when you have the keys in your hand.
The settlement process is complex. It includes several administrative and financial tasks that need to be synchronised and accurate down to the last cent. You'll need the right conveyancer to steer the ship through this important last passage, saving you time and money as they navigate past the potential pitfalls.
If something goes wrong you run the risk of forfeiting your 10 per cent deposit and losing the property.
Compared to the cost of buying a property, and especially considering how expensive it can be if things go wrong and you lose that deposit, the costs of hiring a conveyancer is very reasonable. It's so crucial that you do your research well before you finalise the sale and find the conveyancer that has the experience and qualifications to see you through to the end.
Buy on trust, not on price. It's worth the little bit extra to go with the conveyancing company you trust and who you can spend time with going over the details. This is not a situation where you buy on cheapest price. You do want the best in this situation.
Even though a conveyancer's work is covered by professional indemnity insurance, it's always best to ask to see their credentials and get some background into their experience and track records.
For the best results get quotes on the following three conveyancing stages and factor it is as part of your purchasing costs.
This is where you tell your conveyancer what you are looking for. They can make sure your essential needs and must-haves are met in your contract and arrange for any changes to be made to the contract before you sign.
Your conveyancer will work hard on your e-submission to coordinate all the financial and admin work that will get you to settlement. They are in contact with the other conveyancer as well as the bank to be sure all parties are doing their part.
Making sure everything is ready for you and you have all your questions answered. Most conveyancers have the happy task of calling you to let you know your keys are ready for collecting!
And that's how we want it to be, a smooth, joyful experience you hardly have to think about.