Conveyancing is a term that refers to the transfer of ownership of a property. This legal process is normally carried out by a conveyancer or solicitor to handle this process on the buyer’s behalf.
It is possible to act on your own when making a property purchase but the process of documentation and settling can be complicated is quite daunting without training and experience. Bringing in support from an expert who is familiar with legal documents and legislation can make the process easier and take away a lot of the risk.
It is very important to realise as a property investor that Australia operates a Federal System of government which means that the laws are different for conveyancing in each state. If you are purchasing an investment property inter-state, it is important to ensure you are working with a conveyance/solicitor, qualified to do the work for you and not someone who is likely to work as a ‘middle-man’ while the real work is done by someone else in the state you are purchasing the property investment.
Lime Property Solutions will always be in a position to recommend a good conveyance in your area, qualified to do the work for you.
Once a conveyance is appointed, they will be responsible for a number of tasks as they help you through the settlement process. These jobs include acting as a liaison between you and your lender’s solicitor, checking your contract of sale, performing title searches and acting as your legal representative for the transaction.
Your conveyancer will also check on a number of important things for you, including whether there are any outstanding out-going costs on the property – such as council rates or taxes or water payments or outstanding strata/body corporate fees. In many cases, a conveyancer will also check over loan documents for you.
The cost of hiring a conveyancer can differ from state to state – and even from transaction to transaction, depending on the amount of time and work involved.
It is important to enquire about fees before you agree to appoint anyone.
